Building a sales strategy is the first step to creating a successful outbound sales engine. From buyer personas to email cadences, our sales strategy glossary outlines all the important aspects of a complete sales development strategy and playbook.
What is a Value Proposition?
A value proposition is a defining statement in which a company describes specifically in detail the reason for their existence. It’s a promise of what an organization can deliver to their clientele. Often it’s used as a persuasive hook to catch the interest of a sales prospect, and is a core element of a well-structured sales pitch. Having a well thought out value proposition can better help customers understand what a company stands for and brings to the marketplace in a certain industry.
What is Whale Hunting?
Whale hunting is a term that refers to a sales rep going after the largest deals possible. The deal being the “whale” and the SDR being the hunter. Hunting down big sales deals has often been compared to the Inuits hunting down large whales, as it takes an intricate amount of planning, execution, and persistence to land multi-million-dollar sales deals. There is a great sales book called “Whale Hunting: How to Land Big Sales and Transform Your Company” by Tom Searcy.
What is a Buyer Persona?
A buyer persona is an ideal description of the demographic of people who want to purchase a company’s goods or services. This customer profile will likely inform your buyer personas, but the personas themselves should be defined by categories such as age, gender, job title, function, seniority and income. Most importantly, learning the buyer persona should help a company understand the pain points and challenges of each individual to know how a product or service solves those issues. Sometimes the term “ideal customer profile” and “buyer persona” are used interchangeably, because the core concepts of ideal customer profiles are used to build out buyer personas.
What is a Buying Trigger?
A buying trigger is an event that makes a buyer, whether it’s an individual customer or entire company, more interested to purchase a company’s products or services. The buying trigger creates a sense of urgency. Sales development reps use buying triggers to increase their conversion rates by targeting companies that have a higher likelihood of buying. Sometimes employment changes create a higher likelihood of buying due to the fact that new managers tend to make large changes, including buying new products and services.
What is Growth Hacking?
Growth hacking is a form of marketing in which a product or service generates new business passively without spending a lot of budget money. Most of the time it features a key or best-selling product that will perpetuate user growth. For example, the default email signature for an iPhone is the words “sent from my iPhone.” This feature was built into the product so when a user sends an email the recipient reads the word iPhone, thus generating product awareness passively.
What is Market Reach?
Market reach is the amount of companies or contacts that a company has reached out to during a specific campaign. Since some companies and contacts prefer different marketing channels, it is important to use multiple channels to maximize the market reach. This is particularly important when there is a small target market, so the end goal is to have a high market share or greater sales as the result.