Marketing is full of many terms and strategies that can be confusing for those who don’t know the terminology. This guide will help you to better understand the meaning of all terms used in marketing.
This guide is useful for business owners who wish to market their products and services to others. Usually, they hire marketing teams. Continue reading for more information.
1. Brand Awareness
This refers to the way people recognize a brand. Two main components are required to build brand awareness.
- Brand recall: This is how closely a brand’s name is associated with a product category.
- Brand recognition: When a person is able to identify a brand’s colors or logo easily
Brand awareness is also a sign that customers trust your product/service and know that you provide the best solution.
2. Digital Marketing
In recent years, the digital marketing industry has experienced a tremendous rise in its popularity. This refers to various forms of communication that aim to convince people to purchase a product or service via any digital device.
3. Demand generation
This is the process of creating demand for a product or service. It is the use data from marketing programs to increase awareness and interest in a business’s product or service. They use different types of technology to accomplish this.
4. Brand positioning
This is how a brand distinguishes itself from its competitors. This includes how customers connect with a brand and how they identify it. It also includes all the essential qualities and values that are important for a company.
A business can communicate their brand positioning in many ways, including visual design, tone and voice, as well as how they are represented on social media or in person.
5. Inbound Marketing
This type of marketing is customer-centric. This type of marketing focuses on bringing in high-fit customers and not displaying the message to the world. Inbound marketing employs a variety of tactics, including SEO (Search Engine Optimization), blogging, and social media to bring potential customers to a brand.
This is done by providing relevant, useful content. Inbound marketing allows companies to continue to grow, unlike outbound marketing strategies like paid ads or call lists. This marketing strategy has a long-term, scalable ROI.
6. Revenue Performance Management
This term refers specifically to the functions expansion, acquisition, retention that must be aligned in order to maximize profitability. Splitting up organizational silos is one of the goals of revenue performance management.
This will create a shared set data, process and language that will allow different companies to focus on creating revenue.
7. Nurture Yourself
This is the process of building trust with prospects in order to guide them through their buying journey. The main purpose of lead nurturing is to provide prospects with a unique experience that will convert them into returning customers.
8. Buyer Persona
This is a semi-fictional representation that a company’s ideal customer. A buyer persona includes psychographic, behavioral, and demographic information. Companies also focus on the motivations and goals of these people, providing more information about their influence.
9. Flywheel
This term was created in 2018. It focuses on the way marketers view B2B marketing success. Customers are the primary focus of any business through the flywheel.
It focuses on building a relationship with customers and customer service management. This is how companies can keep customers coming back for more.
10. ICP (Ideal Customer Profile)
This is a hypothetical description of a company which wills most benefit from the solution or product offered by another. These companies have high retention rates and a very successful sales cycle.
