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.
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.
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.
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 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 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.
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.
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 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.
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.
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.
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.
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:
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 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.
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.
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 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:
With content marketing, businesses (products) can create a more loyal and satisfied user base over time.
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:
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:
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
LogRocket identifies friction points in the user experience so you can make informed decisions about product and design changes that must happen to hit your goals.
With LogRocket, you can understand the scope of the issues affecting your product and prioritize the changes that need to be made. LogRocket simplifies workflows by allowing Engineering, Product, UX, and Design teams to work from the same data as you, eliminating any confusion about what needs to be done.
Get your teams on the same page — try LogRocket today.
A fractional product manager (FPM) is a part-time, contract-based product manager who works with organizations on a flexible basis.
As a product manager, you express customer needs to your development teams so that you can work together to build the best possible solution.
Karen Letendre talks about how she helps her team advance in their careers via mentorship, upskilling programs, and more.
An IPT isn’t just another team; it’s a strategic approach that breaks down unnecessary communication blockades for open communication.