Your Marketing Term Dictionary
Need a lil’ refresher on the meaning of some of the most common marketing terms you hear all the bloody time? We’ve gotchu. We’ve broken down our top 5 to keep you all up to date.
Funnel
First up we have sales funnel! This term gets thrown around a lot, but let’s explain what actually goes into creating a funnel.
A funnel is the purchase path that a potential customer takes from becoming aware of your brand to purchasing a good or service. Much like an actual funnel, the idea is to get customers to filter though. There are three stages of the funnel: top, middle & bottom.
The top of funnel is where marketers focus on acquiring new customers through building brand awareness. These customers are known as ‘cold customers’, as they haven’t had any interaction with your brand before.
The middle of funnel is where marketers focus on getting customers to re-engage and build up the relationship. These customers are known as ‘warm customers’ as they have heard of your brand or previously interacted with it before.
The bottom of funnel is a marketers last chance to convince a customer to convert (make a purchase)! This is where marketers remind customers how amazing the brand or product they’re interested in is. These customers are known as ‘hot customers’ as they have shopped with the brand before, viewed a product or added it to their cart.
Reach
Nex up we have Reach. Reach refers to the number of unique people that could see your piece of content.
You can use Reach to measure:
- Facebook Ads: Determining if your audience is broad enough (or too broad)
- Instagram/Facebook content: Analysing how many people your content could get in front of (e.g. with hashtags or the time of day you post).
- Blog content: Knowing how much reach a potential topic could have can help make content decisions.
Pixel
Pixels are snippets of code that drop cookies on your website visitors to gather valuable information. They’re super handy for Facebook Advertising!
Here’s how you can use pixels:
- Send highly relevant ads to your website visitors
- Measure campaign performance (track conversions)
- Automatically build audiences based on behaviour (e.g. people who have added to cart but not purchased).
Engagement Rate
Engagement Rate is simply the average number of interactions your social content gains per follower.
So, why exactly is this important?
- You can track how actively involved with your content your audience is and how effective your content is.
- Maintaining an average engagement rate for your brand can help you work out what’s working and what’s not. So you can shift your strategy for the better!
Conversions
Lastly, we have Conversions! Conversions essentially refer to when a website visitor successfully completes a desired goal.
This could be making a purchase, filling out an enquiry form, signing up for your mailing list and so much more.
Any other buzz words that leave you stumped?
Got another term you hear a lot that leaves you scratching your head? Don’t be shy! Slide into our DM’s on Instagram here and we’ll be happy to help.
XOXO
OMD Gals
