An A-Z of Marketing Terms & Jargon

An A-Z of Marketing Terms & Jargon

A-Z for Marketing TermsAre you unsure of some of the marketing jargon and terminology that get banded about when in meetings?

In almost all businesses and organisations, educational facilitates and offices we have and use jargon, words or anagrams that some people just don’t understand.

“I think putting labels on people (or things) is just an easy way of marketing something you don’t understand” by Adam Jones

So, we have come up with an A-Z for Marketing Terms that are used within our industry. This list is only small and there are a lot more terms but this is a good place to start!

A

Audience – (a.k.a. Target Market, Ideal Customer, Perfect Client) Within the marketing context the audience in the group of people who you are aiming to attract and engage with through your marketing communications.

Analytics – ways of measuring your marketing to see if it working or not. You can use a number of online analytics tools and packages like Google Analytics (Website analytics), Clicky (Real time analytics), Facebook Insights and TweetMap (Twitter analytics).

B

B2B – This is business carried out between two businesses.

B2C – This is business carried out between a business and a consumer.

However, we should be thinking about H2H – Human to Human because people buy from people!

C

Consumer Behaviour – This is a key consideration within academic debate, as efforts to understand and quantify why consumers behave and respond to stimuli in a certain way is essential for all marketing.

D

Demographics – Statistical data relating to the population used to segment the market – Usually includes factors such as age, sex, income & employment status.

E

Ethics – Ethics are effectively moral principles which are often followed for the good of individuals and society.

F

Focus Groups – These are groups of individuals used in qualitative research to test specific hypothesis.

G

Geo-Tagging – This is the process of adding geographic information to various form of media such as photography and videos.

H

Heuristics – Within the decision making process heuristics are mental short-cuts used to make the decision making process easier and shorter, even if they are based on little evidence – an example would be more expensive products are better quality

I

IntegrationIntegrated marketing is the connection and congruity between all of your marketing communications both online and offline, which lead to a focused and effective brand.

K

Knowledge Base – A collation of knowledge based on a business or brand which can be used to produce a new marketing plan, market position or more.

L

Link-Building – One of the key techniques used to improve a websites search engine optimisation (SEO).

M

Marketing Communications (MarComs) – These are the tools and channels that businesses use to communicate their marketing message with their target market.

N

Niche Market – Subset of the market on which specific products, goods and services are focused, often due to the small percentage of the market that can be aided by or can afford the product or service.

O

Opinion Leaders – These are people, often specialists within the industry or sector, who can influence people through communication of their thoughts and ideas.

P

Psychographic – This is one of the three pillar of segmentation which focuses of segmenting customer based on their values, opinions, attitudes, personality, lifestyle and interests.

Q

Qualitative/Quantitative – These are the two main types of data collection that is carried out within marketing research, both have their benefits and limitations. But largely quantitative data aids the discovery of phenomena, while qualitative data facilitates the understanding behind the phenomena.

R

Research & Development (R&D) – This is the process of carrying out research to test, introduce and improve products and services.

Relationship MarketingRelationship marketing is the kind of marketing approach that is primarily developed from direct response marketing campaigns that emphasizes customer satisfaction and retention.

S

Segmentation – Division of the market into separate parts based on their shared characteristics, be that; demographic, behavioural or psychographic.

T

Top-of-Mind Awareness (TOMA) – This is an aspirational place within consumer minds for many brands. As it is the first brand which consumers think of when think of a specific industry.

U

User Experience (UX) – This relates to users emotions, feelings and attitudes while engaging with a product or service, many business with aim to produce an engaging user experience to increase customer loyalty and word of mouth.

V

Value – This term can take many forms, but I feel the key role of value is understanding the value to provide to your customers as then this can be effectively communicated to enhance business generation.

W

Word of Mouth – This is often thought of as the best form of marketing as it is very powerful and free! It is in essence just the spread of information/reputation from one person to another through oral communication.

Y

Yield Management – The process of pricing a business’s goods or services to maximise the amount of revenue received per unit sold.

Lawrence ChadwickThis post was written by Lawrence Chadwick (Marketing Assistant for Koogar)

Updated by Amanda on 02/08/2017

 

4 ½ Tips to help you reduce time spent on Marketing

Save time on your marketing...How to reduce the amount of time that you spend on marketing is something I am asked on a regular basis. Its not that you don’t want to do it, its just that you are unsure on where to start. Marketing yourself or your business isn’t an easy thing to keep up with AND  it’s the first thing that is dropped because we haven’t got any time to look at it or work on it. Before I can answer this question fully, we will need to do a bit of research, so we are then able to reduce the amount of time that we spend on our marketing.

Marketing is something that has to be done on a consistent basis and I’m not saying it should be done every hour or every minute but at the very least every day. However, the hour/minute thing is completely dependent on the type of audience you have or are targeting and what you’re trying to sell to them.

Consistency is the key to marketing, so the people who will be seeing our message will then become ready to buy our product/service.

Marketing is one of those things that has to be done all the time and if you are not keen on it or run out of ideas, it’s always worth working with a company or consultant who will help you to stay consistent. Once you stop marketing your business, people stop seeing your brand and your message, baring in mind we need to be showing them our brand and message between 7-15 times BEFORE they are ready to buy.

As a business owner, it’s quite difficult to keep that marketing going and to keep on track because you actually have to do the work in the business as well as market it, tell other people about who you are, what you do, how you do it, who you help and who has bought from you, etc. Chief, cook and bottle washer as they say, however this is truer of businesses that have fewer people on their team.

Marketing is probably the hardest thing for a business owner to keep on top of unless they’ve got somebody else doing it for them (like a Marketing Manager, Consultant or Agency) to help them to keep on track. Check out Amanda’s “Brain Picking” Sessions.

So to make sure that you’re not spending or wasting too much time, I have 4½ techniques that I would like to share with you:

1: Find out who your target audience is.

I want to know who your target audience is without you saying “anybody who…”. We do not sell to “anybody who…”. We do however, sell to particular types of people. As long as we understand exactly who is our target audience, we don’t then waste time with “anybody who…”, we spend time with the people who want our product/service.

2: What type of marketing has worked for you in the past?

What I would like you to do is; Create a list of the last 3, 6 or 12 months of your marketing activities. Have you created posters, flyers, a sales letter, a banner, are you networking (word of mouth) or have a referral process? This is so you can see how much you have already done. The next step will show you and what has actually worked for you.

2a: Once you have created your list, I would like you to have a look at the last 5, 10 or 20 clients you’ve worked with and find out which marketing elements they have come from.

3: Keep doing what works and stop what doesn’t work IMMEDIATELY! When you have created your list (#2) of marketing activities you’ve completed in the last 12, 6 or 3 months (that have worked) along with where the last 20, 10 or 5 clients have come from (#2a), you will be able to see what’s working. So my question to you is;  How can you make the elements that are currently working, work harder for you?

A young entrepreneur I recently trained to use “Social Media for Business” said to me “I don’t know what is working within my marketing?!“. The easiest answer to that statement is to start tracking your marketing.

There are many ways in which we can track or monitor our marketing. Every piece of marketing that we do, we need to measure. Sometimes we forget to ask the main question; “How did you hear about us” but this should be part of your business process and should be asked every time you have a new person/business come to you. Build this into what you do every day and then keep it somewhere where you can review it at least once a month.

Marketing should be done for a three-month campaign at least. If you do it once and you don’t get any response, you’re not going to think it works or want to carry it on. So you need to carry on for at least three months. I’ll say it again at least three months.

In the list we created (#2), if your top or one of the top marketing elements is word of mouth, why not find another marketing element which is the same as word of mouth, something like social media, referral schemes or competitions? Why not let everybody share you with other people, the people that they know.

4: Is quite simply plan.

When I was in college, my Mum used to say to me “Perfect planning prevents poor performance”.

If we have a plan and we know what we’re doing, this means our outcome is going to be even better. Planning for 12/6 or 3-months will enable you to focus and prepare for the next stage. If you haven’t got a plan, what will happen is quite simply NOTHING! You will not know who you’re targeting nor know what marketing you need to be doing or when you’re going to be doing it, to generate the valuable leads for your business.

When you have a plan, you have all of those things in place. So, in answer to the question, “How can you reduce the time you spend on marketing?”, you need to plan, understand which marketing elements you need to implement, know who your target audience is and you need to execute your plan consistently.

If you have found this helpful, please share with one more person who you think will get benefit from reading this or if you would like to share a tip or thoughts about what has been mentioned please feel free to leave a comment!

Digital Alphabet: “D” is for Digital Marketing

Digital Marketing is essentially:

Anything you do to arrange the sale of a product or service using a computer and/or mobile device.

So, you could actually create a whole digital marketing strategy of your own as well as a traditional marketing strategy.

Within that strategy you would have elements like;

  • Website(s)
  • Mobile Website(s)
  • Blogging and Articles
  • Email Marketing
  • Video Promotion
  • Social Media – Facebook, Twitter, LinkedIn, Foursquare
  • Apps
  • Directories – FreeIndex, Yell.com

And more… like PowerPoint Presentations and Slide shows – Flickr

Your marketing plan shouldn’t just contain the traditional or “offline” methods of Marketing; it should contain elements from both methods.

We are currently in a digital era and there should be no excuse for us not to understand what’s going on, but because focus is currently on Social Media doesn’t mean that advertising, flyers, sales letters have stopped working.

How do you tie in digital marketing together? because one element alone isn’t what grabs your potential clients attention. So, the question is “Which part of your marketing is grabbing their attention?

The biggest advantage of digital marketing over traditional is that we can monitor and track what is happening. Who is using it, how are they using it, how long for, where do they go next, what are they clicking on?

Digital marketing isn’t the answer, but it does help! Not being there is just giving them the opportunity to find your competitors.

Your potential customer needs to see your message between 5-12 times before they are ready, don’t give them the same message on the same platform. Mix it up a bit and show them your whole offering over a range of platforms.

Marketing Tip #28: Comment Selfishly!

At the Koogar HQ we have been discussing our blogs and Marketing Tips and what we want from them.  The first obvious answer is, of course, to supply our users with hopefully useful information, which they can implement into their business. 

Secondly, our blogs are there to tell you what we have been up to, events or workshops that we think are beneficial for you as well as the wonderfully random blogs that focus on areas not directly related to us, but that we know others will find extremely useful.

And finally…they are there as a forum so people can share their experiences.  For example, if you have tried one of the Marketing Tips and want to tell people if it helped or not or if you tweaked it to fit your business.  So we really want you to COMMENT on this information!

However, we don’t just want you to comment for our sake, oh no.  Commenting is a great way to get links from another website to your own, which helps to push you up the search engine rankings.  Commenting is also a great way to raise your profile and awareness of your business. 

When people start to comment within a forum, bouncing ideas and experiences off one another, others become aware of Joe Blogs from Joe Blogs Ltd, which lets face it could lead to new opportunities which you would never have been made aware of if you hadn’t COMMENTED in the first place.  So commenting really can be selfish, but in the best possible and most productive way!

So, don’t be shy, start commenting!

Marketing Tip #29: Telesales and Webinars

What are Telesales and Webinars?  They are, in essence, talks; presentations you can give to a wide audience on an area of your expertise, which you think people will

1) be interested in and

2) will benefit from the information you provide

There is a lot you can do with telesales or webinars:

  • You can provide training via them.
  • You can promote or sell a product or service to an audience interested in them.
  • You can provide information, advice and guidance on subjects that will benefit people.

There are a number of reasons why hosting a telesales or webinar are useful:

  • Your audience capacity can be as large as you want as you are not confined to a room.
  • Your audience can listen in or watch in their preferred environment.
  • You can charge a smaller amount for any training etc you put on as you have no overheads (i.e. a room, refreshments etc), which may tempt more people to listen in or watch.
  • You are raising the profile of your business, especially through webinars, as search engines will pick up on your business, name and webinar title, especially if you have a lot of interest in it.

Listen out for and keep your eyes peeled for Koogar’s very own Audio/Webinars in the New Year!

*For more information about telesales or webinars, please feel free to contact us

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Marketing Tip #27: Follow Up…Again

I know I have already mentioned the importance of following up with a client or potential client after networking with them, but I must stress just how important it is as most people only start really taking notice of you after several attempts of follow ups.

Have you ever met someone at a networking event or through a referral that says they need one of your services, but when you try to contact them to arrange a meeting they are extremely difficult to get hold of or don’t get back to you? 

Well here’s why…

Although these people do want your services, they too are extremely busy in their line of work and although it can be frustrating, you need to keep contacting them to book in that meeting and even after the meeting you should give them a call to go over what was discussed in the meeting and the steps to take from there.

We always follow up via an email after a networking event, but if we need to book a meeting with someone then we will ring them.  If we haven’t heard anything, we will email them the following week and then ring them the week after that and so on. 

Remember, you don’t want to hassle people, but give them a gentle reminder that you’re still there.  After all, they are the ones who approached you for your services!