The marketing industry is full of complicated terminology and acronyms. We gathered a list of marketing terms we feel any marketer or a business owner should know. You may already be familiar with some of these terms since most of them are not new.
API - Application Programming Interface is a set of rules which will allow the software to extract information from a device and use it for further data analysis. API facilitates data that is needed to provide solutions to customers problems.
Benchmarking is a technique for looking outside where the company's practices are compared with the external methods. Comparison means that there must be a primary line of similarities. Only similar things can be compared with each other. Therefore it is necessary to recognise one's operations and processes.
Buyer persona. In user-centred design and marketing, a persona is a fictional personality created to represent a type of user that might use a site, brand, or product. Marketers may use personas and market segmentation, where qualitative personas are designed to represent specific segments.
CAC - Customer Acquisition Cost is the cost of winning a customer to purchase a product/service of a business. As a fundamental unit, customer acquisition costs are often related to customer lifetime value. With CAC, any company can estimate how much they're spending on acquiring each customer.
CTA - call to action is a term that refers to the next step a marketer wants its audience to take. The CTA usually has a direct link to sales. For example, CTA can suggest that the user subscribes to a newsletter that contains product updates.
CTR - Customer Relationship Management (CRM) system helps manage customer data. It supports sales management, delivers actionable insights, integrates with social media and facilitates team communication.
CRO - Conversion Rate Optimisation: the process of optimising a website experience to get more visitors to take a specific action. CRO is all about using data-backed insights to make improvements.
Drip marketing is a strategy that shares a pre-written set of messages to customers or prospects over time. These messages often take the form of newsletters or other marketing tools.
Flywheel – a business model that illustrates the momentum your organisation can gain by prioritising and delivering exceptional customer experience.
Growth hacking - is when an organisation adopts an aggressive approach to growing its company and profit. This strategy focuses on fast experimentation across all marketing channels. Speed is a crucial factor here, as companies want to uncover the most profitable tactics.
Holistic design goes beyond problem-solving to incorporate all aspects of the ecosystem that a product is used in. It is concerned with aesthetics, sustainability, spirituality, and other "wants" rather than "needs".
Inbound Marketing is a marketing technique that aims to attract customers by creating helpful content and experiences tailored to their needs. While outbound marketing interrupts your audience with content they don't always want, inbound marketing forms connections they are looking for and aims to solve problems they already have.
KPI - Key Performance Indicator: type of online performance measurement. KPI are quantifiable aims that help you to track and measure the success of your marketing efforts. KPIs are a useful way for digital marketers to set expectations and prove their work's positive impact.
MarTech - Marketing Technology is the term for the software and tech tools marketers leverage to plan, execute, and measure marketing campaigns. (includes lead profiling)
Marketing Intermediaries - independent firms which assist in the flow of goods and services from producers to end-users; they include agents, wholesalers and retailers.
Marketing Mix – a combination of tactics a company uses to promote itself or its products. Typically made of "4Ps": price, place, product, promotion. May also include packaging, positioning, people.
Marketing ROI, or return on investment, is attributing profit and revenue growth to the impact of marketing initiatives. By calculating marketing ROI, organisations can measure the degree to which marketing efforts, either holistically or on a campaign-basis, contribute to revenue growth.
Nudge marketing refers to deliberately forming how consumers would make choices. Its goal is to influence what consumers choose to steer them toward options that the marketer believes are good for them or stimulate purchases and increase sales.
PPC - Pay-per-click is an online advertising model used to drive traffic to websites, in which a business pays a publisher when the ad gets clicked by a potential client.
RFM - Recency, Frequency, Monetary analysis is a marketing technique used to determine and quantify which customers are the best ones by examining how recently a customer has purchased (recency), how often they are buying (frequency), and how much the customer spends (monetary)
RACE consists of four online marketing steps to help brands engage their customers during the customer life cycle. Reach, Act, Convert, Engage.
SEO - Search engine optimisation that improves website traffic quality and quantity to a website or a web page from search engines.
SMART stands for Specific, Measurable, Attainable, Relevant, Timely. SMART goals are possibly the most practical way of focusing attention on the results that you want to achieve through your marketing campaigns and promotions.
TOFU marketing is the top of the funnel is the upper part of the marketing funnel. It is the first stage and the more comprehensive part of the funnel. The top of the funnel is all about brand distinctness, making the targeted audience aware of your business. This is the stage where you showcase that you are an expert in your industry.
OVP – Online Value Proposition. Creating an Online Value Proposition provides the opportunity for your brand to define a differential advantage over your competitor's products, services and indeed, their brand positioning within a digital market place.
VQVC - Volume, Quality, Value, Cost. An approach to analytics and how it can help businesses set digital marketing KPIs
USP – Unique Selling Point or Unique Selling Proposition of a business/brand.
UI - user interface means the space on a website that a user interacts with. It may include the layout, navigation tools, forms, and visual elements that users need to make choices to find what they need and take actions on your website.
UX is how digital marketers understand what users want and need to incorporate that into product design to deliver more significant user experiences.