# Important Marketing Acronyms + Terms

**General Marketing Acronyms + Terms**

- Customer Journey: the process a customer goes through from learn about your product to making a purchase 
    - stages: awareness -> consideration -> purchase -> retention
- Buyer Persona: a detailed description of your ideal customer
- B2B: Business to Business 
    - marketing between 2 companies
- B2C: Business to Consumer 
    - Marketing directly to customers
- KPI: Key Performance Indicator 
    - metrics used to measure the success of a campaign (i.e. website visits, sales, engagement, follower growth)

**Digital Marketing Acronyms + Terms**

- Content Marketing: creating valuable content (blogs, videos) to attract and engage audience
- SEO: Search Engine Optimization 
    - strategy to improve a websites visibility in search engines
- SEM: Search Engine Marketing 
    - paid strategies to increase search visibility (i.e. google ads)
- CTR: Click Through Rate 
    - % of people who click on your link after seeing it
    - Formula: clicks / impressions x 100
- CPC: Cost Per Click 
    - the cost you pay for each click in a paid ad campaign
- PPC: Pay Per Click 
    - advertising model when you pay only when someone clicks on your ad
- CPA: Cost Per Acquisition 
    - cost of acquiring a new customer through an ad or campaign
- ROI: Return on Investment 
    - measures profitability
    - Formula: net profit/cost of investment X 100
- ROAS: Return on Ad Spend 
    - how much revenue you earn for every dollar spent on ads

**Social Media Acronyms + Terms**

- Engagement Rate: the % of people who interact with your social content
- Impressions: the number of times your content it displayed to users, regardless of if they interact with it
- UGC: User Generated Content 
    - content created by customers or followers
- SMM: Social Media Marketing 
    - using platforms like IG, TikTok and FB to promote brand
- DM: Direct Message 
    - private communication between users on social platforms
- CTA: Call to Action 
    - encourages users to take a specific action (i.e. shop now)

**Email Marketing Acronyms + Terms**

- Open Rate: % of recipients who open your email
- Drip Campaign: a series of automated emails sent based on user behavior or time 
    - (i.e. sending a welcome email series to new subscribers)
- Segmentation: dividing your email list into smaller groups based on interests or behaviors
- Bounce Rate: the % of emails that could not be delivered
- CRM: Customer Relationship Management 
    - tools to manage customer interactions (i.e. Salesforce, HubSpot)
- CTR: Click Through Rate 
    - % of recipients who click on a link in your email
- CTO: Click to Open Rate 
    - % of recipients who open the email and click on link
- ESP: Email Service Provider 
    - platforms for email marketing (i.e. Mailchimp, Klaviyo)
- CMS: Content Management System 
    - platforms to create and manage digital content (i.e. Wordpress, Shopify)

**Analytics Acronyms + Terms**

- Bounce Rate: the % of visitors who leave your site after viewing only 1 page
- Funnel: the steps a customer takes from learning about your product to purchasing it
- GA: Google Analytics 
    - a free tool to track web traffic, user behavior and conversions
- LTV: Lifetime Value 
    - the total revenue you can expect from a customer over their relationship with your brand
- CAC: Customer Acquisition Cost 
    - the cost to acquire 1 customer
    - formula: total marketing costs/number of new customers
- AOV: Average Order Value 
    - average amount spent per order
    - formula: total revenue/number of orders

**E-Commerce Acronyms + Terms**

- Conversion Rate: the % of users who complete a desired action, such as purchasing
- Cart Abandonment Rate: % of users who add product to their cart, but don't complete the purchase
- Upselling: encouraging customers to buy a higher priced product or add ons
- Cross Selling: promoting related products to customers
- SKU: Stock Keeping Unit 
    - unique identifier for inventory management
- POS: Point of Sale 
    - system for processing in store or online transactions
- CLV: Customer Lifetime Value 
    - emphasizes long term customer profitability

**A/B Test**

- Method of comparing 2 versions of marketing assets to see which one performs better
- How it Works 
    - create two variants: version A (original) and version B (modified version with 1 key change)
    - split the audience: divide audience into 2 groups randomly and evenly
    - run the test simultaneously: ensure the test runs at the same time to avoid external factors (i.e. time of day)
    - Measure performance: track a specific KPI
- Examples of Elements to Test 
    - E-Blast: subject line, sender name, CTA text or placement, email layout
    - Website: headline, button colors or placement, product images, page layout
    - Ads: visuals, ad copy, target audience segmentation, ad placement (stories vs feed)
    - Social: caption style (short vs detailed), image types (lifestyle vs product focused), hashtag usage