In the world of marketing, there are stacks of acronyms that are used to make life easier. But if you are someone who is not privy to their meaning, it can slow down your work day. So, I have made it easy for you and created a short list of some of the most important and widely used marketing terms!
BR – Bounce Rate: This relates to email marketing when an email never finds the recipient’s inbox. A high bounce rate means that your database is out of date.
CR—Conversion Rate: This is the percentage of people who have followed through and completed the desired action on your webpage, such as clicking a link or filling out a form. Imagine that you have converted your page viewer into a customer.
EDM—Electronic Direct Mail: A marketing campaign sent to a database via email. It is an effective way to communicate with your subscribers and supports marketing initiatives.
CTA—Call to Action: This can be a button, image, or web link that calls for your webpage/edm viewer to take action, such as making a booking or subscribing.
CTR—Clickthrough Rate: This rate relates to the percentage of your audience that moves sequentially through your marketing campaign. It is calculated as the total number of clicks ÷ number of opportunities for a click.
KPI—Key Performance Indicator: KPIs measure the performance of certain business activities. They can be used to track progress and determine the success of marketing campaigns.
SEO—Search Engine Optimisation: By utilising SEO, your business will be more visible when people are searching for your brand or the service you provide. You can improve SEO by tagging, including keywords, creating titles, and more to help search engines discover your website and content.
MTD—Month to Date: This indicates the time period from the start of the month to the current date.
YTD—Year to Date: This indicates the time period from the start of the year to the current date.
ROI – Return on Investment: This term indicates the potential profit of an investment or business action. The calculation is gain from the investment – the cost of investment ÷ cost of investment.
UX—User Experience: This relates to the customer’s experience with your brand from start to finish. It includes their experience with your website and content, as well as their following/purchase.
WOM—Word of Mouth: This refers to customers talking about your business in person. It is a great way for your brand to gain authenticity and convert people into customers.
I hope that by defining these key terms, you have learned a little more about the wonderful world of marketing!