Learn the Lingo
I remember during the first week of my first office job, I probably heard more acronyms and letters than actual words. In order to keep up with my co-workers, I would nod along, pretending I understood the conversation, and the moment I was alone, I’d discreetly google every acronym my colleagues used. Good times.
Get ahead of the game by learning these common acronyms used in marketing.
AIDA: Attention, interest, desire, action
These are the steps in the sales funnel that potential consumers go through.
B2B: Business to business
Businesses that sell to other businesses.
B2C: Business to consumer
Businesses that sell to consumers.
BANT: Budget, authority, need, timeline
Ensure your potential customers have the budget, authority, need, and time to purchase your product.
CLV: Customer lifetime value
Prediction of profit during the relationship of your customer.
CMS: Content management system
Approaches, technologies and processes used to manage your content.
CPA: Cost per action
In this context, we are not talking about Chartered Professional Accountants. We’re talking about online advertising pricing model based on action/acquisition.
CPC: Cost per click
This is another online advertising pricing model whereby every click comes with a price.
CRM: Customer relationship management
Approaches, technologies and processes in customer interactions and management.
CTA: Call to action
An instruction to your audience to prompt immediate response. For example: “Sign up now!”
CTR: Click though rate
The ratio of users who click compared to the numbers of view an ad or page receives.
KPI: Key performance indicator
Measurable value that demonstrates the effectiveness of how a company is achieving their goals.
MOM: Month over month
Measured events over two or more months.
ROI: Return on investment
Value gained from an investment.
SaaS: Software as a service
Subscription-based software licensing and services.
SEO: Search engine optimization
Process of affecting online visibility and advertising.
UX: User experience
Design catered to improving visibility and usability for the end user.
WOM: Word of mouth
Recommendations based on peer to peer reviews.
YOY: Year over year
Measured events over two or more year.
YTD: Year to date
Period extending from the beginning of the year to the present date.