More than £2.8 trillion could be lost from businesses not measuring sales funnel

New research suggests that, hypothetically, they could be missing out on £2.894 trillion simply by not measuring their sales funnel and that a lack of understanding of key sales tactics could be why.

The sales industry uses plenty of sector-specific jargon and misunderstanding these essential elements can lead to problems within your team or even missed sales opportunities.

To help address this knowledge gap, the experts at demand generation agency, Sopro have revealed the sales terms that cause the most confusion and offered their tips on getting your team up to speed.

Steve Harlow, Chief Sales Officer at Sopro, said,“Lead generation is the process of finding and attracting potential customers. It involves using various methods, such as social media, email campaigns, and online ads, to get people interested in the company’s products or services.

“The aim is to collect contact information from these interested people, called leads, so that the business can follow up with them through targeted marketing. Successful lead generation helps to create a steady stream of potential customers that can be turned into actual customers over time.

“Prospecting in sales is identifying and reaching out to potential customers interested in a company’s products or services. It involves researching and finding individuals (for B2C sales teams) or businesses (for B2B sales teams) who could be interested in your product or service and initiating contact through various methods, such as cold calling, emailing, or networking.

“Similar to lead generation, prospecting creates a pipeline of potential clients who can be nurtured and converted into paying customers. Effective prospecting helps salespeople focus on high-potential leads, increasing their chances of closing deals and driving revenue.

“It’s vital for sales teams to fully understand and know how to employ each of these tactics for the best results. Equally, if you’re a B2B sales business, it’s important to ensure the businesses you work with are up to speed on these terms so you can work together to drive sales. Prioritising in-depth, back-to-basics training and detailed client onboarding calls can help with this and take your sales to the next level.”