15 Marketing Acronyms Every Business Professional Should Know
You’re mid conversation with a marketing professional, and they use an acronym you’ve never heard before. This is not uncommon in the digital world, but can really throw you off your game. Whether you work within a marketing team, or only liaise with marketing professionals occasionally, the following list of common and perhaps not so commonly used marketing acronyms can help to prepare you for your next marketing meeting.
1. B2B: Business-to-Business
Companies that sell to other businesses. Examples: Salesforce and Oracle
2. B2C: Business-to-Consumer
Companies that sell directly to consumers. Examples: Amazon, Apple and Nike.
3. BR: Bounce Rate
Website bounce rate: The percentage of people who land on a page on your website and then leave without clicking on anything else or navigating to any other pages on your site.
Email bounce rate: The rate at which an email was unable to be delivered to a recipient’s inbox. In email, not all bounces are bad, so it’s important to distinguish between hard and soft bounces before taking an email address off your list.
4. CMS: Content Management System
A web application designed to make it easy for non-technical users to create, edit and manage a website. Helps users with content editing and more “behind-the-scenes” work like making content searchable and indexable, automatically generating navigation elements, keeping track of users and permissions, and more.
5. CR: Conversion Rate
The percentage of people who completed a desired action on a single web page, such as filling out a form. Pages with high conversion rates are performing well, while pages with low conversion rates are performing poorly.
6. CRM: Customer Relationship Management
A set of software programs that let companies keep track of everything they do with their existing and potential customers. At the simplest level, CRM software lets you keep track of all the contact information for these customers.
7. CTA: Call-to-Action
A text link, button, image, or some other type of web link that encourages a website visitor or application user to take an action, such as visiting a landing page to download a piece of content.
8. CTR: Click Through Rate
The percentage of your audience that advances (or clicks through) from one part of your marketing campaign (i.e. from an email) to the next step of your campaign.
9. DM: Direct Mail, or Direct Message (Twitter)
Direct Mail: The delivery of advertising material to recipients of mailbox; also called “junk mail” by its recipients.
Direct Message: A message on Twitter used to get in touch with a Twitter follower privately. DMs can only be sent to your followers.
10. NPS: Net Promoter Score
A customer satisfaction metric that measures the degree to which people would recommend your company to others. The NPS is derived from a simple survey designed to help you determine how loyal your customers are to your business. Regularly determining your company’s NPS allows you to identify ways to improve your products and services so you can increase the loyalty of your customers.
11. ROI: Return On Investment
A performance measure used to evaluate the efficiency and profitability of an investment, or to compare the efficiency and profitability of multiple investments. The formula for ROI is: (Gain from Investment minus Cost of Investment), all divided by (Cost of Investment). The result is expressed as a percentage or ratio. Today, marketers want to measure the ROI on every tactic and channel they use. Many facets of marketing have pretty straightforward ROI calculations, but others are more difficult.
12. SEO: Search Engine Optimisation
Techniques that help your website rank higher in organic search results, making your website more visible to people who are looking for your brand, product or service via search engines like Google, Bing, and Yahoo. Search engines also look at site structure and design, visitor behaviour, and other external, off-site factors to determine how highly ranked your site should be in the search engine results pages.
13. UV: Unique Visitor
The number of distinct individuals that visit a web page during a given period, regardless of how often they visit. Marketers use this term in contrast with overall site visits to track the traffic on their website. If only one person visits a webpage 30 times, then that web page has one UV and 30 total site visits.
14. UX: User Experience
The overall experience a user has with a particular business, from their discovery and awareness of the brand all the way through their interaction, purchase, use, and even advocacy of that brand. The phrase is also used exclusively in reference to a website or application experience.
15. WOM: Word-of-Mouth
The passing of information from person to person, online and in person. WOM marketing is inexpensive, but it takes work and involves leveraging many components of inbound marketing like product marketing, content marketing, and social media marketing.
What do you think?
Have you ever walked into a marketing meeting and realised you just found a portal into another dimension? Some marketing acronyms can have multiple meanings and can leave us perplexed at the best of times. I’m interested to learn whether the more you know, the more likely you’ll be able to understand and participate in conversations going on around you. Comment your views below and join the conversation.
This article was written by Jelena Milutinovic on behalf of the Australian Institute of Business. All opinions are that of the writer and do not necessarily reflect the opinion of AIB. The following sources were used to compile this article: HupSpot and LinkedIn