All these technical words can startle anyone new to the field. However, if you don’t understand this marketing terminology, there is no need to worry. This article outlines the merits of increasing your fluency with marketing jargon, as well as how to move beyond it to capture the essence of the field.
Why Do We Need Marketing Jargon?
The next time you go to a hospital, observe how the doctors speak to each other. It is as if they have their own secret code language. They rattle off a list of mysterious medical things to each other. Then, they turn around to the patient and explain the same things in layman’s terms, using language that the ordinary person can figure out. Every field is the same. It has its own set of code words that people in the area are used to and can understand.
There are multiple benefits of knowing and using the typical marketing terminology if you want to work in this and related fields.
Here are some key advantages:
● You can participate in conversations.
● You can communicate efficiently with clients.
● You understand the latest statistics and trends better.
● You can measure your success accurately.
Key Marketing Short Forms To Know
Here are 10 marketing terms and short forms that you stumble upon often in the world of marketing. This list will help you understand the news and information about digital marketing better:
1. B2B or B2C – Business to business or Businesses to customer
B2B stands for business-to-business, whereas B2C stands for business-to-customer. A B2B is a company that offers its products and services to other companies. A B2C is a direct-to-consumer company with a direct business relationship with at least one individual.
2. KPI – Key Performance Indicator
A key performance indicator is the measure of a business’s success against a defined target objective. Knowing and tracking your KPIs gives you a systematic way to implement your goals with specific milestones.
3. CTR – Click Through Rate
The click-through rate is the rate of the clicks that a link gets, i.e., the number of users visiting a link out of all the users who are shown the link. This CTR is used to understand the effectiveness of advertisements placed by a brand, and efforts are made to improve the click-through rate.
4. CMS – Content Management System
A content management system is helpful integrated software that companies can use to ideate, create, collaborate on, manage, and publish their content. Some CMS platforms used by businesses include WordPress, HubSpot, SquareSpace, etc.
5. SEO – Search Engine Optimisation
Businesses use search engine optimisation to increase the chances of their website showing up prominently in search engine results. This is done to increase organic views, i.e., people who check the website by Googling related questions or looking things up on any search engine. SEO is used to increase the number of free visitors.
6. PPC – Pay Per Click
PPC is an internet marketing type that brands use when placing advertisements on the web. It means ‘pay per click.’ Advertisers have to pay the publisher a small fee every time their ad is clicked on.
7. CTA – Call to Action
CTA stands for Call to Action. It is a term that you will often come across in the world of content. A call to action is a clear, actionable next step that is provided to the customer to ensure that they engage with the content in the intended way. Recommended actions such as “buy now,” “click to subscribe,” and “add to cart” direct the audience in the right direction.
8. CRM – Customer Relationship Management System
A CRM system is a type of software that helps businesses track and manage their interactions with potential and actual customers, understand the customer base, and use analytics and insights to target the customers better.
9. USP – Unique Selling Proposition
The USP of a company is the special or particular advantage it offers its customers that ensures that it stands out from competitors. The USP is the essence of the brand, and it is the goal of the content marketing strategy to communicate this advantage to customers quickly and effectively.
10. CPM – Cost Per Mile
Cost per mile means the price paid by an advertiser for every thousand impressions of their ad. Here, “mile” means a thousand. It is a standard measurement in marketing and advertising. CPM is useful when selecting the platforms to use for your brand’s advertisements and estimating the cost of advertising campaigns.
The easiest way to get around your initial difficulty is to read up about the different key terms and use one of the many compilations available online as your guide or resource. Here is a comprehensive glossary created by HubSpot that is particularly useful.