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10 marketing terms: Whether you’re reading a book, an article, or an academic journal, encountering an unfamiliar word or a completely unfamiliar phrase, it’s all part of the reading experience. If you think about it, every field or industry has its jargon and expressions.
And the field of commercial and marketing is not excluded. We love our jargon. We love our acronyms. And we love pending up with new terms.
So if you’re novel to the marketing world, it’s very easy to get lost and feel left out if you don’t know the marketing terminology. SEO? Rate of return? CRM? Metrics? What do these terms even mean? Don’t worry. That’s why we created this blog for you.
Here we’ll walk you made a list of some commonly used marketing terms and words so you can easily become familiar with them and use them like you’ve known them throughout your life.
Let’s start our list per one of the most commonly used marketing terms – Key Performance Indicator or KPI. It is a quantifiable value used to measure or track the performance of your business. It indicates whether your business is progressing with its marketing goals or reaching its goals.
Every department in your company has key performance indicators, be it sales, marketing or finance. KPIs help your business evaluate and adjust to improve your performance in the future.
Next is a fairly common marketing term called a buyer persona. It refers to a fictitious or semi-fictionalized representation of your perfect client or target market.
A buyer persona is created built on the market research you have conducted and your data about your existing customers. It can contain demographic information such as age, location, gender, etc. and psychographic information such as lifestyle, interests, values, etc
Customer Relations Management or CRM refers to analyzing and managing interactions with customers throughout a sales process. This means that CRM encompasses any approach or method that uses data to build, improve and control customer relationships.
However, this marketing term is most commonly referred to as software that helps manage customer relationships by identifying, organizing, and storing customer information. This will help you understand your customers, their needs and preferences and change how you approach them.
Here is a marketing term that is thrown around the business world – return on investment or ROI. It is use to measure the income from an investment you have made versus your invested money.
It indicates whether your investment has paid off or not. ROI is often spoken as a ratio or a percentage. It is similarly a KPI (you what it income now!) That measures your victory and helps you make better decisions in the future.
You have probably heard the marketing term USP many times. Because it is the decisive factor that sets a company’s product apart from the competition’s product or makes it unique, it can be anything from low price, quality, quantity etc.
A unique sales proposition or USP usually sums up the essence of your corporate in a single sentence. It answers the enquiry of why a customer would buy from your company and not another. It’s about giving your customers an attractive advantage.
Don’t confuse the term “buyer’s journey” with a buyer’s actual journey or travel plans. The buyer’s journey is a marketing term that refers to the entire process a buyer goes through before making a final purchase decision.
It can be broken miserable into 4 phases – the awareness phase, when the buyer realizes they have a problem; the deliberation phase, in which the buyer defines the problem and searches for solutions; the decision phase in which the buyer decides on a solution; and the action phase when the buyer makes the purchase.
However, the bounce rate has nothing to do with a bouncing ball. It’s a marketing time used to refer to the percentage of people who visit your site but leave without looking at other pages or doing anything.
Bounce rate evaluates how long guests stay on your site and determines if your content and design effectively attract people.
There’s no way you haven’t encountered this marketing term if you’re in business. SEO or Search Engine Optimization is a rehearsal or method used to increase traffic to your website. This means a good placement in the search engine results, preferably on page 1 itself, ideally also at the top.
Search engine optimization uses keyword research, links, title and image tags, and many more methods to improve website rankings. Moreover will help you gain additional visibility and drive leads and sales to your website, thereby increasing sales and profits.
You’ve probably heard someone mention the churn rate and wondered why it’s so high. This is because churn rate is a marketing term that refers to the number of customers or customers who stop using your products over a while. 10 marketing
You can calculate this by isolating the number of customers you lost during a period by the number of customers you had in the early stages of the period.
A churn rate is a very important sales KPI that helps you track your lost customers and revenue over time to understand the overall health of your sales.
Here we have inbound marketing, a marketing term you have probably never used in a conversation before, but a method you have used throughout your career. It refers to any marketing activity that aims to attract customers to your brand rather than spreading your message to get their attention.
Inbound marketing is a customer-centric approach. However about catching their attention by making your business visible online and producing useful and interesting content. Some examples of inbound marketing are social media, SEO, blogging, etc. 10 marketing
And there you have it—just a list of some of the most common use terms in marketing to get start.
You are now arme with a little more knowledge than when you start this blog.
Of course, there are many more marketing terms to learn, but so far, this will help you get through your first few days in the industry.
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