Marketing terminology
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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.
target market
What is a
A target market is your ideal market to potentially sell your services or products. Your marketing campaigns and messaging should be focused around this market(s).
niche market
What is a
A niche market is a very focused, very narrow section of a larger target market. Small business owners should narrow their marketing activities and efforts to niche markets, which should provide better ROI.
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.
roi (return on investment)
What is an
ROI (return on investment) a success metric that evaluates how well an investment - in our case an investment in marketing (time + energy + money) - has performed. For small businesses, an ROI in social media marketing can be expressed in how many how many views or click throughs to a site, a post or a social media campaign achieved.
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.
