Technology Sales Course Exam Preparation, Exams of Advanced Education

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Careers Exam Questions and Answers

Account - Answer - Record of all customer interactions, including contact information, preferred services, and transactions with your business. An account is created after the first time a customer buys from your busines Account Executive/AE/Closer - Answer - A sales team member in charge of closing deals by converting qualified leads into paying customers. Account Manager/AM/Farmer - Answer - Manage and up-selling existing clients and accounts. Annual Recurring Revenue(ARR) or Renewal - Answer - Amount of money a customer pays you every year on a subscription model. Annual Contract Value(ACV) - Answer - Average annualized revenue per customer contract. Usually compared against customer lifetime value to see how long it takes to pay back the cost of acquiring a customer. Account-Based Selling - Answer - Strategy where the entire company coordinates to pursue high-value accounts. Sales, marketing, and customer success depts are most typically involved Business Development Representative - Answer - Also known as a Sales Development Representative (SDR). A sales specialist focused on finding new prospects, establishing foundational relationships, and updating the sales pipeline with new leads. Business to Business(B2B) - Answer - Selling business to business. Business to Consumer(B2C) - Answer - Selling business to consumer. Business Unit - Answer - A group of people representing a specific department or product within a company such as accounting or manufacturing. Buyer Persona - Answer - A representation of the ideal customer for your business. Companies create buyer personas based on market research and data about existing

customers. Important for marketers for creating a target audience and for sales representatives qualifying leads. Buying Signal - Answer - A verbal or nonverbal cue that shows a customer is ready to buy, such as signing up for a free trial, asking about contract specifics. C-Level / C-Suite - - Answer - Highest level executives; C stands for Cheif - like Chief Executive Officer (CEO). Champion - Answer - A prospect within a company that wants to purchase your product or service and is willing to do everything they can to help convince the others in the company to make the purchase. Channel Partner - Answer - A person or company that offers services or products on behalf of another company. Channel Sales - Answer - Focusing on different sales channels, such as an in-house sales team, retailers, referrals, dealers etc. Churn - Answer - The percentage of clients that leave or stop using your services or products within a certain time period. Clients - Answer - Closed opportunities, paying clients and people that your account managers should take care of. Closers or Account Exectutives - Answer - Focused on closing deals and they only prospect a small number of strategic accounts. Closing Ratio - Answer - NUMBER OF DEALS CLOSED compared to the number of ENGAGED PROSPECTS. This ratio can be used to evaluate the performance of an individual sales rep and forecast sales Cold calL - Answer - Attempt to engage with a prospect (that you don't yet have a relationship established) on a call. Customer Acquisition Cost (CAC) - Answer - The cost of acquiring new paying clients. Customer Lifetime Value (CLV) or Lifetime Value (LTV) - Answer - The total lifetime value of one client in terms of the revenue they'll bring before they churn. Customer Relationship Management/CRM - Answer - A software or Internet-based service that helps business owners and sales professionals manage their sales pipeline; track prospects and related activities throughout the sales cycle.

Customer Success - Answer - A strategy and a proactive mindset that helps reduce churn rates, increase customer satisfaction with a service/product, and the predictability of recurring revenue. Decision Maker - Answer - The person in charge of making the purchasing decision at a company. Fortune 500 - Answer - A list of 500 of the largest companies in the US based on revenue. GateKeeper - Answer - The person who answers the corporate phone and decides to let you talk to the decision-maker or not. ICP (Ideal Customer Profile) - Answer - A profile of an ideal client for your business. Inbound - Answer - Interest that comes in (received cold emails, submitted forms..) Inbound Sales - Answer - Sales that happen as a result of customers directly approaching and engaging with the brand/company. Lead - Answer - Someone who is a potential fit to purchase your product or service. Lead Generation - Answer - All of the activities that have a goal to generate interest around a product or a service through different methods - content marketing, PPC, referrals, outbound marketing, and partnerships. Lead Nurturing - Answer - Engaging and building a long-term relationship with existing prospects. Lead Qualification - Answer - A process of qualifying if a lead is a good fit to purchase your product or service. Lead Scoring - Answer - Ranking leads in terms of engaging priority, by assigning a value, based on predefined criteria Influencer - Answer - Not the final decision-maker, but has a strong influence over the purchase of a product or service Marketing Qualified Lead (MQL) - Answer - A lead that will most likely become a paying client, based on what pages the lead visited, what action they took on the company website, and other online engagement. Monthly Recurring Revenue (MRR) - Answer - The amount of regular and predictable income a company expects to receive every month.

Onboarding - Answer - A set of actions or a process of introducing a new client with a service or product. Setting up an account and introducing the client with their point of contact at the company. Opportunities - Answer - A qualified lead that is a good fit for your solution. An SDR usually qualifies person as someone who has the need and ability to purchase. Outbound Sales - Answer - Cold calling, cold emailing and social selling, with the goal of initiating contact with a prospective client and ultimately closing the deal. Point of Contact - Answer - A person or a department within a company that the client can reach out to with questions or specific requests. Profit margin - Answer - A ratio of profitability that reveals how much money a company actually makes. It is the amount by which revenue from sales exceeds costs. To calculate this, divide your gross profit (revenue-cost of goods sold) by revenue. Prospects - Answer - A list of names and contact information in some type of list, database or CRM. Referral - Answer - Method of generating new sales leads, where someone refers a potential client to you. Return on Investment (ROI) - Answer - Shows the effectiveness of the initial investment. It is a ratio between net profit and the cost of investment. Revenue - Answer - The amount of money one business generates in the specific time period (a year, a quarter...) SaaS - Answer - Acronym for Software as a Service. Sales Acceleration - Answer - Speeding up the sales process using different tools and technologies to boost productivity and efficiency. Sales Automation - Answer - Automated sales workflow using a software or an online too to help simplify, speed up and streamline the sales process. Sales Cadence - Answer - A determined sequence of sales activities and the frequency at which the sales team interacts with leads. Sales Cycle - Answer - Predictable sequences and stages that a company goes through as they sell their product or service. Sales Demo - Answer - An event that serves as a showcase of the product or service that the company is selling.

Sales Development Representative(SDR) - Answer - Sales rep that is focused on prospecting and finding new sales opportunities. Sales Enablement - Answer - Providing sales professionals with necessary tools, technology, training, and other resources in order for them to have better performance at customer engagement. Sales Funnel - Answer - A visual representation of sales processes with defined stages, that every PNC goes through as they are let towards a final decision - buying a product or service. Sales Pipeline - Answer - A visual representation of a sales process and stages of each individual prospect. Sales Prospecting - Answer - A process of finding and identifying new prospective clients using different outbound methods - cold email, social selling, advertising etc. Sales Qualified Lead (SQL) - Answer - A potential client that already met all the necessary criteria, and is forwarded to Account Executive to close the deal. Scraping Data - Answer - Extraction of large amounts of data from websites. Segmentation - Answer - A process of dividing a large market or a contact list into smaller segments based on different criteria - location, company size, revenue etc. Social Selling - Answer - A sales tactic that involves using social media as a sales channel. SDRs engage and create relationships with prospectsd by probing their needs and providing relevant and valuable insight. Top of the Funnel - Answer - A term that refers to the top of the sales or marketing funnel, where all prospects go through a qualification process, both from inbound and outbound efforts. Unique Selling Point/Proposition - Answer - Unique features of a business that sets it apart from the competitors. Vertical - Answer - A specific segment of the market where a business targets only a specific industry, sector or niche.