The marketing landscape is a rapidly changing one, which means that keeping up to date with the latest trends, terms, and technologies isn’t easy. There are many marketing terms that have been making their way into marketing conversations – some of which may be new to you.
But worry not, we’ve compiled a list of some new marketing terms that you really need to know to stay ahead of the game. While this is not an all inclusive list, we tried to include some of the most commonly used terms today.
- Churn Rate: This is a measurement of the number of customers or employees who leave a company during a given period of time. It may also refer to the amount of revenue lost as a result of the departures. To calculate the churn rate, simply divide the number of customers that have left over the given period of time by the total number of customers.
- Marketing Automation: Simply put, marketing automation tools simplify time-consuming tasks marketers have to do, freeing up their time to attend to more pressing issues. Marketing automation can be used in several areas such as emails and newsletters, CRM integration, and ad campaigns.
- A/B Testing: This is when a marketer decides to display two different messages to equally sized portions of an audience, and then monitor their performance to see which is doing better. An efficient A/B test will include a control subject and a variable.
- Customer Journey: The customer journey is the entire path a potential customer takes towards buying your product or service. The path includes every possible touchpoint that the customer experiences in relation to your company before completing a purchase.
- Buyer Personas: Think of buyer personas this way: they are a semi-fictional representation of your ideal customer based on data and research. Buyer personas are important because they will help you allocate your time towards more prospective customers, in addition to allowing you to hone in on your target audience.
- Bounce Rate: The bounce rate, an essential term used in web traffic analysis, represents the percentage of people who land on a page on your website and then leave without clicking on anything else or navigating to any other page.
- Sales Funnel: A sales funnel refers to the buying journey that new leads go through before making a purchase. The sales funnel includes several different stages – from awareness to loyalty. No doubt, your marketing tactics will vary depending on the stage you are in.
- Omnichannel Marketing: This is the process of providing customers with a unified and integrated experience across all touchpoints, be it physical or digital.
- Gamification: This is when game-like elements are integrated into a non-game environment, mainly done to increase brand engagement or to encourage the audience to partake in a certain activity.
- Responsive Design: Responsive design refers to the way a website automatically adjusts to the screen size you’re viewing it from. This will ensure that no matter what device your visitor is using, your website will always look great.