Marketing Lesson 2 – Terminology
What do all these marketing terms mean?
Like in any industry, there are specific terms that are constantly being used. In marketing, they seem to be endless! From SEO to ROI, the acronyms can be confusing. We understand the terminology and their acronyms can feel very overwhelming. If you want to use marketing for your business, there are some terms you should become familiar with. Let’s start with marketing as a whole.
“Marketing encompasses every part of a plan to turn a prospective consumer into a happy and satisfied customer. It includes everything from market research to advertising. The goal of marketing is to convince a person that your product is worth investing in, establish brand loyalty and increase overall sales.”
According to What Is Marketing? Definition, Strategies & Best Practices by Kristy Snyder.
Last lesson, we went over marketing in general and the four P’s of marketing; product, price, placement, and promotion. Today, we’re exploring terms you’ve likely heard.
Definitions of Terms
First, you should understand basic terminology. Here are a few of those terms:
- Target audience – rather, your ideal customers. This consists of the perfect person you want for your product or service. “Your target audience is the specific group that you want to reach with your marketing. These people typically share one (or more) similar characteristics that make them best suited for your product or service,” according to MailChimp.
- Demographics – within your target audience, these are the physical characteristics of your ideal customer. For example: location, sex (male or female), age, etc.
- Psychographics – within your target audience, these are behaviors your ideal customer has. For example: personality, purchase behaviors, beliefs and values, etc.
- “Cut through the clutter” – is a saying that means how can you stand out from your competitors and other businesses? People are slammed daily by audio, visual, and paper advertisements. How will you show you are different?
- Return over investment (ROI) – “A calculation of the monetary value of an investment versus its cost,” according to MailChimp. This means how you can make money. How can you make money over the time spent?
- Search engine optimization (SEO) – is how you can be discovered on the internet through keywords that will get your target audience to click. Find more details in our blog.
- Word of mouth (WOM) – is marketing by speech, or people telling one another about a business/product
- Business to business (B2B) – marketing directly from one business to another, not direct customers
- Digital marketing – marketing through the Internet and digitally, like through SEO and social media
How can you “cut through the clutter”?
The Next Step
Now that you know a few common definitions, you can understand more about where to market your business. There is a lot more to marketing than you thought! We get it. As marketing professionals, we understand the ever-growing industry and what works for certain businesses. That’s why you can count on us to help. Contact us, and let’s create a marketing plan together. We care about your business success and want to see you thrive.
Contact us today!
Sources:
What Is Marketing? Definition, Strategies & Best Practices by Kristy Snyder