Your strategic move in marketing products and services depends upon the implementation of certain time-tested terminologies often applied in the realm of sales and business promotion.
The importance of marketing terminology arises out of the fact that each of them has a direct correlation with the growth of your business. As a result, it really is imperative that you know such terms and implement them in real time.
According to a write-up appearing in the blog section of the US-based Rasmussen University, there’s nothing worse than being part of a conversation you don’t fully understand. When it comes to discussions about marketing, you can easily find yourself on the outside looking in. If you’re just trying to get up to speed in this field, terms and acronyms like “SEO,” “ROI,” and “B2B” seem to come pouring out at a rate that’s enough to make your head spin.
If you are into sales, you keep hearing a large number of terms. Unless you know their meaning or interpretations, you cannot carry out business discussions. If two salespeople are discussing the market and using different terms, you may cut a sorry figure while being present there if you don’t understand their meanings.
Though there are a large number of such terminologies, here are 11 key important terminologies that are necessary for client interactions:
If you want to convert trade queries into actual sales or at least create a future pipeline of customers, the practical implementation of different terminologies used in marketing is a must.
That’s why you need to know their meanings and interpretations.
CRM: Relationships are primarily important in boosting sales. It is in this respect that the factor of CRM, which stands for Customer Relationship Management, becomes extremely important. CRM implies both customers at hand or existing customers and customers who are in the pipeline, meaning they are making queries but have yet to place the order.
CAST: Standing for Customer Satisfaction; the marketing terminology is self-explanatory. When you know the inner meaning of this terminology and want to implement it in real-time in business, you find that it’s basically a metric to measure customers’ loyalty to the brands of your products.
ROI: The return on investment, or ROI, is the crux of all businesses. If you are not getting any return on your business, you will either switch over to businesses from the existing ones or shut down the company. ROI completely depends on how you formulate your business strategy and implement it.
NPS: The Net Promoter Score of NPS, as a marketing tool, allows you to identify, assess, measure, or know what areas in the sales plan need improvement or strengthening. This also indicates the loopholes in the sales approach that need to be plugged in to cut the cost and vigorously sprawl in new markets that you have identified.
Conversion: This is an often-used marketing term that signifies the conversion of trade or sales queries into actual sales. You do conclude a business deal with actual sales. Before that, there may be several queries. But the business converts only when the sales take place.
Keyword Search: This is one of the most commonly used marketing terminologies that describes the process of fixing or identifying terms for search in the search engine. Since the digital search engine is flooded with a large number of words, you have to be innovative enough to invent works that can act as effective keys in online searches. You have to do it in such a way that the content that you have posted on social media or in your blog post on the website can be easily found on the search engine result pages.
Marketing Funnel: This particular marketing term denotes the methods that you have deployed or employed to bring in visitors to your sales site or business website. Mind you, bringing in traffic in an organic manner is the key to your successful conclusion of sales. The method of marketing funneling can be successfully implemented once you have made your sales site or corporate website meaningful and attractive.
Lead Generation: You must be hearing this term very often in the realm of sales. There are companies that constantly ask their sales staff to generate leads. This means they generate the demand or queries for a particular product or service. Once you have successfully generated a lead, you must use all your sales skills to conclude the lead with an actual sale.
KPI: The acronym KPI stands for Key Performance Indicator. The KPI parameter is used to measure the progress you have made in your sales goals. If you are a business owner, it is quite natural that you will set a marketing goal or sales target. Under the KPI parameter, you are supposed to regularly evaluate sales performance and boost sales through additional efforts if you feel your sales figure falls below the set target for a given time period.
LPIs: This denotes Leading Performance Indicators. It is synonymous with TIPs, or tactical performance indicators. To boost your sales, it is quite natural that you employ different strategies and launch efforts like boosting your social media presence or launching product advertisements. Under LPIs and TIPs, you take a given timeframe and see which efforts, like boosted social media presence, special sales drive, or advertisement, are yielding you good sales results.
CMS: In this era of digital marketing, when a large number of marketing plans are carried out through social media presence, the role of CMS has gone up considerably. CMS is the short form of Content Management System. As a marketer, you may post engaging content through blogs, add special images, innovate eye-catching designs, and provide product information using novel methods on different social media platforms. This is CMS.
These terminologies can help you improve your business and boost your lead generation capacity, too.
Conclusion
Your sales module or marketing strategy should begin, among other things, with mapping the customer’s behavior towards particular commodities, finished products, and services. Once you embark on a demand study, you can successfully market your products or services as you know which way the market demand is moving. Once you know it, you can easily target the right audience to get the best sales results.
