Marketing Vocabulary

15 Useful marketing terms terms

This glossary is useful for all students in a marketing field who would like to extend their vocabulary before a job interviews. this glossary contains 15 words, all of which were found on this website : https://www.newbreedrevenue.com/blog/marketing-terms

A/B split testing: An A/B split test is an experiment that compares two variables by presenting those variables to a randomly “split” audience over a specific period of time. As long as the experiment is controlled and unbiased, A/B split testing is a great way to understand which marketing tactics reap the best results for your business.
Account-based marketing (ABM): Account-based marketing (ABM) is an approach to marketing that flips traditional marketing on its head. Rather than developing buyer personas and then casting a wide net to attract those personas to your brand, ABM focuses on finding ways to engage with people from targeted accounts based on your ideal customer profile (ICP). ABM is all about sending tailored messages to targeted accounts. Marketing will fuel the strategies behind a successful ABM approach, and sales will provide insight regarding the impact of the interactions marketing is having with the targeted accounts.
Bounce Rate: The bounce rate indicates the percentage of emails that were not delivered to the intended recipients' inboxes. Bounces can be classified as either hard bounces (permanent delivery failures) or soft bounces (temporary delivery issues). Monitoring your bounce rate helps you maintain a clean and up-to-date email list. A bounce rate of 2-3% is generally considered acceptable for email campaigns. However, it's important to monitor your bounce rate regularly and take steps to address any issues, such as removing invalid or inactive email addresses from your list.
Buyer persona: Buyer personas are semi-fictional representations of your ideal customers. Buyer personas should include demographic, psychographic and behavioral information, and they tend to go more in-depth about the role and influence these people have within their companies, emphasizing their goals and motivations.
Buyer’s journey: The buyer’s journey is the progression that a contact follows when researching and purchasing a product. It starts with the awareness stage, when buyers realize they have a problem, moves to the consideration stage, when they evaluate different solutions to that problem, and concludes with the decision stage, when they decide which contender best aligns with their needs and objectives and purchase it. The buyer’s journey differs from the customer journey because not every prospective buyer becomes a customer. Individuals might go through some of the buyer’s journey stages without ever making a purchase.
Churn rate: Churn rate is a measurement used to calculate customer retention and is significant for recurring revenue companies. It helps companies identify how many customers they lose in a given time period. To calculate churn rate, you divide the number of customers lost during a time period by the number of customers you had at the beginning of the time period.
Cost per lead (CPL): Cost per lead refers to the amount spent on acquiring a lead. This cost is factored heavily into CAC. The most common use case for cost per lead can be found in paid advertising where there is a direct correlation between the amount of money you are spending in something like Google Ads, and the number of leads you are generating from that spend.
CRM: CRM (customer relationship management) software is more than a contact database; it's a sales acceleration tool that identifies business insights and analytics. It's a comprehensive and easily accessible platform that houses the sales process. The main feature associated with CRM software is its ability to hold contact information, such as names, phone numbers, emails and other records related to a given contact. It can associate individual contacts with their companies so salespeople can track their interactions with every stakeholder.
Digital marketing: Digital marketing is any form of communication aiming to persuade people to purchase a product or service that occurs through some form of digital device.
Flywheel: Introduced in 2018, the flywheel represents a shift in how marketers think about B2B marketing success. The flywheel places customers at the center of a business and highlights the opportunity for repeat business through relationship building and customer service engagement. It represents how you keeping your customers coming back leads to the success of your company.
Growth marketing: Growth Marketing is the process of designing and conducting experiments to optimize and improve the results of a target area. If you have a certain metric you want to increase, growth marketing is a method you can utilize to achieve that. Growth marketing can be applied across your business to areas referenced within the acronym AAARRR (sometimes referred to as pirate metrics) which stands for Awareness, Acquisition, Activation, Revenue, Retention and Referral. By improving these categories of metrics, you can grow over time.
Inbound marketing: Inbound marketing is a customer-centric approach that focuses on drawing high-fit customers in as opposed to blasting your message to anyone and everyone. Through tactics like blogging, social media and SEO, inbound marketing attracts customers to your company using helpful, relevant content. Inbound tactics will continue to help your company grow after you’ve finished investing in them (unlike outbound tactics like paid ads or call lists), providing scalable long-term ROI.
Marketing qualified lead (MQL): A marketing qualified lead (MQL) is the third of six lifecycle stages in the buyer’s journey. MQLs indicate the number of visitors you’ve converted who are good fits for your organization. When a company confirms a lead is a good fit, that lead becomes an MQL. Once a lead becomes an MQL, the company works to further qualify the contact and nurture them down the funnel.
Minimum viable product (MVP): A minimum viable product (MVP) is an offering that has enough features to initially satisfy your target market. Producing an MVP is the end goal of the product development stage (which precedes the introduction stage) of the product lifecycle. Your GTM strategy is essentially a blueprint outlining how you will introduce your MVP.
Product qualified lead (PQL): A Product Qualified Lead is someone who has tried your product and indicated purchase interest through their usage. These leads tend to close at a higher rate since they have already interacted with your product.