“You can’t sell anything if you can’t tell anything.” – Beth Comstock
Terms and acronyms are a typical thing in the marketing industry. Just like what Beth Comstock said, without understanding the marketing language, you cannot effectively sell anything to your target audience. Although marketing has tons of “marketing lingo,” the list goes on each year. Keeping up with the language is a must. That means, marketers who are working in a digital marketing agency are a no exemption.
While some of you may already have an idea, we list down some marketing concepts below for marketers who are still venturing how marketing industry works. Moreover, knowing these terms and acronyms below are helpful in dealing marketing business.
1. Marketing Mix: or widely known as the four Ps namely; Price, Place, Product, and Promotion.
2. Market: this refers to a group of potential customers that are interested in your brand, services or products.
3. Consumer: this refers to a customer who avails and uses the product or services
4. Target Market: is a term use for marketers where a group of consumers becomes potential customers.
5. Goods: tangible products that can satisfy the customer’s wants and needs.
6. Services: intangible products that can satisfy that customer’s wants and needs.
7. Competitive Advantage: it is a situation that puts a marketing company in a favorable position over its competitors.
8. CRM: it is an acronym for Customer Relationship Management. It is a kind of process where businesses use to manage their contact and relationships with their target client.
9. Keywords: words that are used for searching an online query. Websites with relevant keywords are most likely to increase its traffic.
10. Landing Page: it is a page on a website where visitors reach after clicking on a website. Landing pages are used as registration pages for newsletters, events, webinars, etc.
11. Metrics: it is a measurement used to review the performance of the business. (e.g.,. Return on Investment)
12. Pay Per Click (PPC): it is an online advertising payment model, where payments are based on qualifying click-through. The amount of the payment is usually determined by bidding on keywords. Google AdWords is an example of a Pay Per Click.
13. Search Engine Optimization (SEO): it is a technique, which specializes in optimizing websites. Its goal is to boost a website’s visibility online and increases its traffic.
14. Social Media: it is a platform or tool that allows users to interact by sharing content on social networks. Facebook, Twitter, LinkedIn, Instagram, etc. are one of the most popular social media platforms.
15. Value Proposition Statement: it is a written statement that conveys an important feature of a brand and what it is all about. That means a value proposition statement provides a blueprint for the marketing and development of a brand.
16. Return on Investment (ROI): it is a financial performance of a marketing business. Marketers usually use the ROI to measure and analyze whether a particular tactic is effective or not.
17. Viral Marketing: it is a method of promoting a product, which uses an electronic Word-of-mouth. Viral marketing encourages the target consumers to rely on a message to the other users as well.
These things mentioned above are the common terms and acronyms most marketers use. Just like what Peter Drucker said “The aim of marketing is to know and understand the customer so well that product or services fit him and sells itself. ” Without the basic knowledge of this marketing language mentioned above, it may be a challenging task for you to connect and engage with your target audience.