Terms

Buyer

What is a Buyer?

A buyer, also known as a purchasing agent, is a professional responsible for acquiring products and services for companies, either for resale or operational use. They are pivotal in the supply chain, working to ensure profitability and efficiency by sourcing goods at optimal prices, managing inventory, and maintaining supplier relationships.

Identifying Your Ideal Buyer

Buyers play a multifaceted role in various industries, including manufacturing, retail, and government sectors. Their key responsibilities include:

  • Product Selection and Purchasing: Choosing products that align with company needs and market demand.
  • Inventory Management: Overseeing stock levels to prevent shortages or excess.
  • Supplier Relations: Cultivating and maintaining strong connections with vendors.

Understanding Buyer's Journey

The buyer's journey comprises three stages: awareness, consideration, and decision:

  • Awareness: Customers recognize a need and seek information.
  • Consideration: Potential solutions are evaluated against competitors.
  • Decision: The customer makes a purchase decision.

Evaluating Buyer Decision Processes

To understand and influence buyer decisions, consider:

  • Market Research: Analyze trends and consumer behavior to tailor purchasing strategies.
  • Cognitive and Behavioral Insights: Apply psychological principles to better understand and meet customer needs.
  • Social and Cultural Influences: Recognize external factors that might impact buyer preferences and decisions.

Strategies for Engaging Potential Buyers

Effective engagement strategies are crucial for converting potential buyers into customers. Some effective tactics include:

  • Social Media Engagement: Build brand presence and interact with potential customers.
  • Content Personalization: Tailor content to meet the specific interests and needs of your target audience.
  • Email Marketing: Keep your brand top-of-mind with segmented, targeted communications.
  • Product Demos and Trials: Let potential customers experience your product firsthand.
  • Educational Webinars and Workshops: Share knowledge and industry insights to build trust and authority.
  • Influencer Collaborations: Leverage the reach and credibility of influencers to promote your products.
  • Retargeting Campaigns: Re-engage visitors who have shown interest but haven't yet purchased.
  • Chatbots and Instant Communication: Provide real-time assistance to guide customers through the buying process.
  • Referral Programs: Encourage satisfied customers to refer others.

Other terms

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Firewall

A firewall is a digital barrier that protects a network by monitoring and controlling traffic, blocking unauthorized access and malicious content.

Firewall

Account-Based Selling

Account-Based Selling is a B2B strategy where sales and marketing treat high-value accounts as markets of one, using personalized outreach.

Account-Based Selling

Customer Loyalty

Customer loyalty is a customer’s devotion to a brand, shown by their repeat purchases and engagement, driven by positive experiences and trust.

Customer Loyalty

Discount Strategies

Discount strategies are pricing tactics used to attract customers and boost sales by temporarily reducing the price of products or services.

Discount Strategies

Draw on Sales Commission

A draw on commission is an advance payment a salesperson receives against future earnings, which is later repaid from earned commissions.

Draw on Sales Commission

Conversion Path

A conversion path is the journey a visitor takes to complete a desired goal, such as making a purchase, filling out a form, or subscribing.

Conversion Path

B2B Demand Generation

Learn about B2B demand generation, including strategies for effective B2B demand generation, & key components of a demand generation program.

B2B Demand Generation

Trusted Advisor

A trusted advisor is an expert who builds a deep client relationship by consistently prioritizing their best interests over any single transaction.

Trusted Advisor

Sales Methodology

A sales methodology is the framework that guides how your sales team approaches the entire sales process, from prospecting to closing deals.

Sales Methodology

Click-Through Rate

Click-through rate (CTR) is a metric that measures the percentage of people who click on a specific link, ad, or call-to-action.

Click-Through Rate

Sales Enablement Platform

A sales enablement platform centralizes content, training, and analytics to help sales teams engage buyers and effectively close deals.

Sales Enablement Platform

Big Data

Learn about big data, including understanding big data characteristics, benefits of leveraging big data, & challenges in managing big data.

Big Data

Sales Cycle

A sales cycle is the series of steps a company takes to close a new customer. It starts with prospecting and ends with a signed deal.

Sales Cycle

Inside Sales Rep

An inside sales rep sells products or services remotely from an office, using digital tools like phone and email to connect with customers.

Inside Sales Rep

Sales Champion

A sales champion is your internal advocate at a target company. They believe in your product and help you push the deal forward to close.

Sales Champion

Closed Question

A closed question is a type of query that elicits a simple, often one-word answer like 'yes' or 'no,' or a specific, factual response.

Closed Question

Loss Aversion

Loss aversion is our tendency to feel the sting of a loss more acutely than the pleasure of an equivalent gain.

Loss Aversion

Cloud Storage

Cloud storage is a service model where data is stored on remote servers and accessed from the internet, rather than on a local drive.

Cloud Storage

Intent-Based Leads

Intent-based leads are potential customers whose online actions—like searches or content engagement—signal a clear interest in buying a solution.

Intent-Based Leads

Sales Partnerships

Sales partnerships are strategic alliances where two companies co-sell products to expand their reach, generate new leads, and increase revenue.

Sales Partnerships

Logo Retention

Logo retention is a key B2B metric that measures a company's ability to retain its customers, or 'logos,' over a specific period.

Logo Retention

Social Proof

Social proof is a psychological phenomenon where people assume the actions of others reflect correct behavior for a given situation.

Social Proof

Needs Assessment

A needs assessment is the process of identifying the gap between a company's current state and its desired future state.

Needs Assessment

Content Management System

A Content Management System (CMS) is software for creating, managing, and modifying website content without needing specialized technical skills.

Content Management System

On Target Earnings

On-Target Earnings (OTE) is a salesperson's total potential pay, combining base salary and commission for hitting their sales quota.

On Target Earnings

Funnel Analysis

Funnel analysis is a method for understanding the steps users take to complete a goal, revealing where they drop off in the conversion process.

Funnel Analysis

Serviceable Available Market

Serviceable Available Market (SAM) is the segment of the total market that your business can realistically serve within its geographical reach.

Serviceable Available Market

Lead Generation Software

Lead generation software helps businesses automate finding and capturing potential customers' contact information to build sales pipelines.

Lead Generation Software

Pipeline Coverage

Pipeline coverage is a key sales metric. It's the ratio of your total open pipeline value to your sales quota for a specific period.

Pipeline Coverage

Objection Handling

Objection handling is the process of responding to a prospect's concerns or hesitations about a product or service to move a deal forward.

Objection Handling

Break-Even

Learn about break-even, including calculating your break-even point, importance of break-even analysis, & break-even analysis vs. profit margins.

Break-Even

Application Programming Interface Security

API security is the practice of protecting application programming interfaces from attacks, preventing data breaches and unauthorized access.

Application Programming Interface Security

Dynamic Data

Dynamic data is information that updates in real-time. Unlike static data, it reflects the most current state of information automatically.

Dynamic Data

Business Development Representative

Learn about business development representative, including skills and qualifications for BDRs, & roles and responsibilities of a BDR.

Business Development Representative

Docker

Docker is a tool that packages applications and their dependencies into isolated environments called containers for easy deployment and scaling.

Docker

Ransomware

Ransomware is a type of malicious software that encrypts a victim's files, holding them hostage until a ransom is paid for the decryption key.

Ransomware

Revenue Operations (RevOps)

Revenue Operations (RevOps) is a business function that aligns a company's sales, marketing, and customer service teams to drive predictable revenue.

Revenue Operations (RevOps)

Text message marketing

Text message marketing is a strategy where businesses send promotional messages, offers, and updates to customers via SMS or MMS.

Text message marketing

Inside Sales Metrics

Inside sales metrics are quantifiable measures used to track the performance, activities, and effectiveness of an internal sales team.

Inside Sales Metrics

Outbound Sales

Outbound sales is when reps proactively contact potential customers through cold calls or emails to generate leads and build a sales pipeline.

Outbound Sales

Demographic Segmentation in Marketing

Demographic segmentation divides a market into groups based on traits like age, gender, and income, allowing for more targeted marketing efforts.

Demographic Segmentation in Marketing

Supply Chain Management

Supply Chain Management oversees the entire production flow of a good or service, from raw materials to final delivery to the consumer.

Supply Chain Management

Tire-Kicker

A tire-kicker is a prospect who shows interest in a product but has no intention of buying, wasting a salesperson's time and resources.

Tire-Kicker

Sales Manager

A Sales Manager leads a sales team, setting goals, analyzing performance, and developing strategies to drive revenue and meet targets.

Sales Manager

D2C

Direct-to-consumer (D2C) is a sales strategy where a brand sells its products directly to end customers, bypassing any third-party retailers.

D2C

Consumer Buying Behavior

Consumer buying behavior is the study of how individuals select, buy, and use products and services to satisfy their needs and desires.

Consumer Buying Behavior

Sales Pipeline Management

Sales pipeline management is the process of organizing, tracking, and managing potential deals through every stage of your sales funnel.

Sales Pipeline Management

Artificial Intelligence in Sales

AI in sales uses smart technology to automate repetitive tasks, analyze customer data, and help sales reps close deals more efficiently.

Artificial Intelligence in Sales

Call Disposition

Call disposition is the process of labeling the outcome of a call. It helps sales teams track interactions and plan their next steps effectively.

Call Disposition

Customer Lifetime Value

Customer Lifetime Value (CLV) is the total revenue a business expects from a customer throughout their entire relationship with the company.

Customer Lifetime Value

AI Sales Script Generator

An AI sales script generator is a tool that uses artificial intelligence to create personalized sales scripts for any outreach scenario.

AI Sales Script Generator

Quality Assurance

Quality Assurance (QA) is the systematic process of ensuring a product or service meets specified quality standards from development to delivery.

Quality Assurance

Open Rate

The open rate is the percentage of recipients who opened an email. It's a primary indicator of a subject line's effectiveness.

Open Rate

Bottom of the Funnel

Learn about bottom of the funnel, including maximizing conversions at the funnel's end, & strategies for nurturing bottom-funnel leads.

Bottom of the Funnel

Lightning Components

Lightning Components is a UI framework for building dynamic web apps for mobile and desktop devices on the Salesforce Lightning Platform.

Lightning Components

Latency

Latency is the delay between a user's action and a system's response. It's the time it takes for a data packet to travel to its destination.

Latency

Total Addressable Market (TAM)

Total Addressable Market (TAM) represents the maximum revenue a company can earn by selling its product or service in a specific market.

Total Addressable Market (TAM)

Solution Selling

Solution selling is a sales approach focused on understanding a customer's pain points to offer a comprehensive solution, not just a product.

Solution Selling

CRM Enrichment

CRM enrichment is the process of adding third-party data to your existing customer profiles to make them more complete and accurate.

CRM Enrichment

Chatbots

Chatbots are AI-powered programs that simulate human conversation. They interact with users via text or voice, typically for customer support.

Chatbots

Real-time Data

Real-time data is information processed and made available almost instantaneously, enabling immediate analysis and decision-making.

Real-time Data

Agile Methodology

Agile methodology is an iterative approach to project management and software development, focusing on delivering value in small, incremental steps.

Agile Methodology

Upsell

Upselling is a sales tactic encouraging customers to purchase a higher-end version of a product or related add-ons to boost revenue.

Upsell

CRM Data

CRM data is the information businesses use to manage customer relationships. It covers contact details, purchase history, and communication logs.

CRM Data

Inbound leads

Inbound leads are potential customers who proactively reach out after finding your business through content, social media, or search.

Inbound leads

Touchpoints

A touchpoint is any time a potential or existing customer comes in contact with your brand, from seeing an ad to receiving an email.

Touchpoints

Salesforce Administrator

A Salesforce Administrator is a certified professional who manages and customizes the Salesforce platform to meet a company's specific business needs.

Salesforce Administrator

Freemium

Freemium is a business model offering a product's basic features for free, while charging for advanced or supplemental features.

Freemium

Sales Prospecting Techniques

Sales prospecting techniques are methods used by sales teams to identify, contact, and qualify potential customers, also known as prospects.

Sales Prospecting Techniques

Awareness Buying Stage

The awareness stage is the first step in the buyer's journey, where a potential customer realizes they have a problem or an opportunity to explore.

Awareness Buying Stage

GDPR Compliance

GDPR compliance means following the EU's strict data protection laws to ensure the secure and lawful handling of personal data.

GDPR Compliance

Cloud-based CRM

A cloud-based CRM is a customer relationship management tool hosted online, letting teams access and manage customer data from anywhere.

Cloud-based CRM

Demand

Demand is the economic principle describing a consumer's desire and willingness to purchase a specific good or service at a particular price.

Demand

Competitive Advantage

A competitive advantage is a unique edge that allows a business to produce goods or services better or more cheaply than its rivals.

Competitive Advantage

Net 30

Net 30 is a common payment term where a client has 30 calendar days from the invoice date to pay for goods or services in full.

Net 30

Return on Marketing Investment

Return on Marketing Investment (ROMI) measures the revenue generated by a marketing campaign relative to the cost of that campaign.

Return on Marketing Investment

Call Analytics

Call analytics is the practice of analyzing phone call data to extract insights, track key metrics, and improve overall business performance.

Call Analytics

Sales Operations Analytics

Sales operations analytics is the practice of analyzing sales data to improve the efficiency and effectiveness of the entire sales process.

Sales Operations Analytics

Sales Director

A Sales Director leads a sales team, develops strategies, and is responsible for meeting a company's revenue targets.

Sales Director

Content Rights Management

Content Rights Management involves controlling the use and distribution of copyrighted digital media to protect intellectual property.

Content Rights Management

Browser Compatibility

Learn about browser compatibility, including understanding the importance, common challenges, best practices, & tools for testing.

Browser Compatibility

Renewal Rate

Renewal rate is the percentage of customers who renew their subscriptions or contracts at the end of their service period.

Renewal Rate

Lead Scoring Models

Lead scoring models rank prospects by assigning points for their behaviors and demographics, helping sales teams prioritize their outreach.

Lead Scoring Models

Sales Playbook

A sales playbook is a guide that outlines your sales process, best practices, and tools to help reps sell more efficiently and consistently.

Sales Playbook

Stakeholder

A stakeholder is any individual, group, or party that has an interest in an organization and the outcomes of its actions.

Stakeholder

Digital Strategy

A digital strategy outlines how your business will use online channels, data, and technology to achieve its goals and connect with customers.

Digital Strategy

Video Prospecting

Video prospecting is the sales technique of sending personalized videos to potential customers to grab their attention and secure more meetings.

Video Prospecting

Amortization

Amortization is the process of spreading out a loan or the cost of an intangible asset over a specific period for accounting and tax purposes.

Amortization

C-Level or C-Suite

The C-suite, or C-level, refers to a company's most senior executives. Their titles usually start with 'Chief,' such as CEO, CFO, or CTO.

C-Level or C-Suite

Guided Selling

Guided selling simplifies complex sales by giving reps step-by-step instructions and data-driven recommendations to close deals faster.

Guided Selling

Headless CMS

A headless CMS is a back-end content repository that delivers content via API to any front-end, decoupling the content from its presentation layer.

Headless CMS

Gamification

Gamification applies game mechanics like points, badges, and leaderboards to non-game activities to boost engagement and motivate users.

Gamification

Digital Advertising

Digital advertising is the practice of delivering promotional content to users through various online and digital channels like social media or search engines.

Digital Advertising

Overcoming Objections

Overcoming objections is the process of addressing and resolving a prospect's concerns or hesitations to move a sale forward.

Overcoming Objections

Pain Point

A pain point is a specific, recurring problem your target customers face, causing them frustration, inefficiency, or added costs.

Pain Point

White Label

White labeling is when a company puts its own branding on a product or service that was actually produced by a different company.

White Label

Sales Prospecting

Sales prospecting is the process of identifying potential customers, or prospects, and initiating contact to convert them into paying customers.

Sales Prospecting

Audience Targeting

Audience targeting is the process of segmenting consumers into specific groups to deliver more personalized and relevant marketing messages.

Audience Targeting

Business Process Management

Learn about business process management, including benefits of implementing BPM, steps to effective BPM, common BPM mistakes to avoid, & BPM tools and software.

Business Process Management

Hard Sell

A hard sell is an aggressive sales technique that uses high-pressure tactics to push a customer into making an immediate purchase decision.

Hard Sell