Sales & Marketing Business Terms

Question 1

Niche Market

Answer 1

A very specific segment of a larger market.

Question 2

Market Research

Answer 2

The action or activity of gathering information about consumers’ needs and preferences so you can provide just the right product or service.

Question 3

Market Penetration

Answer 3

A measure of the extent of a product’s sales volume relative to the total sales volume of all competing products.

Question 4

Inbound Marketing

Answer 4

Digital (i.e., internet-based) marketing that includes podcasts, video, email broadcasts, social media, ebooks, and SEO.

Question 5

Buyer Persona

Answer 5

The characteristics of your ideal buyer.

Question 6

A/B Testing

Answer 6

Testing two versions (an A version and a B version) to see which one performs better.

Question 7

Analytics

Answer 7

Data from a variety of sources used to inform marketing efforts.

Question 8

Brand

Answer 8

A product, identity, or image that generates awareness and separates your business from others.

Question 9

Bounce Rate

Answer 9

How often people visit your website and leave without clicking on anything.

Question 10

CTR

Answer 10

Click Through Rate tells you how many people are moving through your website toward purchasing your product or service.

Question 11

CMS

Answer 11

Short for Content Management System and refers to a program (usually software) that manages all aspects of creating digital content.

Question 12

Conversion Rate

Answer 12

Percentage of people who take a desired action (usually on your website).

Question 13

CRM

Answer 13

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.

Question 14

CPL

Answer 14

Short for Cost Per Lead and refers to the total marketing cost necessary to acquire a lead (potential buyer).

Question 15

Demographics

Answer 15

Demographics are data points that apply to your target market, such as age, sex, income, and family status.

Question 16

Digital Marketing

Answer 16

Marketing conducted solely on the internet.

Question 17

Evergeen

Answer 17

Content that is valuable to a consumer regardless of when it is read.

Question 18

Friction

Answer 18

Any aspect of your image, brand, product, or website that is hard to understand (causes friction between it and the consumer).

Question 19

Infographic

Answer 19

Content that combines words and images to make complex information easy to understand.

Question 20

PPC

Answer 20

Pay Per Click — advertising on the internet where you only pay when someone clicks on your ad.

Question 21

SEO

Answer 21

Search Engine Optimization — optimizing your website so that it ranks higher on the results page of a search engine.

Question 22

Sales Funnel

Answer 22

The entire sales process as a whole.

Question 23

TOFU

Answer 23

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.

Question 24

MOFU

Answer 24

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.

Question 25

BOFU

Answer 25

Bottom Of The Funnel — refers to the end stages of the sales funnel, where a consumer is ready to buy.

Question 26

User Experience

Answer 26

The total experience — from purchase and beyond — a user has with your brand.