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Marketing & business terminology

It's time you finally got a handle on the marketing and business terminology everyone is throwing at you.  Want to learn how to effectively market your business? Contact me now!

What is 

marketing

Marketing is the process of communicating the value of a product or service to customers.

market

What is a

A market is everyone that you can potentially sell your services to.  A small business cannot reach EVERYONE and that is why Niche Markets are so important to small business owners! 

niche market

What is a

A niche market is a very focused, very narrow section of a larger market.

differentiation

What is 

Differentiation is the process of distinguishing one company’s product or service from a similar product or service of another company.

brand

The American Marketing Association (AMA) defines a brand as a "name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers.”

What is a
What is a

business strategy

A business strategy describes how the company will identify and communicate with customers, deal with competitors and respond to the market environment.

logo

What is a

A logo is a graphic interpretation of the business branding.

messaging

What is 

Messaging is the clear and concise definition  of what your company does or provides.  It can be found in the guise of a slogan, a mission statement, a tagline in your logo and even your elevator speech.

business model

What is a

A business model describes how the company is structured and what it will do to increase profits.

cta (call to action)

What is a

A Call to Action (CTA) is one of the most important marketing concepts.  Telling someone about your product or service is only half a story.  We need to also tell them what we want them to do next; usually this is to contact and/or buy.  All marketing content must include a CTA to be effective.

the last mile

What is a

The last mile represents the final step when a potential client is converted into a client.  A good example is a marketing campaign that brings visitors to your site with a CTA to contact you.  The last mile is the “distance” between when the potential contacts you and gets a quote to when he/she is converted into a paying client.

KPI

What is a

KPIs or Key Performance Indicators is a method by which companies can measure their business success.  In the simplest terms, in order to utilize this method, a business needs to determine specific business goals, create a list of activities needed to achieve these goals and measure the levels of success in achieving these goals.

What is the difference between 

an entrepreneur and a business person

An entrepreneur is an innovator, s/he conceives of a new concept or idea on their own and builds a startup company around this idea.  Their main concern is innovation; customers' needs may not be a priority or even relevant for an entrepreneur.  They may, in the long run become business people, but they are first and foremost people who change the world from an idea-centric standpoint.
  A business person builds her/his business from an economic standpoint; generating revenue, creating and developing resources (physical and intellectual, as well as financial) and creating products and services customers want. The customers' needs are relevant to them and they are concerned with profit and loss and success from a customer-centric standpoint.

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Image credits Pixabay , Wix and Sidney Eisner