The marketing industry is full of acronyms. And if there currently isn’t an acronym to describe a specific tool, situation, or digital strategy, there’s a pretty good chance that someone will create a new acronym for it very soon. Keeping track of every acronym isn’t easy. But knowing some of the essential acronyms is a must to effectively communicate with team members and clients.
Following is a shortlist of marketing acronyms that encompass a range of strategies. Some are old, some are relatively new, but all are vital to improving upon knowledge of the profession.
Return on Ad Spend can be considered somewhat similar to ROI (return on investment). The ROAS metric measures the amount of revenue a company will earn in return for every dollar that was spent on advertising. A strong ROAS is based on several factors, but as a general rule of thumb, most marketers aim for a 4:1 ratio.
The Click Through Rate measures the percentage of clicks on a CTA (call to action) based on the total number of people that have seen the CTA. A good percentage will vary based on how and where the CTA is displayed.
UTM refers to the Urchin Tracking Module. It is a code that is added to a web page. The UTM then provides analytical data from Google Analytics, enabling a company to gain valuable insight into the performance of its website or marketing campaign as a whole.
User-Generated Content can be a great part of any marketing campaign. Essentially, it refers to any data that has been created by members of a target audience. For example, reviews, customer testimonials, shared social media posts, and more can offer significant value to a marketing campaign.
A Key Performance Indicator is any metric that can be used to measure the specific performance of a marketing campaign. There are dozens of KPIs that can be measured, such as customer retention, marketing ROI, CTR, customer satisfaction, and more.
The Call to Action is a prompt that can be used to guide consumers along the customer journey map. It can be as simple as an instruction to visit a webpage to learn more about a product or more in-depth, such as asking consumers to fill out a subscription form or sign up for a free trial.
The Cost Per Click is based on how much it costs every time an ad is clicked that is a part of a PPC paid advertising campaign. Costs can vary widely based on the keywords used and the number of impressions the campaign is aiming for.
The Cost Per Action is the cost to the company based on a specific action being performed. For example, the company will only pay if someone actually clicks on a link in its ad, despite how many times the ad might appear.
Search Engine Result Pages are the pages of results that appear on a search engine in response to an organic search query.
Search Engine Optimization is one of the most important components of any digital marketing campaign. This marketing acronym refers to the act of using keywords and keyphrases in online content to ensure a high ranking on SERPs.
The Lookalike Audience refers to an audience interested in a brand because they share similar characteristics with the current target audience. Using targeted advertising, a company can reach new members of the lookalike audience on social media platforms.
Google Analytics is a highly useful marketing tool provided by Google. It is used to measure a website's performance using several KPIs.
With a good grasp of some of the most important marketing acronyms, a company can better put together a strong marketing campaign and improve its chances of success. Learn how Fifth & Cor can implement a marketing strategy for your brand.