MARKETING TERMINOLOGIES Definitions of Marketing Terminologies ● Incentivize - To incentivize means to provide a reward or motivation for someone to take a specific action. This can involve offering benefits or prizes to encourage behaviors such as purchasing a product or achieving a goal. ● Content - In marketing, content refers to any material created to communicate a message to an audience. This includes text, images, videos, and other formats that engage consumers and promote a brand or product. ● Engage - To engage in marketing means to interact with an audience in a way that captures their attention and encourages them to participate. This can involve creating conversations, providing valuable information, or fostering community around a brand. ● Audience - The audience in marketing refers to the group of individuals targeted by a marketing campaign. This includes potential customers, existing customers, and any other stakeholders who may influence or be influenced by marketing efforts. ● Campaign - A marketing campaign is a coordinated series of activities and strategies designed to promote a product, service, or brand over a specific period. Campaigns typically include various channels such as social media, email, and traditional advertising. ● Buyers - Buyers are individuals or entities that purchase goods or services. In marketing, understanding the buyer's behavior and preferences is crucial for tailoring strategies to meet their needs. ● Viewers - Viewers refer to individuals who consume content, particularly in the context of visual media such as television, online videos, or advertisements. Marketers analyze viewer demographics and behaviors to optimize content delivery. ● Traditional Marketing - Traditional marketing encompasses conventional methods of advertising and promotion, such as print media, television, radio, and direct mail. It focuses on reaching a broad audience through established channels. ● Non-Traditional Marketing - Non-traditional marketing includes innovative and unconventional strategies that deviate from traditional methods. This can involve digital marketing, guerrilla marketing, social media campaigns, and experiential marketing, often targeting niche audiences with creative approaches. ● Buyer Behavior - The ways a consumer identifies, considers, and chooses products and services. Buyer behavior is often influenced by the consumer's needs, desires, aspirations, inhibitions, role, social and cultural environment. ● Buyer Persona - A semi-fictional representation of your ideal customer based on market research and real data about your existing customers. ● Buying Signal - A communication from a prospect indicating they are ready to make a purchase, either verbal or non-verbal. ● Closed-Won - When a sales rep closes a deal in which the buyer purchases the product or service. ● Closed-Lost - When a sales rep closes a deal in which the buyer does not purchase the product or service. ● Cold Calling - Making unsolicited calls in an attempt to sell products or services. ● Consumer - A person who uses a product or service. ● Cross-Selling - When a sales rep has more than one type of product to offer consumers that could be beneficial, and s/he successfully sells a consumer more than one item either at the time of purchase or later on. An example is when Apple sells you an iPhone and then successfully sells you an Apple iPhone case or a pair of Apple headphones. In this case, a sales rep identifies a need the customer has, and fulfills that need by recommending an additional product. (Cross-selling differs from up-selling.) ● Customer Relationship Management (CRM) - Software that let companies keep track of everything they do with their existing and potential customers ● Lead Qualification - The process of determining whether a potential buyer has certain characteristics that qualify him or her as a lead. These characteristics could be budget, authority, timeline, and so on. ● Loss Leader - Used in retail to refer to a product sold at a low price (either at break-even or at a loss) for the purpose of attracting customers into the store. The goal is for customers who go into the store to buy other items that are priced to make a profit. ● Margin - The difference between a product or service's selling price and the cost of production. ● Mark-Up - The amount added to the cost price of goods to cover overhead and profit. ● Prospecting - The process of searching for and finding potential buyers. ● Social Selling - When sales reps use social media to interact directly with their prospects. They provide value by answering prospects' questions and offering thoughtful content until the prospect is ready to buy. ● Up-Selling- When a sales rep sells an existing customer a higher-end version of the product that customer originally bought. For example, if you bought a cell phone plan and a sales rep successfully persuaded you to upgrade to a plan with more minutes or data, then that's an up-sell. ● Value Proposition - "Value prop" for short. A benefit of a product or company intended to make it more attractive to potential buyers and differentiates it from competitors.