Clarifying what marketing jargons, buzzwords and terminology means.
Marketers these days use a lot of big words – even if sometimes they don’t even understand it themselves. Hence we have compiled and listed out an exhaustive marketing glossary on marketing terms and jargons to help shed some light on this matter.
Definition
GLOSSARY
/ˈɡlɒs(ə)ri/ – noun
list of definitions and explanations of key terms or specialized vocabulary used within the text to help the reader understand unfamiliar or technical terms.
Index
- Marketing Definition
- Marketing Audit
- Marketing Plan
- Marketing Tactics
- Marketing Automation
- Return on Investment (ROI)
- Marketing Metrics
1. Marketing Definition
Marketing is the process of identifying, anticipating, and satisfying customer needs and wants profitably. It involves understanding consumer behavior, market trends, and competitive landscapes to create, communicate, deliver, and exchange offerings that provide value to customers and achieve organizational objectives.
Essentially, marketing is about building relationships with customers, fostering brand awareness, and generating demand for products or services through strategic planning, promotion, distribution, and pricing.
In essence, marketing is about promoting your business to the right people. From a business’ perspective, marketing is about promotions and boosting sales. In retrospective, marketing is about amplifying your business’ brand through advertising.
This is why it is important to have marketing work cohesively with sales and creative.
2. Marketing Audit
Imagine your business as a car on a journey. A marketing audit is like popping the hood and checking the engine to make sure everything’s running smoothly. It’s a comprehensive review of your marketing efforts, from campaigns to messaging, to ensure they’re aligned with your business goals and resonating with your audience.
Here are some of the aspects that make up the Marketing Audit:
a) Market Research
Market research is like detective work for businesses. It involves gathering and analyzing data about your target market, competitors, and industry trends to uncover insights that drive informed decision-making. From understanding customer needs to identifying market gaps, market research is the foundation of any successful marketing strategy.
b) Target Audience Analysis
Your target audience is the heart and soul of your marketing efforts. Target audience analysis involves diving deep into demographics, psychographics, and social behaviors to understand who your ideal customers are and what makes them tick. By knowing your audience inside and out, you can tailor your messaging and offerings to meet their needs and preferences.
c) Competitor Analysis
In the game of business, knowing your competition is like having a secret weapon. Competitor analysis involves studying your rivals‘ strengths, weaknesses, strategies, and market positioning to identify opportunities and threats in your industry landscape. By keeping a close eye on the competition, you can stay one step ahead and carve out your own unique space in the market.
d) SWOT Analysis
SWOT is an abbreviation that stands for:
– Strength
– Weakness
– Opportunities
– Threats
SWOT analysis is like taking a 360-degree view of your business. They are key factors that can impact your business’s success. By conducting a SWOT analysis, you can identify areas of strength to leverage, weaknesses to address, opportunities to pursue, and threats to mitigate, ultimately guiding your strategic decisions.
3. Marketing Plan
Planning is methodical, systematic, or a how-to for execution. It is definitive and answers the ‘So What’ question with its results.
Therefore a marketing plan is like a roadmap or milestone checklist, for your marketing efforts. It outlines your goals, target audience, strategies, tactics, and budget, providing a clear path to achieving your business objectives. From launching new products to entering new markets, a well-crafted marketing plan sets the stage for success and keeps your team aligned and focused.
a) Marketing Strategy
Not to be confused with marketing plan, the definition of ‘marketing strategy’ is the summary or an adjective to describe the plan.
e.g.:
The Plan: To engage prospects aggressively, motivate with high incentives, increase KPIs, specific targets, specific timeline, success-metrics
The Strategy: (to describe the plan) ‘All-out frontal attack’ strategy
Your marketing strategy is the blueprint for how you’ll achieve your marketing goals. It involves defining your target audience, positioning your brand, and outlining the tactics you’ll use to reach and engage customers. Whether it’s through content marketing, social media, or influencer partnerships, your marketing strategy guides your efforts and drives results.
Learn more: Difference between Planning, Strategy, Tactics
b) Brand Positioning
Brand positioning is like planting a flag in the minds of your customers. It’s about defining where your brand stands in relation to competitors and how you want to be perceived by your target audience. From price to quality to values, brand positioning shapes how customers perceive and interact with your brand, ultimately influencing their purchasing decisions.
c) Brand Awareness
Brand awareness is all about getting your brand noticed. Different from the branding process, brand awareness is in fact – marketing’s responsibility.
Let’s clear the air here: Branding is developed by the creatives, while brand awareness is marketing’s amplification (or promotion) of the final product. They do this in tandem with the brand architects to develop creative advertising ideas. Utilizing eye-catching ads, memorable logos, or engaging content, brand awareness is about making sure your target audience knows who you are and what you stand for. By increasing brand awareness, you can boost recognition, trust, and ultimately, customer loyalty.
d) Brand Identity
Your brand identity is like your business’s fingerprint – it’s what makes you unique. From your logo and color palette to your tone of voice and values, your brand identity encompasses everything that sets you apart from the competition. By crafting a strong and consistent brand identity, you can build trust, foster loyalty, and create a lasting impression on your audience.
e) Brand Loyalty
Brand loyalty is like having a fan club for your business. It’s when customers not only choose your brand over others but also stick with you through thick and thin. Whether it’s because of exceptional products, outstanding service, or shared values, brand loyalty is the ultimate goal for any business – it’s what turns customers into brand advocates and drives long-term success.
f) Content Marketing
Content marketing is like storytelling for businesses. It’s about creating valuable, relevant, and engaging content – from blog posts and videos to social media posts and podcasts – to attract and retain customers. By providing helpful information, entertaining stories, or inspiring insights, content marketing builds trust, credibility, and relationships with your audience.
And on the topic of trust, content marketing also showcases your expertise as subject matter experts. This further enhances your brand positioning.
g) Digital Marketing
Digital marketing is like traditional marketing’s cooler, younger sibling – it’s all about reaching your audience online. From social media and email campaigns to search engine optimization and pay-per-click advertising, digital marketing leverages digital channels to connect with customers, drive traffic, and generate leads. It’s the modern way to market your business in the digital age.
h) Traditional Marketing
Traditional marketing is like the classic recipe for promoting your business – it’s the tried-and-true method that predates the digital age. From print ads and billboards (BTL) to TV commercials and radio spots (ATL), or both (TTL) traditional marketing relies on offline (physical) channels to reach and engage with your audience.
While digital marketing has taken the spotlight in recent years, traditional marketing still plays a valuable role in many businesses’ marketing strategies. Whether it’s targeting local audiences with newspaper ads or captivating commuters with outdoor signage, traditional marketing allows you to reach potential customers in the real world and make a memorable impact. While it may not have the same level of targeting or analytics as digital marketing, traditional marketing channels offer a tangible and familiar way to connect with your audience and drive brand awareness.
4. Marketing Tactics
Not to be confused with marketing strategy, marketing tactics are the specific actions and techniques used to execute a marketing strategy and achieve its objectives. While a marketing strategy outlines the overall plan and goals, tactics are the individual steps taken to implement that strategy and make it a reality.
These tactics can vary widely depending on the goals of the campaign and the target audience, but they often include activities such as advertising, social media engagement, content creation, email marketing, events, and more. Each tactic is designed to reach and influence potential customers at different stages of the buyer’s journey and across various channels.
For example, a marketing tactic might involve running targeted Facebook ads to raise brand awareness among a specific demographic, or creating informative blog posts to educate prospects and drive traffic to the company website.
By carefully selecting (marketing strategy) and executing the right mix of tactics, marketers can effectively engage with their audience, generate leads, and ultimately drive sales for their business.
a) Social Media Marketing
Social media marketing is like throwing a party where your customers hang out online. It’s about utilizing social platforms like Facebook, Instagram, and Twitter to engage with your audience, share content, and build relationships. Whether it’s through witty tweets, stunning visuals, or behind-the-scenes stories, social media marketing humanizes your brand and fosters connections with your audience.
b) Email Marketing
Email marketing is a remarketing tactic. It is like sending a personalized letter straight to your customers’ inboxes. It’s a direct and cost-effective way to nurture leads, drive conversions, and build relationships with your audience. Whether it’s a promotional offer, a newsletter, or a follow-up email, email marketing allows you to stay top-of-mind and keep your audience engaged with your brand.
c) Search Engine Optimization (SEO)
Search engine optimization (SEO) is like the secret sauce for getting your website noticed by search engines. It involves optimizing your website and content to rank higher in search engine results pages (SERPs) for relevant keywords. By improving your visibility and driving organic traffic to your site, SEO helps you attract qualified leads and grow your business online.
d) Pay-Per-Click (PPC) Advertising
PPC advertising is like window shopping with a twist – instead of paying just to have your ad displayed, you only pay when someone clicks on it. It’s like having a personal shopper who charges a fee only when they bring you something you love. With PPC, businesses bid on keywords relevant to their products or services, and their ads appear when users search for those terms. It’s a bit like a bidding war, but instead of a prize, you get prime real estate on search engine results pages.
e) Influencer Marketing
Imagine your friend recommending a product they love – that’s influencer marketing in a nutshell. It’s basically Word-of-mouth marketing vouching for a brand, except the advisor is an influential figure in your niche. Brands collaborate with these influencers to reach their audience authentically, leveraging the influencer’s credibility and reach to promote their products or services. It’s a bit like having your favorite celebrity endorse your new favorite gadget.
f) Affiliate Marketing
Affiliate marketing is like having agent brand ambassadors who only get paid when they bring in customers. It’s a win-win situation where affiliates promote a company’s products or services through unique tracking links, and they earn a commission for every sale or action generated through their efforts. It’s like having a sales team that works on commission only, motivated to drive results because their success is directly tied to their earnings.
g) Guerilla Marketing
Guerrilla marketing is like crashing a party but in a way that leaves everyone talking about you. It’s about unconventional, creative, and often low-cost tactics that disrupt the status quo and grab attention. It’s like David taking on Goliath with a slingshot and a clever idea instead of a sword. Guerrilla marketers think outside the box, leveraging surprise and creativity to make a big impact with limited resources.
h) Viral Marketing
Viral marketing is like sparking a wildfire. It’s about creating content that is driven by word-of-mouth and social sharing. In other words: a chain reaction, where one person shares with two, those two share with four, and before you know it, everyone’s talking about it. Viral marketing capitalizes on the power of social networks to amplify messages exponentially, turning a small spark into a blazing inferno of brand awareness.
i) Event Marketing
Event marketing is like throwing a party where your brand is the guest of honor. It’s about creating memorable experiences that engage and connect with your audience in real life. It’s like hosting a dinner party, but instead of serving food, you’re serving up your brand’s unique personality and value proposition. Event marketers bring brands to life through immersive experiences, from trade shows and conferences to pop-up shops and sponsored activations.
j) Direct Marketing
Direct marketing is like sending a message in a bottle straight to your target audience’s doorstep. It’s about communicating with potential customers one-on-one, bypassing intermediaries to deliver personalized messages and offers. It’s like having a private conversation with each customer, tailored to their needs and preferences. Direct marketers use channels like email, direct mail, and SMS to reach customers directly, driving immediate action and measurable results.
k) Direct Marketing
Mobile marketing is like having a billboard in everyone’s pocket. It’s about reaching consumers on their smartphones and tablets, where they spend a significant portion of their time. It’s like having a personal assistant who knows exactly what you need and when you need it. Mobile marketers leverage mobile apps, websites, SMS, and location-based services to connect with consumers on the go, delivering relevant messages and offers that drive engagement and conversion.
5. Marketing Automation
Marketing automation is about using software and technology to streamline repetitive marketing tasks, like email campaigns and social media scheduling, freeing up time for more creative endeavors. Think of it as having a team of tireless robots working behind the scenes to nurture leads, engage customers, and drive conversions, all on autopilot.
a) Customer Relationship Management (CRM)
One of the most essential tools in marketing/sales’ toolbox is the Customer Relationship Management (CRM) system. The system assists marketers to manage and nurture relationships with customers and prospects, keeping track of interactions, preferences, and purchase history in one central database. It’s like having a personal concierge who knows your every preference and anticipates your needs before you even ask. CRM systems help businesses build stronger connections with their audience, turning leads into loyal advocates through personalized communication and targeted marketing.
Here are some CRM software that we recommend:
– HubSpot
– FreshWorks
– Oliver
b) Conversion Rate Optimization (CRO)
CRO is about optimizing your website and marketing campaigns to increase the percentage of visitors who take a desired action, whether it’s making a purchase, signing up for a newsletter, or filling out a contact form. It’s like fine-tuning a recipe until it’s just right, maximizing the effectiveness of every element to drive conversions and boost revenue. There are plenty of software and plugins in the market. You can improve your CRO with the right expert to guide you.
c) Marketing Analytics
Marketing analytics is about collecting and analyzing data to gain insights into campaign performance, customer behavior, and overall marketing ROI. It’s like peeling back the layers of an onion to reveal the juicy insights hiding beneath the surface. Marketing analytics empower businesses to make data-driven decisions, optimize campaigns in real-time, and allocate resources more effectively to achieve their goals.
6. Return on Investment (ROI)
Everyone’s favorite phrase: “What do I get in return?”
ROI is the bottom line of a balance sheet – it’s the ultimate measure of success or failure. It’s definition is about calculating the profitability of advertising & marketing initiatives by comparing the revenue generated to the cost of investment.
Money Spent VS. Money Gained
While this formula is the easiest – and most commonly perceived, there’s actually more to it that just that. Investment is like planting seeds in a garden and measuring the harvest to see if it was worth the time, money and effort. ROI helps businesses assess the effectiveness of their marketing efforts, by identifying areas for improvement, and allocating resources wisely to maximize returns.
7. Marketing Metrics
Data, Data, Data…
Marketing metrics are quantifiable measurements used to track and evaluate the performance of marketing campaigns and initiatives. It’s like having a dashboard that displays key performance indicators (KPIs) like website traffic, conversion rates, and customer acquisition costs in real-time. Marketing metrics provide valuable insights into validating campaign effectiveness, audience engagement, and overall marketing ROI, helping businesses make informed decisions and optimize their strategies for success.
Footnote
While these are just some of many different jargons and terminologies, it is always best to refer to an expert if you are still unsure.
Our team of experts excels at simplifying complexities and tailoring solutions to fit your business perfectly. Let’s help you clear the confusion, and embark on this journey together to crafting a path that’s uniquely yours.
