Content of the material
What does EOM stand for in sales?
EOM (abbreviation for the end of the month) in sales is the monthly deadline for salespeople to achieve the goals set at the beginning of the month, e.g., close an expected number of deals and hit the quota.
The main challenge of EOM for salespeople is to keep to the chosen direction and avoid cases when they lose reality, trying to get as many wins as possible.
What does n30 mean?
n/30 means that if the company pays the full cost of their balance if they pay before 30 days. After 30 days, of course, additional fees would be applied. This type of statement is usually accompanied by something like 2/15, which means they get a 2% discount if they pay before 15 days is up.
EOM sales techniques and examples
To avoid widespread EOM mistakes, you may adopt several effective sales techniques that will help you remain professional and trusted during this stressful period. Each of them is supported by a sales email template for your inspiration:
Play with the price
Around 83% of customers claim they are more likely to purchase if they are offered a discount. It’s true, though not always when it comes to EOM B2B sales. Here you should be more prospective.
Work out a strategy where you’ll offer a discount to your prospects in the middle of the month. Four or five days before the EOM, contact them again and inform them that the price will be raised starting from the next month. This way, you may motivate your prospective customers to think twice and buy your solution at an old price.
Consider the following email template example:
Hello [Prospect name], Since the month comes to its end, I would like to inform you about a new pricing structure that comes into action on [Date]. Starting from this day, the price of our [Pricing plan name] plan will rise to [How much]. You may still buy [Service or product] at a current price till [Date]. If you have any questions, feel free to contact me. Regards, [Your name]
2. Involve your leaders in a conversation
You get targets from your sales leaders, so why not ask them to participate in a sales EOM closing challenge? If you ask them to write a message on behalf of their name, there will be more chances your prospects will react.
Customers appreciate attention and care, so a message from your company’s executive may sound like a sign of respect and push them to consider your offer more seriously.
Your sales leader’s email may look something like this:
Hello [Prospect name],[Rep name] informed me about your current issue with [Problem] at [Prospect company]. So, I decided to contact you personally to answer any questions you might be having at the moment about [Your company name] solution.I’m highly concerned about seeing our product as the right fit for the companies we work with, so I’m open to all your inquiries. I look forward to hearing from you and will be pleased to provide you with all the information you are interested in. Regards,[Executive name and title]
3. Ask reflection questions
When prospects object to your offer, which is not a rare thing, the deal gets stalled. It’s high time to break the ice and remind them you are still here to come in handy. Again, your goal is to drag words from a prospect, not bombard them with your visions about how wonderful your solution is. Be ready to ask questions that can help your prospects reflect on their need for your product.
Hello [Prospect name],We chatted with you about [Your company name] offer two weeks ago, and you were not ready to accept it due to [Objection, e.g., lack of budget]. Since a new month is approaching, would it be right for me to suppose a free trial will be a good starting point for you right now to solve your [Share their pain point]?If not, no need to worry. I can contact you in the future when this solution becomes a higher priority for you.Regards,[Your name]
EOM sales are never easy. Just keep in mind that you won’t make them easier if you start accelerating your efforts and pressing prospects.
Now that it is clear what EOM means in sales and how to close your deals before the end of the month, let’s go ahead and find out what EOM stands for in accounting.
Pros and Cons of Using EOM
The advantages of using EOM in your emails might not be seen immediately but there are definitely measurable benefits:Pros
Your message will almost certainly be communicated because most recipients will at least read the email's subject.
Keeping your message short enough for a subject line forces you to be concise and avoid unnecessary words, sign-offs, and salutations.
An EOM email helps you and your email recipients keep track of emails and follow threads.
The recipient saves time.
You will most likely receive a short email in reply, which can save even more time.
Because EOM messages must be short, they're easier to compose on your phone or another mobile device.
Cons You might confuse people. If they don't know what EOM means, they'll probably check the message's body for an explanation or even reply to ask you what it means, which only serves to waste time rather than save it. Some email services and programs might not treat the subject as expected. For example, if the subject is too long and the email program truncates it, the recipient might be confused because of the shortened subject and the empty body.
Does net 10 days include weekends?
3. Terms of 3/20, n/60 mean that the customer may deduct 3% from the selling price if the bill is paid within 20 days. Otherwise, the full amount is due within 60 days of the date of the invoice. Assuming a sale for $1,000, a 3% discount would save the customer $30, resulting in a net amount due of $970.