For many, owning a small business means trying to navigate the world of marketing on their own. While it can be fun it can also mean learning a whole set of new terms. We pulled together this blog post to help you understand some of the common marketing lingo.
- Click-Thru – this term is used when referring to online or email marketing efforts. It tells you how many people clicked on a link in your message (you may also see a term called CTR which is just the click thru rate)
- Copy – this is used to describe the actual words that you are using in a message (it could be the headline of a print ad or the message in your email)
- The 4 P’s – this is just a quick way to outline the foundation of marketing (price, promotion, product and placement)
- PPC- this is a term used to describe an online marketing effort in which you only pay when consumers click on your advertisement (pay per click)
- CPC/CPL/CPS – these are all terms used to describe how much money it costs you to get the response that you are hoping to get (cost per click, cost per lead, cost per sale)
- Target Market – this term is used to describe who you are trying to sell your product or service to. Think about it in terms of your ideal customer – you should know a lot about them. You should know their age, their sex, their buying habits, what media they prefer, etc. These things are called demographics.
- Psychographics – this term goes beyond just demographics. These relates to people’s values, beliefs, emotions, etc.
- Bounce – this term is related to email marketing. It means that you sent an email to someone and it didn’t make it. If it hard bounced it means that you have a bad email address. If it soft bounced it means that there was a technical problem (like a down server) and you should try again.
- Branding Elements – this term is used to describe how your brand is shown visually. This can include things like a logo, the colors you use, what style font you use for your copy, etc.
- Brand Voice – this is the style in which you communicate. Some brands use a casual style while others use a more formal one. No matter what your voice, it is important to stick with it throughout everything you do.
- Campaign – this refers to a marketing effort. So, you could have an email campaign or a radio campaign. It is really a way to describe a specific tactic you are doing to promote your business.
- Audience – this term is used to describe who will ultimately see your advertisements.
Coming up next week we will be discussing brands.