Even if you don’t plan on becoming a professional marketer, it’s still important to understand the jargon used in this industry. Otherwise, you’re going to be very lost sitting in meetings hearing KPI, CRM, and API. To understand your marketing campaigns and what efforts are helping you reach your business goals, here are 10 key terms to know.
1. CRM
CRM stands for Customer Relationship Management. It refers to the strategies and technologies used to manage, analyze, and support customer interactions. So, if a customer says that a product is too costly, an email for a discount code may be triggered.
2. KPI
KPI stands for Key Performance Indicators, metrics that are considered to be important for your business. KPIs are different for everyone. They depend on your business and objectives. What KPIs do share in common is that they are all metrics that can be measured (i.e., sales revenue, cost per lead, customer value, landing page conversions).
3. Buyer Persona
A persona is a profile of your average ideal customer. Personas are deep and may describe purchase behaviors, goals, skills, and attitudes. The reason why personas are created is to help sales and marketing teams craft relevant content, ads, and campaigns.
4. A/B Testing
A/B testing, or split testing, is when you compare two variations of a single variable to see which one leads to more favorable results. A/B testing can be used for all types of things, including emails, calls to action, and landing pages.
5. API
API, or Application Programming Interface, is a set of rules in computer programming that lets an application pull information from a service and use it in their own application. This way, multiple apps can have conversations with one another, much like you would do over the phone.
6. Bounce Rate
Your website bounce rate refers to the percentage of people who visit your web page and then leave without clicking anything else. A high bounce rate typically means no one is staying on your site long enough to convert.
7. CTA
CTAs, or calls to action, are links, text, buttons, or images that encourage visitors to complete a desired action. Some of the most popular CTAs include “Subscribe Now” and “Download Today.” Having compelling CTAs in the right places can boost conversion rates.
8. Smart Content
Smart content is content that is targeted to a select audience. The content changes based on the user’s interactions and preferences as well as their geographic region and device. Delivering highly personalized content is a great way to build connections and increase conversions. To make smart content most effective, a CRM system is helpful.
9. Top- and Bottom-of-the Funnel Marketing
Top-of-the funnel marketing gets your brand out there. Bottom-of-the-funnel marketing is where your prospects hopefully make a purchase. Understanding the different parts of the funnel allows marketers to offer tailored content and services in the right moment.
10. Workflow
This automated marketing tool is triggered based on a person’s interactions with your site and content. If a prospect downloads your ebook, they are added to a workflow that triggers a number of things, such as personalized CTAs and specific emails. This keeps the person interacting with your site.
These are just a few of the terms that we think are important to fully understand. For more marketing jargon, check out HubSpot’s Ultimate Marketing Dictionary. You won’t miss a thing with this directory!
