Sales & Marketing Business Terms Flashcards
Niche Market
A very specific segment of a larger market.
Market Research
The action or activity of gathering information about consumers’ needs and preferences so you can provide just the right product or service.
Market Penetration
A measure of the extent of a product’s sales volume relative to the total sales volume of all competing products.
Inbound Marketing
Digital (i.e., internet-based) marketing that includes podcasts, video, email broadcasts, social media, ebooks, and SEO.
Buyer Persona
The characteristics of your ideal buyer.
A/B Testing
Testing two versions (an A version and a B version) to see which one performs better.
Analytics
Data from a variety of sources used to inform marketing efforts.
Brand
A product, identity, or image that generates awareness and separates your business from others.
Bounce Rate
How often people visit your website and leave without clicking on anything.
CTR
Click Through Rate tells you how many people are moving through your website toward purchasing your product or service.
CMS
Short for Content Management System and refers to a program (usually software) that manages all aspects of creating digital content.
Conversion Rate
Percentage of people who take a desired action (usually on your website).
CRM
Customer Relationship Management (CRM) is a strategy that companies use to manage interactions with customers and potential customers. CRM helps organisations streamline processes, build customer relationships, increase sales, improve customer service, and increase profitability.
CPL
Short for Cost Per Lead and refers to the total marketing cost necessary to acquire a lead (potential buyer).
Demographics
Demographics are data points that apply to your target market, such as age, sex, income, and family status.
Digital Marketing
Marketing conducted solely on the internet.
Evergeen
Content that is valuable to a consumer regardless of when it is read.
Friction
Any aspect of your image, brand, product, or website that is hard to understand (causes friction between it and the consumer).
Infographic
Content that combines words and images to make complex information easy to understand.
PPC
Pay Per Click — advertising on the internet where you only pay when someone clicks on your ad.
SEO
Search Engine Optimization — optimizing your website so that it ranks higher on the results page of a search engine.
Sales Funnel
The entire sales process as a whole.
TOFU
Top Of The Funnel — refers to the initial stages of the sales funnel, where the consumer is looking for answers to a problem that may involve your product or service.
MOFU
Middle Of The Funnel — refers to the middle stages of the sales funnel, where your business positions itself as the solution to the consumer’s problem.
BOFU
Bottom Of The Funnel — refers to the end stages of the sales funnel, where a consumer is ready to buy.
User Experience
The total experience — from purchase and beyond — a user has with your brand.
