A Glossary of Marketing Terminologies
Whether you are a newbie or an experienced marketer, we all often require a reference to those marketing terminologies we hear. We have compiled a list of terminologies that marketers use most frequently.
Buyer Persona refers to a semi-fictional representation of your target audience. Marketers create buyer persona to based on the data and other information they gather through research about the existing customers. This buyer persona helps in strategizing the entire marketing effort that is personalized and targeted.
CAN-SPAM, a U.S. law, stands for Controlling the Assault of Non-Solicited Pornography and Marketing. This law was passed in 2003 and it determines the rules for commercial email and messages. This law gives consumers the right to stop businesses from emailing them. For businesses, it outlines penalties incurred if they violate the rule.
Unlike its name, Churn Rate refers to the percentage of customers you have retained over a specific period of time. It is the percentile of the total number of visitors lost against the original number of visitors you had. To calculate churn rate for a specific time frame, take the total number of customers lost within that specific time frame and devide it by the actual number of customers you had initially.
Closed Loop Marketing
It is a marketing practice to determine how each marketing effort has impacted the bottom-line business growth. When done correctly, it gives an overview of how much business growth has happened against your marketing investment. An example of closed loop marketing practice would be monitoring and tracking website visitors as they convert into visitors and reach to the point where they are ready to convert to customers.
CRM stands for Customer Relationship Management. A CRM is an integral part of marketing and sales, although CRM is mostly associated with the Sales team. CRM is a set of software that keeps all your conversation history with your existing and potential customers in one place. It puts together all the information about each customer, new and old, for reference and strategy. As denoted by its name, a CRM plays a pivotal part in helping a brand establish a customer-brand relationship.
Dynamic content is used to display user-specific message or information. It is based on the user information that you already have. Based on this information, users will see messages or notifications that are personalised and highly targeted. For instance, you can use Smart CTAs- where a new visitor will see a personalised call to action button urging them to subscribe or educating them further; and an existing user will see a CTA taking them to the next step in their buyer’s cycle.
A part of Digital Marketing Concept- Inbound Marketing represents the organic form of marketing visitors are attracted in rather than the marketers reaching out to the target audience. It is all about getting the attention of the prospective customers and retaining them. It involves strategies that make it easy for users to find your brand in search engines, educational content to educate users, nurturing strategies to create a relationship with the prospective customers, and has an immense focus on content.
This is a process that begins from the time a prospective lead starts browsing your website or app. Irrespective of whether they sign up immediately or not, lead nurturing includes these leads as well to nurture and in the long run urge them to subscribe or sign up. Lead nurturing encompasses the entire buyer’s cycle- leads to visitors to customers to buyers to promoters. Through social media, email marketing, offers, contests, etc. lead nurturing is done.
Often many confuse marketing automation with ‘lead nurturing’. While these two are related, marketing automation includes tools and analytics to propel lead nurturing. To nurture a lead, you will need marketing automation. Most marketers are opting for behaviour-based marketing automation wherein lead nurturing strategies are designed based on how a lead engages or behaves on the website or app.
Native ads are those kind of ads that are personalised and looks like a part of a conversation. It is not like those fake ads shouting out their products or services. Native ads are not interruptive. Rather they are sponsored ads that are related to consumer experiences. These ads can be radio ads, blogs, etc.
PPC stands for Pay-Per-Click. Marketers pay to the advertising venues (Like Google Adwords or Facebook) every time a visitor clicks on the ad on that venue. This is a part of paid advertisement where marketers invest to connect with their audience faster. Paid ads are displayed strategically so that viewers come across them while browsing or searching.
Stands for Search Engine Optimization. Many arguments have been done on whether SEO is dead or not. However, SEO is not dead, rather it has evolved and has become smarter. SEO refers to the process of enhancing a website so that it appears in the search results of search engines like Google. Marketers work on improving both- the ON-Page SEO and Off-Page SEO to achieve better results. SEO is a core part of inbound marketing.
This is a quirky term defining the amalgamation of Sales efforts and Marketing efforts. Ideally, marketing team would pass highly qualified leads to the sales team, who will then convert them 100% and close the deal. But that’s not how things work. Thus, sales and marketing team need to align their efforts and communicate endlessly to close a lead. This alignment is termed as Smarketing.
Social proof is more of a psychological thing. Usually people depend on others’ opinions to determine how they should act or think in a particular situation. The same theory applies in social media as well. Social proof is identified by the number of interactions a piece of content receives or the total number of followers a brand page has. It is like- if you have lot of followers or lot of interactions, you are ‘good’; socially proved!
SaaS stands for software-As-A-Solution. It refers to any software that is hosted by another company and that which stores your information in cloud. For instance, various project management software. SaaS is also termed as “on-demand software”. Usually centrally hosted, it is mostly subscription based.
UI and UX
UI and UX stand for User Interface and User Experience, respectively. User Interface deals with the ease of a user while browsing a website or the mobile app. User Experience deals with the overall experience of a user- from discovering the product/service to interaction to signing up and purchasing.