10 Terms that Should Be Part of Every Marketer’s Vocabulary
There is a lot of business-related jargon every person in the workforce must know. And when you get into a specific field of work, there are even more terms that you will need to learn to do your job effectively. The field of marketing is rich with vocabulary, especially since many new and evolving concepts come up every year (the Internet has opened up a whole new world of marketing!). Here are ten terms that should be part of every marketer’s word bank.
A/B testing (also called split testing) is a type of advertising experiment where marketers test the same material—a photo, a webpage, an e-mail, a call-to-action, etc.—with minor differences at the same time to the same audience. Through A/B testing, marketers can create more enticing content for their audiences to ensure sales.
For example, a salesman tests an ad for a discount on their products. One ad shows the price of $99 for the product, while the other says that the product is being sold at 30% off the original price. The test will determine which way of delivering the discount is more effective, then he or she can run with that ad to a larger audience.
A buyer persona is an ideal customer profile that a business’ marketing team comes up with. This persona is used to get an idea of the type of potential customers you hope to attract. A buyer persona is very detailed and well-researched. It includes the usual demographics such as age, gender, financial capacity, and interests; it also considers the created persona’s motivations, goals, and personalities. A buyer persona helps you determine pain points (or problems that customers are experiencing) that your product or service can fix. It is also helpful in predicting potential clients’ behaviors and how they might react to certain marketing efforts or changes within the product or service you are marketing.
Cold Calling/Cold Emailing
Cold calling or cold emailing is the act of calling or emailing potential clients or customers unsolicitedly. A marketer who is cold calling or cold e-mailing has not had any previous contact with the person he or she is contacting; usually, marketers get their contact details through a database. By cold calling or cold emailing, a marketer hopes to gain a new client or sell a product to a customer.
Content Management System
A content management system or CMS is a software that lets marketers create and manage their websites. Popular content management systems include WordPress, SquareSpace, and Wix. Through softwares like these, marketers can design their webpages, edit and publish content, and even track site analytics (data to see if your website, products, or content are performing well), among others.
Customer Acquisition Cost
Customer acquisition cost (CAC) is the amount of money you will need to spend to get a client or customer. To calculate customer acquisition cost, simply divide the amount of money your business has spent on marketing, sales, and customer acquisition efforts during a period by the number of customers you gained during that time.
One way of looking at CAC is that it is the cost of each customer you acquired. So if your CAC comes out to $5 per customer, then expect to spend $500 to get 100 customers.
Outbound and Inbound Marketing
Outbound marketing, also known as interruption marketing or push marketing, includes traditional marketing methods such as paid promotions and advertising and cold contacting and direct e-mailing. These methods push one key message to a large audience.
Meanwhile, inbound marketing is a more customer-centric form of marketing that focuses on drawing high-quality customers in. It uses tactics such as search engine optimization, content marketing, and social media strategy, and it aims to inform, educate, and entertain potential customers even before making a sale or turning them into long-term consumers.
Key Performance Indicators
Key performance indicators (KPI’s) are metrics used by marketers to track progress towards marketing goals. KPI’s are not standard for all businesses; rather, they depend on each company’s specific goals, whether it be the total number of new customers or the total number of new followers on a specific social media platform. Marketers should be able to set correct key performance indicators to properly evaluate marketing strategies and adjust accordingly to be more or consistently effective.
Lead Generation/Lead Nurturing/Lead Qualification
A lead is any individual or company that is interested in your product. Lead generation refers to activities that can help you get leads. These are tactics under outbound and inbound marketing that aim to get potential customers interested in your products or services.
Lead nurturing is the process of building a relationship with your leads to keep them interested or to grow their trust with your business. It is important to nurture customers at all stages of their buying process—from developing interest until the actual sale.
Lead qualification is a marketing strategy wherein marketers determine whether a potential customer fits the business’ ideal customer profile—if he or she has a chance to become a customer and, more importantly, if he or she has the potential to be a loyal client.
Remarketing is a strategy to reconnect with people who previously looked at or engaged with your product but did not purchase or avail of it. Chances are that these customers are leads—meaning they are already interested in what you have to offer—and they might just need a little push or reminder to eventually push through with a sale.
Remarketing is mostly done online. For example, a lead was looking at a product on your website but left the site without buying anything. For your remarking strategy, you target ads towards this customer showing the product they were looking at as an ad on another website that they are visiting.
Search Engine Optimization (SEO)
Search engine optimization or SEO is an essential marketing tactic nowadays. It is a method to increase a website’s performance in search engines such as Google. That way, when people search for a product, your business’ products show up as the (or at least one of the) top result(s).
There are many ways to optimize one’s website for search engines. You can do this by tweaking a webpage’s appearance and by using tools such as keywords (important words that people are likely to search for), image tags (words that describe an image used in your site), links (to other websites or your own, to give yourself credibility), and the like.
It is not enough to learn about basic English in today’s world if you hope to study, live, and survive in an English-speaking landscape. Your knowledge must go beyond—you need to know even important terms related to specific fields, as well as slang words for daily conversation. LingualBox, through its professional tutors, tailored courses, and informative website materials, helps you be a more well-rounded English speaker. Book a class today to learn more!