Marketing terminology can sometimes feel like a different language, here are some of the terms that you might come across and wonder what they are:
B2B is an acronym for Business to Business, meaning companies who target other companies as their clients, rather than B2C companies who target Consumers: Business to Consumer. A hybrid term that has come into fashion more recently is B2B2C, being an organisation that sells to business and consumers.
Describes a burst of activity which is grouped together and with a common goal, it usually includes more than one ‘channel’. A campaign is typically made up of several channels and research has shown that campaigns made up of several channels are significantly more successful than those with only one or two (10-25% more effective). Please see my blog for further information.
A marketing Channel is a type of marketing activity or ‘route to market’. Activities or channels might be: email marketing, PR, website, advertising, TV ads, brochures etc.
Event Triggered Actions
This is a phrase which describes what kind of automated activities should take place after a given event. Some people describe this as creating a ‘workflow’. An example of an event triggered action is: A visitor to your website decides to complete the contact/enquiry form – this ‘event’ then triggers an automated email that gets sent immediately to the visitor which says ‘thanks for your enquiry we’ll be in touch soon’.
As the name suggests this talks about how often you wish to make contact with your customers or prospects. Frequency is most often applied to large scale direct marketing campaigns or email marketing. It is important to set your ideal frequency in the planning stage so as to not over or under communicate with your target audience.
High-Net-Worth (HNW) and Ultra High-Net-Worth
This is a term that describes the exceptionally affluent (or wealthy) who live a well-heeled lifestyle. This is a type of demographic group that is targeted with high value goods or services (yachts, power boats, expensive and exclusive car brands, private banking etc.). Typically organisations targeting HNW individuals are referring to people with >£1m of liquid assets.
Is the term given to the details that a media publication (print, on-line or both) will provide to advertisers that provides information on its reader base (sometimes this is audited by the ABC audit bureau), who they are, where they are based etc. This can help the advertiser decide if the publication is targeted the right kind of audience (i.e. those likely to buy/respond).
This is usually a 3m x 3m stand that has professionally printed graphics that hook onto a collapsible aluminium frame. The stand is highly portable (fits in the boot of the car usually) and can be available in other shapes & sizes to fit your requirements.
PPC – Pay Per Click
On-line, internet based advertising which is conducted on search engines like Google and Yahoo! You only pay for adverts which are displayed (served) AND which are subsequently clicked on by the recipient/searcher
The cost of advertising at standard published rates for that publication (online or off), before negotiating.
This is the methodology you would apply to ‘segmenting’ your target audience into discernable buckets, or segments. Doing this allows you to target people who fall into these buckets in a more specific and productive fashion. A segment might be: High-Net-Worth (see below) females aged 18-30, who live in Surrey. This is an example of both demographic and geographic segmentation.
SEO – Search Engine Optimisation
Describes the process undertaken to optimise your website to make it search engine friendly, which in turn will mean that your website will appear higher up the results for given/specific search terms, often called ‘key words’.
USP / Unique Selling Point
A USP is something that you consider to be unique to your business, a selling proposition that you feel other competing companies cannot offer. These are sometimes also called ‘differentiators’ – things that make you stand apart from the crowd. They could be features or functions of a product or services, however services based differentiators can be copied very easily by the competition.