The 30 most essential business terms every SMB marketers should know and use.
While developing your business plan or your marketing strategy you can quickly get confused by unknown terms and why are they essential for you business. Here is the list of the 30 most essential business terms every SMB marketers should know and use.
Abandonment Rate. The percentage of visitors who leave your site midway through completing a conversion e.g. Putting items in a shopping basket but not purchasing them.
Analytics. The technology and measurement systems used to understand what is working within a digital marketing campaign and what is not, based on data collected during the campaign.
A/ B Testing. A/ B testing is a randomised test using a control and treatment variant (A and B). The goal is to test changes on a website in an effort to find which changes generate the best outcomes.
Audience Personas. The characteristics of an audience, e.g. demographics, geographics and behaviors.
Average Online Value (AOV). Average Online Order Value (AOV) is calculated by dividing the value of orders by the number of orders taken on the website.
Average Lifetime Value (ALV). The average revenue a customer will generate during their lifetime.
Click Through Rate (CTR). A measurement which shows how often website users who see a link click on it.
Conversions funnel. The journey a consumer takes through a search system before converting to a sale.
Conversion Rate. The percentage of visitors who complete a task on a website e.g. Purchase a product, download a document.
Cost Per Acquisition (CPA). An advertising method where the advertiser only pays when an advert delivers an acquisition.
Cost Per Click (CPC). An advertising method where the advertiser pays the publisher when a website visitor clicks on an ad.
Display Advertising. Digital Display Advertising uses display adverts which appear on web pages as a means of communicating relevant commercial messages to a specific audience, based on their profile.
Email Marketing. Email marketing is a form of permission based direct marketing, which uses email as a means of communicating relevant commercial messages to a specific audience based on their profile.
Email Marketing Analytics. Collection, analysis and reporting of data relating to email marketing. Most email marketing providers offer an analytics package.
Iterative Process. Completing rounds of analysis or a repeated cycle of tasks in order to arrive at a desired result.
Key Performance Indicators (KPIs). Performance measurements which help an organisation monitor its progress towards certain goals.
Mobile Analytics. Measuring and reporting on visits and activity to your site from mobile devices.
Mobile Marketing. Mobile marketing is marketing using mobile devices in order to disseminate promotional or advertising messages to targeted customers through ubiquitous wireless networks.
Return on Investment (ROI). A measurement which evaluates the efficiency of an investment.
Search Marketing (PPC). Advertising on a search engine in a bid to drive traffic to a website, only paying when someone clicks on your ad.
Search Engine Optimisation (SEO). SEO (Search Engine Optimisation) is the process of improving the visibility of a website or a web page in a search engine's "natural," or unpaid ("organic") search results.
Sentiment Analysis. The analysis of feelings, attitudes and emotions towards products and services.
Social Analytics. Most social media platforms have analytics packages which will allow you to review and report on visitors and how they interacted with the site.
Social Customer Service. Customer service which is carried out on Social Media.
Social Media Listening. Monitoring online content that others have posted in relation to a company, individual, product or brand.
Social Media Marketing. The process of gaining traffic or attention through engagement on social media sites.
Value Proposition. A statement which convinces a consumer to buy a product or service, based on the notion that it is a better offer than those from competitors.
Website Analytics Measurement. Collection, analysis and reporting of data relating to visitors to your website. Google Analytics is the most popular analytics programme.
Opt-in. Express permission by a customer, or a recipient of a mail, email, or other direct message to allow a marketer to send a merchandise, information, or more messages. This is the method generally used by most direct marketing firms, subscription or non-subscription periodicals, information suppliers, etc. After the opt in, the marketer will keep on sending the material or messages until the recipient chooses to opt out.
Inbound Marketing. Is a strategy using marketing to bring potential customers to you, rather than having your marketing efforts fight for their attention. Sharing is caring and inbound marketing is about creating and sharing content with the world. By creating content specifically designed to appeal to your dream customers, inbound attracts qualified prospects to your business and keeps them coming back for more.
Of course we can add a lot more terms to this list as every aspect of our business is important but those 30 terms are keys when it come to start, grow or scale your business.
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