What terms are part of your everyday customer outreach strategy? What marketing lingo or jargon do you encounter on an everyday basis – that you have to explain to others? Here are useful definitions for ten timeless marketing terms that everyone should know.
Call to Action (CTA):
Everyone in a marketing role should always sing this tune and provide this reminder. For every campaign, initiative, and strategy, you must always have a call to action to attract prospective customers. HERE ARE SOME EXAMPLES: Subscribe now. Download this case study. Complete this survey. Sign up to receive a free gift today. Recommend us to a friend.
Middle of the Funnel (MOFU):
This is the stage of the sales funnel which a buyer enters after he/she identifies a problem. This is the point at which you position your business as the SOLUTION to the problem.
Ideal Customer Profile (ICP):
This is the type of customer who meets all the criteria your brand seeks in a prospect, also known as your ideal customer.
Integrated Marketing Communication (IMC):
Sometimes, companies implement marketing campaigns in silos. The marketing concept known as Integrated Marketing Communication reinforces the importance of a cohesive marketing plan so that all messaging, branding, advertising, public relations, etc., display the same theme to make sure that current and prospective customers are not confused by any marketing campaigns.
Key Performance Metrics (KPMs) (also called: Key Performance Indicators or KPIs):
All marketing campaigns must be evaluated to determine the return on investment. How many click-thru’s to your main website or campaign-specific landing pages resulted from emails? How many leads came as a result of trade show attendance or telemarketing? How many likes appeared on your Facebook page? How many mentions and retweets appeared on Twitter? How many of your videos were uploaded on YouTube? How many sales resulted from your social media activities?
Pull Digital Marketing:
Consumers do not actively seek marketing content. Websites, blogs, and streaming media (audio and video) are examples. In each of these, users have to navigate to specific websites to view content.
Push Digital Marketing:
The marketer sends a message without the consent of a recipient – for example, display advertising on websites and blogs. Email, text messaging, and web feeds can also be classified as push digital marketing when the recipient has not given permission to receive the message.
Unique Selling Proposition (USP):
Years ago, people joked that if they had two minutes in an elevator with Bill Gates, they needed to be able to articulate their company’s competitive advantage or their personal brand in two minutes or less or what became known as an “elevator pitch.” The elevator pitch has gone the way of the Ford Edsel, and in its place, we now have the unique selling proposition. What makes a company unique? Why should a company stand apart from the competition? Why should a company be an industry leader?
Lifetime Customer Value (LCV):
How much does it cost a company to obtain a customer and keep a customer? This term represents how much each customer is worth in monetary terms, how much a marketing department should spend to woo a customer, and how much revenue received from an average customer during his/her relationship with a company.
Chief Customer Officer (CCO):
Welcome to the newest member of the C-level team: The Chief Customer Officer. If your company doesn’t have one, you should seriously consider adding one. According to the Chief Customer Officer Council, the CCO is “an executive who provides the comprehensive and authoritative view of the customer and creates corporate and customer strategy at the highest levels of the company to maximize customer acquisition, retention, and profitability.”
by Debbie Laskey