As small business owners, we are often forced to wear many different hats and hold many different titles. Oftentimes we are considered to be the founder, accountant, marketing manager and more. As you traverse these many different roles, you must learn and understand the jargon that comes with each position. Below I’ll share the 8 marketing terms you should be familiar with in order to positively and effectively manage the marketing of your firm.
1. Bounce Rate
A bounce rate is the percentage of visitors to a website that navigate away from that site after only visiting a single page.
Evaluating your bounce rate is important because it can help you determine ways in which you can make your website’s landing page more effective and engaging. The more visits to multiple pages, the better. I like this article by Neil Patel for more information on how you can evaluate your bounce rate.
You’ll notice that I put a call-to-action in every one of my blogs. I also do this in my dance company’s email blasts. A call-to-action or “CTA,” tells your audience exactly what action to take and how they should take it. Your call-to-action can be anything from telling your audience to follow your social media for more information to letting your audience know they can ask you specific questions in the comment section of your blog. Want to know how to craft the perfect call-to-action? I like this article by Ana Gotter.
3. Clickthrough Rate (CTR)
Clickthrough Rate is the number of clicks that your marketing ad receives divided by the number of times your marketing ad is shown. Evaluating your clickthrough rate is important, because it allows you to examine how well your ads and chosen keywords are performing. For more information on Clickthrough Rate and how to make the best of it, I like this article.
4. Customer Relationship Management (CRM)
Customer Relationship Management, or CRM, is software that allows a firm to keep track of everything they do with existing and potential customers. This software is incredibly important because it keeps you on top of and in contact with the people that matter most, your customers and supporters. I like this article on CRM on the Salesforce Blog. Salesforce is a fantastic CRM tool that takes CRM to the next level by treating every customer/client/supporter as important with an individualistic approach to communicating.
5. Inbound Marketing
Inbound Marketing includes marketing activities that draw the customer/consumer in, rather than chasing them down. The idea is to capture the attention of as many of your current, and potential, customers and convert this to visits to your website.You want your customer to come to you. Focusing on providing interesting and helpful content to your customers is essential to your Inbound Marketing strategy. You can learn more about inbound marketing here.
6. Key Performance Indicator (KPI)
A KPI is a performance measurement to evaluate a company’s, or an individual employee’s, success. KPIs are important because they tell you what is and is not working for you and your team and how you can improve. I like this article on how to choose the right KPIs for your business.
7. Landing Page
A landing page is a page specifically for a marketing offer. Landing pages can be used to market a webinar, an ebook, and a lot more. They are important because they convert website visitors from visitors to leads. More information on what a lead is next.
A lead is a person or group of people who have shown interest in a service or product in some way. For example, perhaps this individual filled out their contact information on your landing page in order to receive some service you were offering. They are now a “lead” because they expressed interest in the services you offer.
I hope this post was helpful and has helped you brush up on some of these important marketing terms. What other terms do you find to be important? Let me know in the comments!