Decoding marketing jargon: A glossary of terms

The world of product marketing is always evolving. Even for experts, it can be hard to keep up with the latest concepts, terms, and jargon. There’s always a new buzzword or a trend that comes up and throws you off balance.

Today you’ll learn the key concepts used in marketing. It’ll help you to gain a clear idea of each concept, enabling you to contribute to the marketing strategies and plans of every product phase.

Key marketing terms explained

When it comes to product marketing, mastering the lingo is half the battle. When you have knowledge of these key terms, it empowers you to communicate more effectively with your teams. And it also enables you to craft strategies that drive results.

SEO (search engine optimization)

Your audience reaches you on the internet when your site aligns with particular keywords that users frequently search for. Search engines display results that closely match that keyword. With good SEO practices, you can make your product’s online home (website) easier to find on the internet (search engines).

By using the right keywords and making your site user-friendly, you help people find your product faster.

Bounce rate

Think of bounce rate as the number of people who knock on your product’s door (visit your website landing page), but leave without coming in (exploring products or other pages). A high bounce rate means many visitors aren’t finding what they expected or aren’t engaged enough to explore more.

CRO (conversion rate optimization)

CRO is all about turning more visitors into customers. If your website is a store, CRO strategies are the signs that help convince visitors to make a purchase, sign up, or take any desired action. To put it simply, if 10 people visit your website, how many are actually buying stuff?

CTR (click-through rate)

CTR measures how often people see your product’s ad or link and decide to click on it. Imagine handing out flyers; CTR is the percentage of people who take a flier and then come to your event. It helps you understand how appealing your ads are.

Session time

In the context of your website or app, it means the amount of time someone spends from the moment they arrive (enter your site) until they leave (close the site or app). A longer session time usually means your guests find your content engaging or useful.

There are multiple other terms that are used in specific contexts, but these terms are a great starting point for fruitful discussion.

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The 4 Ps of marketing

The 4 Ps of marketing is a foundational concept that outlines the four key components of any marketing strategy. This tried and tested framework helps companies effectively bring products to market. Here’s a breakdown of the classic 4 Ps.

Product

Product refers to the solution you’re selling. The main focus is on how it solves a specific problem, fulfills a need for your customers, and offers value.

Price

What your product costs is a tricky question. Pricing isn’t just coming up with a number. You should base it on the value your customers believe they’re getting. If you offer value, your customers will always pay.

Modern pricing strategies are now more dynamic and flexible. Companies have evolved to incorporate subscription models, freemium plans, and pay-as-you-go options.

Place

This component is about the availability of your product. The goal should be to make the product easily available for your customers to buy. In the modern context, omnichannel strategies are preferred as they provide a consistent experience across different touch points.

Promotion

In the current landscape of product marketing, promotions have become essential. How you let people know about your product matters a lot. Promotion can be done via many mediums, such as advertising, social media, and collaborations, etc.

Popular marketing acronyms

When people talk about marketing campaigns, they often use a set of common acronyms. While these might feel like a different language at first, they’re actually quite easy to grasp. Some of the most common include:

• CRM (customer relationship management) — A system or software to keep track of every interaction your company has with customers and potential customers. Consider it like a detailed contact book that records every conversation, purchase, and preference for your product
  PPC (pay-per-click) — It is a way of buying visits to your site, rather than trying to “earn” those visits organically. You have to pay a small fee each time someone clicks on your ads. The ads are run on social media platforms like Facebook, Instagram, etc. and users can land on your product page by clicking on these ads
• CAC (customer acquisition cost) — Let’s say you’re throwing a big party (your marketing campaign) to make new friends (customers). The cost of the party divided by the number of new friends you make will give you the CAC. It helps marketers understand how much they’re spending on gaining each customer

Digital marketing terms

Digital marketing can be broadly divided into two sub-domains, strategy development, and campaigns. The following terms will help you get familiar with the backbone of the entire process.

A/B testing

A/B testing is also known as split testing. The process is about conducting an experiment to see which of two versions of an asset (webpage, ad, email, etc) performs better.

Imagine you have two different designs for a website’s landing page. You show version A to one group of visitors and version B to another. By comparing which version leads to more sign-ups or sales, you determine which is more effective.

Direct marketing

A direct marketing approach focuses on reaching out directly to individual consumers. It eliminates the reliance on third-party mediums like social media or television advertising. In the digital world, it takes the shape of emails, text messages, or targeted online ads often with a call to action.

Behavioral retargeting

The main idea here is to show online ads to people who have previously visited your product (app, website), but didn’t make a purchase.

Content marketing vocabulary

Content marketing is a strategic approach to offer value and attract more audience for your product. The main focus lies on creating, publishing, and distributing content. When done right, it can drive profitable customer action from a desired audience.

You should know the following terms:

• Content strategy — Planning, developing, and managing content (written or in other media). It serves as a roadmap for what you’re going to tell your audience to make them interested in what you offer
• Lead generation — The process of attracting potential customers to your business through nurturing. The end goal stays the same, conversion
• Inbound marketing — The complete opposite of traditional marketing methods. Instead of pushing products or services onto prospects, inbound marketing pulls potential customers through interesting and valuable content

With content marketing, businesses (products) can create a more loyal and satisfied user base over time.

Emerging marketing jargon

The product marketing world is changing constantly. With new trends and technologies constantly emerging, marketing practices are becoming more dynamic. Innovation at such a large scale gives birth to new jargon and as a PM you need to learn to stay up to date with these terms:

• Conversational marketing — A new way of engaging customers in real time to personalize their journey and enhance user experience. The use of chatbots is a common example
• Voice search optimization — Many companies are optimizing content for voice search. The goal is to ensure that product or products are easily discoverable via voice-activated devices
• Influencer partnerships — Collaborating with influencers is now the new wave in marketing. The process involves co-creating content that authentically promotes your product. Many tech companies have started to launch apps in collaboration with big names
• Interactive content — Creating engaging, interactive experiences to boost user engagement is a neat trick to get people involved. Short-form content is a common medium for this strategy
• Ephemeral content — Several companies leverage short-lived content to generate urgency. It taps into the audience’s fear of missing out (FOMO). With this, the user is encouraged to engage with the brand. For example, a 24-hour Instagram story quiz with questions related to the product’s latest features

Key takeaways

It’s fair to say that the marketing landscape is broad and works differently for each domain. The right approach is to consider a blend of classic understanding, while reminding adaptable to new trends. Keep the following in mind:

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• Mastering marketing jargon is essential for crafting strategies that speak directly to your audience’s needs and interests
• Adaptability helps you stay ahead of the competition
• Data-driven decisions aid in the efficiency and effectiveness of reaching your targets
• Engagement over exposure is mandatory. The focus should be to create meaningful interactions and engage your audience
• Technology is an enhancement, not a replacement of tested marketing methods. The human aspect can never be replaced

By embracing these insights, you can formulate product growth strategies with confidence. With a deeper understanding, the crafted strategies will not only reach the audience, but truly connect with them.

Featured image source: IconScout