If you want to walk the walk, you gotta talk the talk– marketing talk, that is. The more you learn about the marketing world, the more you’ll realize that effective communication involves a lot of fun acronyms. (And by fun, we mean that you’ll be completely lost without them.)
So here you go– the ABC’s of marketing…
B2B: Business to Business
One business making a commercial transaction with another.
B2C: Business to Consumer
One business making a commercial transaction with a consumer.
BR: Bounce Rate
The percentage of visitors who land on one of your website’s pages and then leave without viewing any of the other pages on the site. Great metric for measuring website success and consumer behavior.
CAC: Customer Acquisition Cost
The cost associated with selling a customer on a product or service. (Research, marketing, etc.)
CPA – Cost per Action
The cost an advertiser pays for each specified action. (Impression, click, or sale).
CPC – Cost per Click
The pre-set amount the advertiser pays the publisher whenever the ad is clicked. (also known as “Pay per click”, or “PPC”)
CTR – Clickthrough Rate
The ratio of users who click on a specific link to the number of total users who view a page, email, or advertisement.
CRM: Customer Relationship Management
The software a company/agency uses to manage their interactions with their current and future customers. It analyzes the data about a customers’ history with a company. (Hubspot is an example of CRM software.)
CRO: Conversion Rate Optimization
A system for increasing the percentage of visitors to a website, and then converting them into customers.
CTA: Call to Action
An instruction to the audience or customer designed to inspire or provoke them to either purchase the product/service, or complete an action that brings them closer to the sale.
KPI: Key Performance Indicator(s)
Key performance indicators are the key metrics you plan to measure that will indicate the success of the campaign.
ROAS: Return On Ad Spend
The KPI that used to determine media success– it’s the calculation of ad spend divided by revenue.
ROI: Return on Investment
The benefit to the investor resulting from their investment.
SEO: Search Engine Optimization
The process of maximizing the number of visitors to a specific website by ensuring that the site appears high on search engine results.
UGC: User generated content
Any form of content, such as images, videos, text, and audio, that were created by the users of a product or service and posted online. (Testimonials and Unboxings are common forms of UGC that marketers can reappropriate and use to build trust and close sales.)
So there you go! If you’re ready to take your marketing to the next level, click the link to set up a meeting with Chamber Media today!