Understanding Marketing Terms: Part 1

Posted by Amber Wilcox on Nov 2, 2018 9:00:00 AM

Marketing Terms_Markentum

If you have ever listened to two people having a conversation in a language that you don’t understand, you know how frustrating it can be to not fully comprehend something. It wasn’t until I hung up the phone with a colleague one day while at home, that I realized that the “lingo” I was using wasn’t something that might be heard with everyday ears.  My husband, sitting in the room, sat in awe as I used terms that he couldn’t quite comprehend. He’ll tell me that my phone conversations are like listening to a foreign language; he catches the context, but he’s not quite sure what any of it really means.

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This is important to acknowledge, because we want our customers to understand “our language” so they can better understand the what and the how of our marketing efforts. At Markentum, we set up monthly, strategic conversations with our clients to provide an in-depth look into what is going on in the digital realm of their business, and utilizing a list of complex terms might make that conversation a little difficult. By helping our clients understand the full context of our world, we know we will be able to better work together to help them grow.

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Whether you are a Markentum partner, or you are considering the idea of working with a digital agency, there are a few terms you’ll need to familiarize yourself with.


As to not completely overwhelm you, we only tackle the first half of the glossary in this blog (stay tuned for a second set of terms in the near future!).
 

A:

A/B Testing: Reflecting on the days spent in science class at school, A/B testing uses statistical hypothesis testing of two variables, “A” and “B”, to determine which variable has the better outcome. Based on this test, the “winner” variable is used to further marketing efforts. A/B Testing can be applied to websites, email marketing, social media advertising, and more. 

Algorithm: You might have heard news about social media sites “changing their algorithms”. An algorithm, is a process or set of rules to be followed [in the digital marketing space] by a computer.

So why might you hear a digital marketer complain about “changing algorithms”? Take driving as an example. If you’re driving down a road and are suddenly thrown off by a new route because your existing route is closed, it will take time for you to learn your new route. The same can hold true with algorithm changes; if your advertising processes are working well and are abruptly halted by a change in process, it will take time to adjust to new procedures.

[Marketing] Automation: Picture this: you’re sitting on your couch at home shopping through your favorite online store and are prompted to sign-up to be a part of a “special” savings club. You sign up, and are instantly greeted with an email in your inbox about how excited the company executive is to welcome you to the exclusive savings club. This instant response is categorized as marketing automation, which makes it possible for companies to streamline their lead generation, and nurture leads - helping to convert potential clients into customers. Marketing automation can be applied to a variety of digital marketing efforts, and typically follows a “if this happens, then do this” set of rules and marketing processes across multiple channels. 

B:

Bounce Rate: Users will visit your page, and if they don’t find anything that interests them, they “bounce” right along, not amused by what they’re currently looking at. It is important in the digital marketing realm to have a low bounce rate because you want to keep your visitors on your site for as long as possible. While a high-bounce rate isn’t always a bad thing, it is important to look at your bounce rate to understand how your website is performing and best assess when it might be time for a “refresh”.

B2B & B2C: Business To Business (B2B) and Business To Consumer (B2C) are important terms to understand in marketing. It is important to know whom it is you’re selling to, to better understand what marketing methods are most effective.

B2B selling is when products and services are sold to another business. For example, Markentum is selling digital marketing services to other businesses, which makes our selling B2B.

If you are a senior living community, and you’re looking to acquire new residents to move in, you’re selling in the B2C space. B2B marketing might have multiple decision makers, where B2C likely has a single decision maker. 

C:

Click-Through-Rate (CTR): A click-through rate, as in the name, is the ratio of users who click-through a specific link to the total number of users on a page, email, advertisement. For example, your click-through-rate is important to pay attention to in your social media advertising efforts - a high rate might indicate success of an ad, while a low click rate might indicate a need for change in strategy.

Call-To-Action (CTA): Probably one of the most important things on your website, social media pages, emails, etc. is the call-to-action. A “CTA” is a literal “call” to tell your potential customers to take a specific “action”. There are a variety of CTAs for your business, and it is important to assess the proper terminology you use. Click here to learn more on the different types of CTAs to put on your website.

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Customer Relationship Management (CRM): A CRM provides a better means of managing and improving your relationships and connections with those that interact with your business.  It is important to find a CRM that is right for your business, as the CRM is the “hub” that manages all interactions within your business to help drive business growth.

Markentum is a proud partner with the CRM tool HubSpot! Finding an agency that is connected to a CRM is important, as it is vital that the digital marketing agency you hire understands all aspects of the tool to help you grow your business.

E:

eBook: An “electronic book” is a more in-depth piece of content that helps you further generate leads. Markentum's content team understands the vital importance of the eBook in the senior living space. A digital guide about caring for aging parents could be a vital resource for potential customers, but it also helps to generate a lead by allowing the business to understand the challenges being faced by a potential customer and offer a solution.

H:

Hashtag: I’m assuming that, at some point, you have navigated your way onto a social media site and are somewhat familiar with what a hashtag is. If you are not, a hashtag is a metadata tag used on social networks to make it possible for others to easily find topics or themes. #GrowYourMark

😂 Just for laughs, check out this hilariously adorable video with Justin Timberlake and Jimmy Fallon! 

I:

Inbound Marketing: The polar opposite of your traditional marketing efforts, inbound marketing focuses on drawing in audiences instead of seeking attention outward. While outbound marketing is one way communication, the inbound marketer has two! To better understand the difference, check out this infographic from SEOPressor. There are a lot of different aspects of Inbound marketing, and they can get difficult to handle if you’re a one-man marketing team. 

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Stay tuned for part 2 to learn more! If you’re interested in growing your marketing with Markentum, contact us to start a conversation today!

 

Tags: Inbound Marketing, Markentum

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