The world of marketing is filled with all sorts of terms and strategies that might be difficult to understand for someone who isn’t fluent in all the relevant terminologies. Hence, in this small guide, you will learn about all of the important terms that are used in marketing, so you are better able to understand what everything means. This is also beneficial for business owners who want to market their products or services to others and usually hire marketing teams for this purpose. Continue reading to find out more.
1. Brand Awareness
This term refers to how people recognize a brand. There are two main components of brand awareness:
- Brand recall: This refers to how well the name of a brand is connected with a product class.
- Brand recognition: This refers to when a person can easily identify a brand by its colors or its logo.
Moreover, brand awareness also shows that customers trust your product or service and are aware of the fact that your brand provides them with the best solution that they need.
2. Digital Marketing
In recent years, the world of digital marketing have exploded to another level and reached massive new heights. It refers to different forms of communications whose goal is to convince the masses to buy a certain product or service through any type of digital device.
3. Demand Generation
This term refers to generating demand for a business’s product or service. When looked at in a more formal manner, it is the use of data by marketing programs in order to create awareness plus interest in what a business is offering. They do that by using different forms of technology.
4. Brand Positioning
This term refers to the way through which a brand differentiates themselves from their competitors. This also includes how consumers connect with and identify a brand. Moreover, it consists of all of the important values and qualities that are crucial for a company. There are different ways through which a business can convey their brand positioning such as visual design, the tone and voice, and the way the company is represented on social media and in person.
5. Inbound Marketing
This is a form of marketing that is mainly customer centric. Its main focus is to bring in high-fit customers rather than displaying their message to the entire world. Inbound marketing uses different tactics such as SEO (Search Engine Optimization), social media, and blogging in order to attract potential customers to a brand through the use of relevant, helpful content. With the use of inbound marketing, a company continues to grow as opposed to using outbound marketing tactics such as call lists or paid ads. Hence, this marketing strategy offers long-term and scalable ROI.
6. Revenue Performance Management
This term refers to the functions of expansion, acquisition, and retention, which needs to be aligned to maximize profitability. Moreover, one of the many aims of revenue performance management is to split up organization silos in order to create a shared set of data, process, and a language, which will allow different teams in a company to properly focus on generating revenue.
7. Lead Nurturing
This term refers to creating a trusting relationship with the prospects so that they can be guided throughout their buying journey. In lead nurturing, the main goal is to offer the prospects a unique experience that will turn them into returning customers.
8. Buyer Persona
This term refers to the semi-fictional representation of a company’s ideal customers. A buyer persona consists of psychographic information, behavioral information, and demographic information. Plus, companies go in more details regarding the influence of these individuals, focusing on their motivations and goals.
This term was brought to life in 2018 and it focuses on how marketers now look at B2B marketing success. Through the flywheel, customers are considered to be the main focus of a business. Plus, it works on creating a successful relationship with the customers and focus on customer service management. This helps explain how a company can bring back the same customers multiple times, so that the business stays successful.
10. ICP (Ideal Customer Profile)
This term refers to the hypothetical description of a company that will mostly benefit from the solution or product of another. Companies like these usually have a highly successful sales cycle and very high customer retention rates.
11. ABM (Account-Based Marketing)
This type of marketing is the complete opposite of traditional marketing. Instead of creating buyer personas and then trying to persuade those personas to a brand, account-based marketing mainly focuses on developing methods through which a brand can engage with individuals using targeted account which are based on their ideal ICP.
The main goal of ABM is to send tailored messages to specific accounts. For a successful ABM approach, marketing is going to fuel these strategies. Plus, the sales will offer insights when it comes to the effect this type of marketing has on these specifically-targeted accounts.
12. WOM (Word-Of-Mouth Marketing)
This term refers to the oral support of a product or service that is provided from a satisfied customer to another potential customer. This is considered to be a highly effective form of marketing and promotion.
13. Sales Enablement
This term refers to the combination of using different tools, coaching methods, and content in order to help a company’s sales team so that they are more effective and efficient in what they do. A company’s sales team should know how to successfully carry out a sales strategy.
14. Contextual Marketing
This is a marketing strategy which is based on the conditions and behaviors that surrounds a company’s marketing efforts in order to create content that’s relevant to the individual who’s on the receiving end. A company would have to do research regarding the psychographics of their buyer’s personas, so that they can approach them with content that resonates with them.
If you are a company who wants to learn more about their marketing team, then it helps to learn all of the important and relevant terms that are used in the marketing world.
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That is where we come in. With us, you can be assured that you will receive a premium-quality portfolio of your choosing. Get in touch with us to learn more.