Have you ever been in a meeting when everyone started throwing around acronyms? It gets a little confusing. Since many of these acronyms are either interchangeable or similar, that makes it even harder to follow. Let’s try to decode some of the most notorious marketing acronyms.
1. AOV – Average Order Value
Image via Flickr by Anthony Easton
Averages are all the rage in marketing and sales. When you know your average order value, you can state this in marketing letters, inquiries, and more. Of course, knowing your AOV isn’t going to tell you what’s wrong with your site, but if your AOV is low it can help you realize if you have some work to do.
2. B2B – Business to Business
Image via Flickr by Jodi Womack
Is your marketing strategy to sell to individuals or businesses? If you’re marketing to businesses, this is B2B marketing. Understanding your own marketing plan is crucial. Think about it — you’re not going to start talking about how cruel big business is if that’s who you want to sell your product to, right?
3.-5.CPC, CPL, CPM – Cost Per Click, Cost Per Lead, Cost Per Mille (Thousand)
Image via Flickr by Michael Coté
If you’re paying others to advertise your site on theirs, you’re generally paying in one of these three ways. Which is best for you? It depends on your site, as well as where the ad is hosted. Remember that there is a difference between the three, and you’ll pay out depending on link clicks, customer leads, or page views. Make sure to evaluate the different options.
6. CR – Conversion Rate
Image via Flickr Andre Charland
You want your product to sell, right? Every time something sells, this is a conversion. Your conversion rate is the percentage of times a product sells. Trust us, you want this number as high as possible. The higher the CR, the more money you’ll be making.
7. CTA – Call to Action
Image via Flickr by Sean MacEntee
Buy now! Click for more information! Check out this explanation — these are all calls to action. A CTA tells your site vistor exactly what you want them to do. You can have any number of CTAs on your site, just make sure they’re all consistent and make sense with what you’re trying to accomplish.
8. DINKY – Double Income, No Kids Yet
Image via Flickr by Gareth Williams
This acronym is a marketing goldmine. Usually if a couple falls into the DINKY demographic, they have disposable income. This means that they are perfect for your site, right? Well, not always, but it does mean that it doesn’t hurt to market to them, as long as your products are right. For example, marketing a baby products site to the DINKY demographic isn’t always the best use of your time or energy.
9. FB – Facebook
Image via Flickr by Marco Paköeningrat
You will inevitably, hopefully, use Facebook for your marketing. Today, there’s little way to get around this. However, if you write out Facebook five hundred times a day, it gets a little old. So, instead many marketers have abbreviated this to FB.
10. GA – Google Analytics
When talking marketing, GA doesn’t mean Georgia. Instead, it refers to Google Analytics. This is where you’ll track most of what happens on your website. GA shows you how many people have come to your site, where they’re coming from, and more. Just remember, if you are talking about the state, you may want to clarify.
11. IMPR – Impressions
Image via Flickr by CollegeDegrees360
Okay, so this one is more an abbreviation than an acronym. However, it’s important to know and understand. If you’re paying someone for ads per impression, you really should understand that impressions are completely different from clicks. Every time the page loads, this is an impression. Yep, that can add up quickly.
12. LP – Landing Page
Do you have a single page website? This is one definition of a landing page. A landing page is also known as a lead capture page. This is where you’ll try to get your customers to fill out their information for more info from you. Do you offer a service? A LP is where they can fill out info to get in contact with you.
13. MQL – Marketing Qualified Leads
Image via Flickr by Rob Enslin
A lead is a lead, right? Wrong. MQLs are better than any other type of leads. These are leads that are likely to turn into sales. So, if you really want to improve your CR, make sure you get a decent amount of MQL, as well as other types of leads.
14. POS – Point of Sale
Image via Flickr by Chris Chan
Although this acronym has another, less friendly meaning when it isn’t used in marketing, when talking marketing it means point of sale. What is a point of sale? Say you walk into Walmart and go through the checkout line to pay for your items; the checkout is the point of sale. Anywhere you can sell a product is a point of sale. This includes your website.
15. PR – Page Rank
When specifically talking about online marketing, the PR of a website is the page rank. This is a metric that shows how popular the site is. The higher the PR of a site, the better advertising prices it can demand. On top of this, it means that the search engines feel that it is a valuable resource to the visitor.
16. ROI – Return on Investment
Do you need to invest in your product? If so, you need to make sure that the ROI is actually high enough to cover your costs. Realistically, in Internet marketing, this means when you sell a product, it needs to cover both your product costs and money spent on marketing. If your ROI is too low, the product isn’t worth selling.
17. SEO – Search Engine Optimization
Image via Flickr by Sean MacEntee
One of the most common marketing terms, SEO is so well-known today that even non-marketers know what it means. You need to make sure to optimize your site’s content so search engines place it high in the search rankings and in front of potential customers. It’s important to keep in mind that, as a marketer, you need to keep up with current SEO trends because they’re always changing.
There are tons of abbreviations and acronyms out there. Once you start to understand them, you’ll be able to start confusing others with your impressive marketing knowledge.
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By Jon Correll