20 Digital Marketing Terms Every Marketing Manager Should Know
Keeping up with the current and ever-changing lingo surrounding the marketing industry is hard to keep up with. When I have attended networking meetings its quite amusing to watch marketing industry executives trying to outdo each other with the newest marketing term.
Most marketing managers and personal should try and keep up to date as best they can on marketing terms and abbreviations.
I have put together a list of the most used marketing abbreviations to help marketing staff keep up. These are especially useful for product and marketing managers who are dealing with marketing, advertising, and creative agencies.
We all know the simple terms such as social media, advertising, Google and creative, so let’s concentrate on the new hip buzz words.
- Conversion rate
Conversion rate is the percentage of potential customers who react in some way to an action that you have instigated within your marketing campaign. A good example of this would be what percentage of people who reply to your offer on a Facebook campaign actually buy your product or service.
Understanding your conversion rates can help you choose the most effective digital platform or analogue marketing method to gain maximum enquiries.
- Push marketing
Push marketing is using marketing tactics to target a certain group or type of potential customers i.e., postcode or income bracket.
A typical example would be a targeted email campaign to a group of people that you had targeted through a digital marketing campaign to obtain their emails (Permission marketing)
- Pull marketing
Another word for this is inbound marketing. A typical example would be advertising on social media or Google or using effective SEO to pull potential customers to your website and get them to sign up to an email with an offer (Permission marketing) then keep in regular contact with them using a database system with the intention of selling to them your product or service in the near future.
Keep in mind it can take up to 24 emails or points of contact before a potential customer might want to buy from you. So be relentless and creative with your emails providing valuable content rather than trying to sell all the time.
- Customer acquisition
Marketing both digital and analogue require you to find new clients and have systems in place to hold on to them. Basically, what is your process to search out new customers and keep them.
- Customer acquisition cost (CAC)
Customer acquisition cost (CAC) is exactly what it says, how much is it costing you to actually sign up a new customer? If you have 10 enquiry’s from your latest marketing campaign and you manage to sign up 3 new clients, how much did it cost to get those 10 enquiries to get those 3 clients.
- Customer lifetime value (CLV)
This is an important one how much is it costing you to get a customer, and how much will that client spend with you over a set period of time. Typical example would be if it cost you £200 to gain one client and that client spends £250 per month and you can retain that customer for 6 months you have a good profit. The better your customer after sales and quality of service the better your CLV. Unfortunately, many companies do not put the two together as I’m sure you have experienced yourself at some time or another when dealing with big corporations.
- (SEO) Search engine optimisation
Search engine optimisation (SEO) is one of the most used marketing terms. SEO is simply the procedure of increasing the amount of unpaid traffic to your website.
- Search engine marketing (SEM)
Search engine marketing (SEM) is increasing traffic to your website using both paid and unpaid techniques.
- Impression
An impression is the number of times your content has been seen and its click though rate using paid and unpaid digital advertising.
- Clickthrough rate (CTR)
Clickthrough rate (CTR) is the percentage of clicks your campaign receives compared to the number of impressions it gets. A higher CTR often indicates your campaigns are appealing to your potential customers.
- Cost per Mille (CPM)
Cost per Mille (CPM) Mille is Latin for “thousand” and CPM means cost per thousand impressions. CPM is often used for setting the price of any individual paid advertising campaign.
- Cost per click (CPC)
Cost per click (CPC) is the marketing abbreviation for working out how much its costing you per click on your advertising campaign. Often used for Facebook and Google Ads.
- Customer relationship management (CRM)
Customer relationship management (CRM) is the technique used to organise your customers data, making it easier to communicate with them and organise individual marketing and remarketing campaigns with organised simplicity through automation.
- Content management system (CMS)
A content management system (CMS) is software designed to simplify the process of creating a website and publishing content making SEO and website ranking more efficient and easier to achieve.
- Marketing analytics
Marketing analytics is using accurate date to help you understand how effective your website is, where your audience is coming from what is attracting them to your website and measuring things such as how long they are staying on the site and which pages are the most effective making it easier to understand how your content is being received by the viewer.
- Bounce rate
Bounce rate is how many of your website visitors visit a page on your website, and immediately leave without visiting any other part of your website. Obviously the lower the bounce rate the better.
- Return on investment (ROI)
Return on investment (ROI) is the percentage of return made on your investment. ROI is probably the most well-known term amongst marketing managers, and probably one of the most important.
- Split Test
Split testing is where two different versions of the same advert are tested and measured to see with one is more effective. This is most likely to be a web page, social media campaign.
- Customer segmentation
Customer segmentation is to group together customers based upon their needs, interests, value, and budget, for example premium high-end customers grouped together. This helps with targeting your advertising campaigns.
