As a business owner, there are marketing terminologies you’d have to familiarize yourself with. Knowing these terminologies will enable you to speak confidently with clients and even customers.
In this article, I will be sharing 13 marketing terminologies every business owner should know.
1. Lead magnet
A lead magnet is a free item or service marketers use to attract people to a website and offer them incentives in exchange for their email address or any other contact information. E.g. A free Ebook, free consultation, free report, etc.
2. Lead
A lead can simply be defined as someone who has an interest in your product or service. A lead is also someone who might eventually be your customer.
3. Landing page
A landing page is a tool for lead generation. It’s the page on the website a visitor arrives to after they click on a link. The landing page usually has a sign-up form for visitors to fill in order for them to get a lead magnet.
4. Market
A market is a place where buyers and sellers come in contact with one another to exchange goods and services for money.
5. Target audience
A target audience can simply be defined as a segment of people your business wants to reach. When it comes to business it is very important to know who your target audience is and how to appeal to them.
6. Conversion rate
The conversion rate is the number of people who completed the desired goal. It is the number of conversions divided by the total number of visitors or requests.
7. Bounce rate
The bounce rate is the number of people who visit your website and leave without browsing further. It is also the number of email addresses in your subscribers’ list that didn’t receive your email because it was returned by a recipient mail server.
Bounce rate is calculated by the total number of one-page visits divided by the total number of visitors to your website.
8. A/B testing
A/B testing is also known as split testing. It has to do with testing two versions of a web page, blog title or email subject line to see which one performs well.
A/B testing is good to help you know what works rather than spending time and effort on what is not working.
9. Inbound marketing
Inbound marketing is a strategy used in attracting prospective customers via content marketing, search engine optimization, social media marketing, etc.
Click here to read A Beginner’s Guide to Inbound Marketing.
10. Digital Marketing
Digital marketing is the marketing of goods and services using digital and online channels.
11. Re-marketing
Re-marketing is a tactic marketers use in connecting with people who have interacted with their website or mobile application.
12. Market research
Market research has to do with gathering relevant data of the target audience, analyzing this data to understand them better.
13. Key Performance Indicator (KPI)
According to Klipfolio, Key Performance Indicator (KPI) is a
measurable value that demonstrates how effectively a company is achieving key business objectives.
Tracking your KPI(s) will help your organization achieve its goals.
Conclusion
As a business owner, it’s imperative that you have a basic knowledge of these marketing/sales terminologies.
Are there marketing terminologies you think business owners need to get their selves familiar with that wasn’t mentioned above? Please leave a reply in the comments section below.
