Glossary

The following is a list of terms used in this report with an explanation of what they mean in this context. These are not intended to be full descriptions or definitions of all the different meanings of the terms that have been included but should be seen only as they are used in the context of this report.

8 P’s Framework

The 8Ps of the marketing mix complement the dynamic nature of modern businesses. Today there are several versions, each using different combinations of ‘P’. Commonly – Product, price, place, promotion, people, process, positioning and performance

AI (Artificial Intelligence)
AI, or Artificial Intelligence to give it its full name is the ability of computer systems, specifically applications to take decisions or suggest courses of action based on a combination of rules that have been defined, algorithms which have been embedded and past experience based on the data and the outcomes of those decisions.

Ambulance chasing
When multiple partners and/or the direct sales force all chase a single deal – eroding margins and creating false competition for your product or service

Analytics
The combination of reporting in different formats: graphs, infographics, textual reports which are designed, using the available data, to give insight into what is happening.

B2B influencer marketing
A strategy that involves partnering with experts, thought leaders and influential figures to promote products and services

Basic
The lowest level of maturity, in fact a lack of maturity, whilst a basic system may function it has no sophistication and will be both inefficient and ineffective.

Brand recognition
Brand recognition is the extent to which a consumer can correctly identify a particular product or service just by viewing the product or service’s logo, tagline, packaging or advertising campaign.

Branding
The creation of a distinct identity for a business inthe minds of your target audience and the general population.

Cadence
A sales cadence is a sequence of touch points with a prospect to establish a connection for an engagement or a sale. It is typically a schedule for salespeople to follow up with each prospect via phone, email, social media channels, etc.

Challenger
The Challenger sales model and methodology is built around a sales process that focuses on teaching, tailoring and taking control of a sales experience.

Channels
A sales and/or marketing channel consists of the different organizations, and activities necessary for products to get to the end-user, the consumer; and is also known as a distribution channel.

Cold calling
A technique in which a salesperson, using the telephone, tries to solicit the business from someone who has not previously shown interest inthe products or services they’re selling

Conforming
A state of maturity in the middle of the scale, senior management are involved, systems are integrated,Best Practices have been implemented, and monitoring is in place. Currently this is the highest level of maturity that most organizations have achieved.

CRM
CRM (Customer Relationship Management), which is a system for managing all your company’s interactions with current and potential customers.The goal is simple: improve relationships to grow your business.

Customer Lifetime Value (CLV)
Customer lifetime value (CLV or CLTV) is a metric that indicates the total revenue a business can reasonably expect from a single customer account throughout the business relationship

Customer Relationship Management
CRM which is a system for managing all your company’s interactions with current and potential customers. The goal is simple: improve relationships to grow your business.

Customer-centric strategy
A strategy that focuses on prioritizing customers and their unique needs at every interaction across the sales and marketing process.

Data Definition
All data elements should be defined in a centrally maintained library where their meaning (to the organization) is uniquely defined. The intention is to avoid each department having their own definition of concepts like cost and inventory, unique data definitions are essential when communicating with parties outside the organization.

Data Flow
The way in which data moves from one part of the organization to another, in particular which media are used – from paper to electronic, how often the data moves and the quality controls that may be applied.

Data Integration
Managing the movement and consolidation of data within and between files, applications and organizations

Data Warehouse
A central repository of integrated data from one or more disparate sources.

Decision Support Systems (DSS)
An accurate term that is no longer fashionable for the applications and tools that use integrated data, from multiple sources, to build a model of the organizations performance and provide answers to questions in support of the decision-making process

Demand-driven strategy
A strategy that focuses on aligning the suppliers capabilities with actual, measurable customer demand(s). (Sometimes linked to ‘customer-centric)

ERP Systems
Enterprise Resource Planning systems are the original name for multi-functional applications that in theory provide all the function that is needed to run an organization. In theory the big advantage is that an ERP system is fully integrated with data passing seamlessly from one area to another and use central libraries to store and maintain definitions

Ethical selling
Ethical selling is about being transparent — even when it feels risky or uncomfortable and not consciously doing the wrong thing by customers.First Party Data Data your company has collected directly from your audience, whether customers, site visitors, or social media followers.

Gap selling
The difference between where the customer is today and its ideal future

General Data Protection Regulation(GDPR)
A European legal framework outlining rules for collecting and using personal data.

Goal Setting
The process of developing targets for an individual or a group to improve their contribution to an organizations’ overall targets (see SMART goals)

Ideal Customer Profile (ICP)
An ideal customer profile (ICP) is a description of the perfect company or customer you want to target for your business

Industry analyst
Provides a combination of syndicated and client-sponsored market research, competitive intelligence, and management consulting services.

Influencer
A person who can generate interest in something(such as a consumer product) by, for example, posting about it on social media

Information as a service (IAAS)
A facility, usually staffed by business professionals, that can deliver requested reports and analytics at a moment’s notice, response times of less than 30 minutes for a new report are not unusual

Information Management
The infrastructure used to collect, manage, preserve, store and deliver information. The guiding principles that allow information to be available to the right people at the right time.

KPI
Key Performance Indicator is an often-misused term for a target, the achievement of which is very important for the organization to perform the way it should. The number of KPI’s should be limited, if there are too many they will not be taken seriously.

Longlist
List of suitable products or services which could be purchased, from which a short list will be selected

LTV
Lifetime Value – an estimate of the average revenue that a customer will generate throughout their lifespan as a customer

Marcomm
Marcomms is targeted interaction with customers and prospects using one or more media, including both print advertising and internet-based marketing channels.

Market Segmentation
Market segmentation creates subsets of a market based on demographics, needs, priorities, common interests, and other psychographic or behavioural criteria used to better understand the target audience.

Marketplace
An economic system or market, or simply the everyday world where things get bought and sold

Martech
Martech, or marketing technology, refers to tools that use technology to optimize marketing efforts.

Mastery
The highest level of maturity and the level to whichs ome organizations aspire. The simple definition is excellence at everything they do, very agile in achanging world and an example to others.

Maturity Model
A model with (in this case) 5 tiers each of which gives an increasing level of organizational capability, with a clearly defined path to progress from one level to the next.

Mission statement
A formal summary of the aims and values of a company or organization

Node
Another name for a department within the supply chain, a node is a discrete element that has defined functionality e.g. a warehouse.

OEM
Original Equipment Manufacturer, this means a company that makes a product to be sold by another company under its own name

Optimization
The action of making the best or most effective use of a situation or resource.

Optimizing
The fourth level of maturity, for many organizations the highest level they will want to achieve. A very well-functioning organization that knows what it is doing, effective, efficient and meeting targets consistently.

Pipelines
An organized, visual way of tracking potential buyers as they progress through different stages in the purchasing process

PR
Public relations (PR) refers to managing how others see and feel about a brand, or company. PR for corporations, notably publicly traded companies, focuses on maintaining a positive corporate image while handling media requests

Process
A series of actions or steps taken to achieve a particular result

Process Thinking
Looking at the organization and what it is designed to achieve as a set of processes rather than a collection of departments that each perform a function

Prospect
A potential customer who meets specific criteria that indicate an ability and likelihood to buy

Quarterly Business Reviews
A quarterly business review is a meeting with your customers every three months to review the partnership. Alternatively, an internal review of business progress against targets

Reactive
The second level of maturity, for many organizations where we start the journey to maturity, the organization functions as a series of self-supporting units, does react well to change, and is behind the curve on new legislation and modern methods of working. Automation is outdated, spreadsheets are abundant.

Real-time
Real-time data refers to information that’s been gathered in a timely manner

Return on Investment (ROI) in Marketing
The measurement of the money your organization spends on marketing campaigns compared with the revenue those campaigns generate.

Sales discovery
The second time a prospective customer and a salesperson interact to investigate exact needs

Sales Funnel
The term used for the journey potential customers go through on the way to making a purchase

Sandler Selling System®
A sales approach that focuses on building trust between the salesperson and the prospect

Self-Learning
In this context self-learning systems use AI to improve their own performance and learn from “mistakes”

Shotgun approach
An approach that aims to attract customers from a wide range of demographics, often without analysis and research. Often used by less structured organizations.

SMART goals
SMART goals are a way of assessing targets to see if they are likely to achieve the desired result – S stands for Specific, M for Measurable, A for Achievable, R for Relevant and T for Timely. Experience shows that well thought out targets are much more likely to succeed than targets like sell 10% more.

Solution Selling
A sales methodology where a salesperson holistically considers a prospect’s needs, so they can recommend products or services that will best suit their individual/business problems and concerns.

SOSTAC®
SOSTAC® is a marketing model developed by PR Smith in the 1990’s. The stages are Situation Analysis, Objectives, Strategy, Tactics, Actions, and Control

SPIN
SPIN is a sales methodlogy. It stands for Situation, Problem, Implication, and Need-Payoff, which represent the four stages of a sales conversation.

Stakeholders
Any person or organization that can either materially affect the way an organization is run or be materially affected by the performance of anorganization.

Strategy
A strategy is a long-term plan developed by an organization with the intent of managing their processes effectively in line with their business goals.

Sustainability
Sustainability is the balance between the environment, equity, and economy. Sustainable practices support ecological, human, and economic health and vitality.

Target Markets
A target market is a group of customers with shared demographics who have been identified as the most likely buyers of an organization’s product or service.

Unique Selling Points (USP’s)
The basis of what makes your product or service better and more capable than those of your competitor

Value Matrix (Marketing)
The Value Matrix is designed to highlight the market position of a solution relative to others rather than specify a best solution in the market.

Win-Win
Win-Win selling, both the buyer and seller come out of the sale understanding that their respective best interests have been served