| Upon beginning a search for a new sales professional | | | | Sales Cycle - a sales cycle is the length of time it |
| or business development employee, there are sales | | | | takes to close an account from start to finish. Typically, |
| related terms that you should be familiar with. Listed | | | | the larger the monetary value of the account, the |
| below, are 11 different terms that should help you in | | | | longer the sales cycle is going to be. Depending on the |
| your resume search. | | | | industry, sales cycles can range from 1 month to 1 |
| Business Development - business development is just | | | | year. |
| another word for "sales." However, when sales | | | | Again, when hiring a sales employee, you want to |
| candidates have the term "Business Development" on | | | | match sales cycles. A business development |
| their resume, potential employers may perceive them | | | | representative who is used to dealing with a sales |
| to be a "Hunter" rather than a "Farmer." | | | | cycle of 1 month may not be as successful in a job |
| Hunter - just as the name sounds, a hunter is a term | | | | that is conducive to sales cycles of up to a year. |
| for a sales representative that actively goes out and | | | | Obviously, there are exceptions. However, this is |
| finds new business. A hunter is the opposite of a | | | | something clients typically want. |
| farmer. | | | | Industry Contacts - candidates who have contacts in |
| Farmer - a farmer, in sales is someone who is | | | | the industry in which the client hopes to sell into are |
| considered to take more inbound business than go out | | | | worth more on the open market because they don't |
| and do new business development or a.k.a. be | | | | have much of what is called ramp-up time. |
| considered a hunter. | | | | Ramp-up Time - ramp-up time is the time it takes a |
| Sales Quota- sales quota was how much revenue the | | | | sales representative to learn the product and, |
| sales representative was responsible for driving at | | | | subsequent company that just employed them. |
| their last or current position. When looking through | | | | Obviously, things like industry knowledge and industry |
| resumes, you always want to match quotas. | | | | related contacts whom they can sell to in a quicker |
| For instance, a sales representative who carried an | | | | fashion, lessens the length of the perceived ramp-up |
| annual quota of $300,000 would probably not be good | | | | time. This leads to quicker ROI from the hire. |
| for a job which requires the business development | | | | 30 / 60 / 90 - presentation that a potential sales |
| professional to carry a quota of $10m. | | | | employee lays down which includes a sales game plan |
| Industry Verticals Sold Into - a vertical is just a fancy | | | | for the first 30 / 60 / 90 days of employment. More |
| term for an industry. When looking at sales resumes, | | | | often than not, this is provided to the employer via a |
| you want to match up verticals. To give an example, if | | | | PowerPoint presentation. |
| someone sold software at their last position into the | | | | Upside Potential or OTE - O.T.E. is an acronym that |
| education vertical, they are not a fit for a job that | | | | describes that additional money that a sales |
| requires hair care sales into salons. | | | | professional can make in conjunction with their base |
| Cold-calling or Prospecting - cold-calling or prospecting | | | | salary. This is also known as the upside potential. The |
| is a key phrase that most clients want to see on a | | | | O.T.E. or upside potential can be expressed in dollars |
| resume. This is the act of contacting a potential client | | | | of a percentage of the sales representative's base |
| who does not know you and beginning to establish a | | | | salary. |
| relationship to begin what is called the sales cycle. | | | | |