The biggest fear of a fresh graduate in a corporate world is sitting in a meeting and not understanding the industry terminology. You might think that your college degree has taught you the ropes, but you are far from the truth. Industry experience is entirely different from what we learn in our institutes, and so is their language.
Jargons smoothen communication between two people in the same industry. It’s kind of like a secret language you used when you were young. In this case, it’s not so much of a secret. If you want to sound like one of the guys from Mad Men, you need to learn, understand, and use this A, B, C, D of marketing at your office. So without further delay, here are 18 marketing and sales terms you should know.
Paid broadcast of any product or service is called advertising. The difference between advertisement and publicity is that ads portray the positive side.
A/B split testing is a form of marketing technique that involves creating 2 variants of an advertisement or a website to check which works better.
ARR is subscription-based revenue that recurs every year for a company. Remember paying a yearly fee to Netflix? Yeah, that’s ARR for the company.
It’s a definition or drawing of an ideal buyer for your product or service. This includes your buyer’s habits, social class, demographics, and much more. This helps marketers identify what sort of advertisement to make and help salesperson prepare their sales pitch.
Bottom of the Funnel is the last stage in your buyer’s journey. There are 3 stages to this, Top of the funnel is where customers don’t know what they want. Middle of the Funnel is when your customers know what they want. Finally, BOFU is where your customers are seeking after-sale services.
A metric created by google to differentiate between poor performing websites. When a visitor comes to your web and leaves within 3 seconds, it shows that your website is not efficiently selling its offering.
When a product develops its own fan base separate from the establishment, it becomes a brand. For Example, Rolls Royce, did you know that it is owned by BMW?
When goods are services are exchanged between businesses only.
When products and services are exchanged between business and consumer. Some companies do both B2B and B2C.
Call to actions are emotion triggering words on a website or an advertisement that generates a desired response from the user. For Example: Buy now, limited time offer, and be a part of our community.
Click-through rate is a metric that determines what percentage of people clicked on the advertisement. Its formula is Clicks/Impression x 100.
Approaching clients via call or email without ever having any interaction with them before.
The CLV is the amount of money a customer would spend on your business in their lifetime. Imagine that your product is Rolls Royce, how many cars would your customer buy in their lifetime? This depends on their income and the price of your product.
Customers who leave your store or website without making a purchase after spending a certain amount of time. Common logic is used here to determine if a customer was unwilling to purchase; they would not have spent so much time browsing your offerings.
It’s a form of advertisement where brands directly target their competitors. It is not illegal if the claims are valid. For example, in the 1980s, Pepsi started a blind taste test where the majority of the customers choose Pepsi over coke.
It’s a name given within the industry to prospects who don’t reply to any sort of communication, be it email or call. Remember, the businesses that you have been ignoring in your spam folder are calling you “dark prospect.”
A customer profiling aspect that takes age, gender, income, and social class into consideration. Demographics are used to create target audiences for advertisements.
Competitors that provide the exact same services as you. All android cell phone manufacturers are direct competitors to one another.
Direct mail is the advertisement sent directly to the customer’s house. This technique was widely used when email marketing was not accessible.
When a business decides to sell its products directly to the customer without involving retailers. This is done through mail services or telephone.
These terminologies are only the tip of the iceberg. There are multiple other jargons that you can learn. However, the ones mentioned here are good to start with.
Norman Clarke is an MA HRM from Keele University with 12 years of experience in human resource management. Norman is a hardworking individual who provides help with best custom essay writing service to students of all grades.
- The sixth meeting of the Emergency Committee convened by the WHO Director-General under the International Health Regulations (2005) (