Some of these are about small business marketing, some are about being the best version of yourself. All of them are “must reads” in my opinion.
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Glossary of Marketing Terms for Small Business Owners
New to marketing? No problem. Start from scratch, learn the most commonly used terms, and dominate the marketing jargon in no time.
B2B: acronym for business-to-business. Refers to a company selling products and services to other companies and organizations.
B2C: acronym for business-to-consumer. Refers to a company selling products and services to individuals.
Business intelligence: is the combination of analytics tools, data tools (including data mining, and data visualization) infrastructure and best practices a business uses to make informed decisions, based on data.
Conversion (sales conversion): itrefers to the moment when a potential customer performs a desired action (ex. When it clicks into the designated button to download a lead magnet.)
Customer acquisition: it refers to the series of strategies and efforts to gain new customers.
Email marketing: is a marketing channel that focuses on sending commercial content over email to an audience subscribed to an email list. The content that can be sent using email marketing is varied and it will depend on the goal a business has with every email campaign. (Ex. seasonal promotions, sales reminders, blog posts, videos, etc.)
Funnel: Is the term used in marketing and sales to refer to the path a potential customer goes through to purchase a product or service from a company. The funnel is divided into 4 parts: Awareness, Interest, Decision, Action (acronym AIDA) and each one has a different message and action from the marketers to align to the potential customer’s mindset on each stage.
Marketing activation: it refers to the process of execution of a marketing plan.
Market position: it refers to the set of strategies a company executes to establish the perception of a brand or a product in the consumer’s mind.
Sales channel: it refers to the means a business uses to display and sell their products or services, whether these are physical or digital products.
Sales process: isthe sequence of predetermined steps to turn a lead into a customer, the process includes all the actions taken from the initial contact between the potential customer and the business, to the closed deal.
Prospecting: Is the first step in the sales process, and it consists of identifying potential customers, and gathering their contact information in order to communicate with them and eventually convert them into customers.
Qualified leads: is a potential customer that aligns with a set of criteria of requirements a business has pre established.
ROMI: acronym for Return on Marketing Investment. Is a performance metric to measure the profitability of a marketing strategy.
Value proposition: is a statement that summarizes why a potential customer should choose a company over the competition. This includes the benefits clients will receive from purchasing a product or service from a specific company.
Win rate: is the term used in marketing and sales to refer to the percentage of potential customers that went through all the stages of the company’s funnel and end up becoming actual customers, divided by the total number of potential customers in a determined period of time.
Work back schedule: is a project management tool used to map out a project’s stages and the tasks required to complete it in reverse order, starting from the last task.
