Marketing is an essential aspect of running a successful business. However, when you get into the world of advertising, you might find that the marketing terms associated with the promotion can get a little confusing.
In this guide, we’ll help you out. Keep reading to learn some of the marketing terms to know:
- Lead Generation
This is the method of discovering, retaining, and transforming potential customers. It can be achieved in a variety of ways, but the first steps typically include developing buyer personas and doing extensive analysis. This process is essential to getting and retaining new business.
- Return on Investment (ROI)
As a business person, you should be familiar with return on investment. ROI is measured as (net profit/cost of investment) x 100. It’s a ratio that’s used to aid in financial assessments, and it’s an important calculation.
However, keep in mind that ROI equations do not take time into account in their formula. Make sure you know when you’re expecting to see a return on your money.
- Key Performance Indicator (KPI)
KPI is a measured value that indicates and shows how well an organization achieves its primary business goals. This is a multi-stage concept; you don’t just assess results at one level of the sales funnel.
Your keys should be set out before you calculate them, and it involves establishing your objectives!
- Customer Relationship Management (CRM)
CRM involves managing and reviewing consumer experiences in your database during their lifecycle. This is accomplished by using tools and measurement programs to assist you in bettering your consumer relationships. Keeping your customers happy and retaining their business is essential to long-term success.
- Call to Action (CTA)
A Call-to-Action (CTA) is just as the term implies. It usually takes the form of a module that you can place on your main website or at the bottom of a blog post. Its primary intention is to elicit a quick response.
“Call now for a complimentary estimate!” or “Learn more here!” are examples of CTA phrases. They’re normally followed by a button to get more information or a link to a landing page.
- Cost Per Click (CPC)
Marketers use this formula to decide how much they can pay for advertisements depending on the number of clicks they get.
CPC is most commonly seen in Google Adwords and Facebook advertisements. Since internet browsing is so effective, online advertising is really effective, which is why most business owners choose CPC advertising.
To learn more advertising terms, follow the highlighted link to discover other common phrases.
Marketing Terms Glossary: Marketing 101
There are many marketing terms that you must familiarize yourself with. However, the phrases listed above are just a few of them. Learning all of the advertising terms might be a bit intimidating in the beginning. But as you get more familiar with them, it gets easier.
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