Marketing Glossary: 10 Key Terms Every
Small Business Owner Needs to Know
If you're new to print marketing (or marketing in general) for your small business, it is easy to get confused by all the industry-specific jargon. But fear not. We're here to provide clarity and guidance!
Regardless of the print media you choose, be it postcards, brochures, or posters, implementing effective marketing strategies is essential for getting the best results. And a critical step towards success is gaining an understanding of the fundamental terms used in marketing.
Here is a list of 10 essential terms you need to know as a small business owner.
10 Key Marketing Terms Every Small Business Owner Needs to Know
Branding refers to all the processes that help create a unique business identity.
Effective branding is vital to making your business stand out from competitors in a positive way. Branding elements include your company's name, mission, logo, general theme, tone of voice, etc.
2. Content Marketing
Content marketing revolves around creating information intended to be consumed by an audience.
Good content should offer helpful information in an easy-to-read format, eventually driving more sales.
A lead is an individual or organization reached or engaged by your brand content.
They have shown a level of interest in your brand and are likely to make a purchase. Simply put, your leads are your potential customers.
4. Lead Generation
Lead generation refers to a business's methods or tactics to attract potential customers (leads).
It often involves acquiring these would-be customers' contact and demographic details, learning about the target market, and eventually converting them into buyers.
5. Sales Funnel
The process that guides the leads you have generated from the time they discover your business to when they make a purchase is called the sales funnel.
It is typically made up of several steps in increasing levels of commitment for the lead until the sale is completed. The stages in a sales funnel are not the same for every business. While some use a simple 3-step model, others use a more complicated approach.
6. Buyer Persona
A buyer persona refers to a fictional individual with specific attributes that make them your ideal customer.
Knowing your buyer persona will help you adapt your marketing strategy to generate more leads.
Demographics refer to the specific data or attributes that define your target audience.
Examples of demographics include age, sex, location, occupation, and income.
8. Call to Action (CTA)
A call to action is a prompt that urges readers to make a purchase or carry out some specific activity.
Some examples of CTAs are asking your reader to visit your website or contact customer service. Research shows that a good CTA can increase your conversions by up to 28%.
A testimonial is a positive review by your previous or current customer about your business.
Publishing a customer's statement about your product or service's value to them in your brochure or newsletter will boost your credibility and encourage potential customers.
10. Return on Investment (ROI)
Return on investment is a method of project evaluation.
It measures a business's profit (return) in carrying out a project with the money (investment) spent on that project. ROI can help you determine the most profitable marketing strategy for your business.
With a solid understanding of these fundamental terms, you're on your way to navigating the world of marketing with confidence!
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