Marketing Acronyms You Need To Know
The language of Internet marketing is peppered with acronyms, much to the annoyance of clients who don’t have the time or inclination to learn the technical ins and outs of that particular field.
Nevertheless, it’s definitely to your advantage to understand a little bit about some of these terms, because they represent opportunities for your business to gain more online sales leads and revenue. If you have a general idea about what these seven terms can do for your business, your website will be better and your online marketing campaigns will be better, putting more distance between your company and the competition.
CLV — Customer Lifetime Value
When the goal of your online marketing is conversions (that is, having prospects inquire or order), you must consider customer lifetime value (CLV) as you evaluate the return on your marketing investment. If you only consider the profitability of the initial transaction, you can grossly underestimate the value of your marketing campaign. For instance, an initial sale of $50 may produce a loss after marketing cost — but if that customer generates $50,000 in revenue over five years, the picture looks completely different.
CRO — Conversion Rate Optimization
Conversion rate optimization (CRO) is a specialized area of Internet marketing focused on getting online users to make an inquiry or place an online order. CRO specialists tweak or overhaul your web content’s design, content and interactive functionality to make your sales message easier to understand, get excited about and act on. Very important. Many companies fail with Internet marketing despite having terrific products and services. They fail because they have not gotten the message across and have put stumbling blocks in the way of prospects who, for instance, wanted to inquire but couldn’t figure out how to submit the website’s complicated inquiry form.
CTA — Call to Action
In sales, everyone knows how important it is to ask for the order. The same holds true for Internet marketing, which is why every webpage designed for conversion needs a strong call to action (CTA). When your CTA is something bland, such as “contact us for more information,” you won’t give prospects a strong enough reason to pull the trigger. This is why a good Internet marketing professional will work with you to develop strong offers that prospects just can’t refuse.
KPI — Key Performance Indicator
Sloppy Internet marketing campaigns measure too many things, not enough things, or the wrong things. A key performance indicator (KPI) is a measurement fundamentally important to your campaign. For lead generation marketing, an obvious KPI is conversions — that is, prospects who phoned or submitted an inquiry as a result of your marketing campaign. In addition to identifying the correct KPIs for your campaign, you must make sure they can be measured accurately. (This is why we put so much effort into refining our lead tracking capabilities.)
PPC — Pay Per Click
Pay-per-click (PPC) advertising is a highly effective Internet marketing option that most commonly focuses on Google AdWords. In the PPC model, you want your ad to display on Google when prospects search for what you sell, and you pay when prospects click through to your ad’s landing page.
SEO — Search Engine Optimization
Search engine optimization (SEO) is another highly effective Internet marketing option, one that also focuses on Google, but this time on getting your website content to rank highly when prospects search for what you sell. SEO specialists use a wide range of techniques to make your content move up in the rankings. It is a long-term proposition, but one that can generate a very strong return.
UX — User Experience
UX (user experience) is a specialized area of digital design that, in part, focuses on making websites as easy and fulfilling to use as possible. CRO is one aspect of UX, but UX also deals with the overall architecture of webpages and websites, website navigation issues, and how your website interacts with other facets of your company’s online presence such as your social media accounts. Poorly executed UX design is the downfall of many Internet marketing campaigns. When, for example, page loading is extremely slow, or site navigation is hopelessly complicated, prospects disappear.
This is by no means an exhaustive list of important Internet marketing acronyms, but these seven certainly have an enormous impact on whether your current or next Internet marketing campaign will succeed or fail.
Looking for help to improve your Internet marketing results? Please contact us — we’d love to hear more about your situation and challenges.