Glossary
Sales terms for teams that count the week
What each term means and the rule or formula behind it.
Terms, A to Z
A
- Activity pointsA score for each sales activity, such as 1 for a call and 3 for a meeting, added up to rank the work before the sale.
- Agency managerA financial advisor who leads a team of advisors, recruits and coaches them, and is paid partly on their business.
- ANPAnnualised premium: a new policy's premium expressed as a full year's worth, however the client pays.
- Appointment settingGetting a prospect to agree to a sales meeting. Each meeting booked is a set.
C
- Case sizeWhat one closed case is worth to you on average, usually in FYC or first-year premium.
- ClosingAsking for the client's decision. In advisor sales, the meeting where you present your recommendation and they decide.
- Conversion ratioHow many tries at one step of selling it takes to get one result at the next, written as 1 in 5 or 20%.
- COTCourt of the Table: MDRT's middle level, at three times the MDRT figure.
F
M
O
- OpeningThe first meeting with a prospect after the appointment is set, where you agree what they want and start the fact-find.
- OTEOn-target earnings: base pay plus the commission a sales job pays if you hit 100% of quota.
- Override commissionCommission a manager is paid on the business their team's advisors write, on top of their own.
P
- Persistency ratioThe share of policies, or of their premium, still in force a set time after they were sold.
- PipelineEvery prospect between a first contact and a signed case, sorted by the step they've reached.
- Pipeline coverageThe value of your open pipeline divided by the target it has to hit, written as 3x, 4x and so on.
- PledgeThe activity a rep commits to, worked back from their goal and shared with their manager or team.
Q
R
- Ramp timeHow long a new rep takes to sell as much as the rest of the team, often on a lower quota until then.
- RecruitmentFinding, selecting and contracting new financial advisors for an agency, then getting them licensed.
- ReferralA prospect a client or contact introduces to you, usually a friend or relative with the same kind of need.
S
- Sales cadenceA planned run of calls, emails and messages to one prospect, each on a set day.
- Sales KPIA sales number with a target and a date, so you know if you're on pace.
- Sales velocityHow much revenue your pipeline brings in a day, from open deals, deal size, win rate and cycle length.
- SDRSales development representative: the rep who finds and qualifies prospects and books meetings for the closers.
- SPIFFA short-term bonus for selling one product or doing one thing, paid on top of commission until an end date.
Know the term.
Then log the weeks that move it.
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