Today I’m going to explain some acronyms that are not the most popular ones but you should know them. I’m not even going to mention CPC, ROI, or SEO. I’m going to show you 15 less-known acronyms and explain them shortly.
Watch the video, or read the transcription below!
AIDA stands for attention or awareness, interest, desire, and action. This model is perfect for you if you create content – not only in the written form.
So first, you need to attract consumer attention in some way. It could be a slogan, a rhetorical question, or a problem that you can solve with your product or service. Next, you need to keep them interested in your product or service with a captivating story or unusual features of your products.
The first stage is to help recipients realize that they need your product and desire it, and later, make them aware what is the desired action you want them to do.
AIDA can be used for your blog content, landing pages, video content, and any content you create.
The second acronym is BANT which stands for Budget, Authority, Need, and Timing, and it’s mostly used in sales, but marketers should know it too. This model helps salespeople qualify the leads and assess what is the probability of closing the deal.
According to BANT, the salesperson should answer these four questions:
- How much is the prospect able to pay for my service or product? Is that price within their budget?
- Am I talking to a person with authority? Can they make decisions in the company?
- Does this person need my product or service?
- How much time will this person need to make a decision? Is it the right time for them to get my product or service?
Answering these four questions can help prioritize and organize the sales process, but it can also be very useful for marketing strategy since we want to reach people who can fulfill these BANT requirements.
3. ToFu, MoFu, and BoFu
Let’s move on to ToFu, MoFu, and BoFu. These three acronyms should be explained together as they are the three parts of the marketing funnel.
ToFu is the top of the funnel, and it’s the biggest group of consumers of your content. This is the stage where you have to make sure that your consumers are aware of your product or service.
MoFu is the middle of the funnel, and it’s a bit smaller group of your recipients. This is the stage where you have to make your consumers interested in your product, give them more information about the service or product you provide, and let them know how this product will answer their needs.
The last stage of the marketing funnel is BoFu, which is the bottom of the funnel. This is the stage where your consumers are deciding on the purchase. The content you provide here should bring them closer to the purchase or sending requests to your website.
While designing a marketing strategy, you should keep in mind every stage of the funnel and create content for each of them. You don’t want people to be stuck in the consideration phase and never move to the next stage.
Another acronym is CAC, which is Customer Acquisition Cost. This is the measurement that tells how much it costs to get one customer for your company. To calculate CAC, you should add all costs of acquiring new customers for the company.
Remember that these are not campaign or marketing costs only. Add sales process costs and the time it took to get this customer on board as well. When you add all of these costs, divide them by the number of customers you acquired and you will get your CAC.
KPI is used not only in marketing. It’s a Key Performance Indicator, and it says how well a given company or a person is performing. For example, a marketing team’s goal can be increasing sales, but the KPI will be the number of sales in a given time.
Very often, KPIs are set monthly, but they aim to reach long-term goals. For example, in marketing, it can be the number of leads, sales, subscriptions to a YouTube channel or newsletter, or traffic to the website.
6. MQLs, SQLs
MQLs are Marketing Qualified Leads, so the leads that you have already in your database. Although they’re not in the sales process right now, they can be in the future. These can be people who read your eBook, downloaded the report you provided, came to a webinar, or subscribed to a newsletter. You should nurture these contacts and send them personalized content to try to move them from the MQL group to the SQL group, which is Sales Qualified Leads.
SQLs are the people who are actually in the selling process already. SQLs can start as MQLs but can be nurtured to become a sales-qualified lead.
The next abbreviation is UGC, which stands for User-Generated Content. This is the content that users generate on your website. This can be comments, reviews, pictures, or videos that users are uploading to your website.
This content is valuable for two reasons. Firstly, it’s trustworthy for other users. For example, if you see a review of a product that is added by another person, you’d trust it more than the information that is given by the company.
Secondly, sales-wise, it’s fresh and new content to your website added without your effort. So just make sure that you are enabling users to add some comments or reviews to your website.
USP stands for Unique Selling Point. It’s something that you should know about your product or service as a marketer.
USP is something that differentiates your product or service from your competition’s offer. It can be either price, high-quality or something completely new in the market. But knowing it is not enough. You should also use it in your communication on your website, your newsletters, or any other place where you are writing content or communicating with your audience.
SERP is a well-known acronym for every person who is working on website visibility online, and it stands for Search Engine Result Page. This is the page displayed after searching for any term in Google.
The marketing goal is to be visible in SERPs as high as possible and to be displayed properly with the right title, meta description, and all the additional elements marked in a schema. By adding these elements and optimizing them, you are increasing click-through rates on your website.
LTV, sometimes known as CLTV, is Lifetime Value or Customer Lifetime Value. This is the measure of a customer’s contribution to your website during the whole relationship.
For example, if you acquired three customers in one month, the CAC, which is Customer Acquisition Cost, will be the same. But let’s say the first customer purchased items for $100, the second one for $1,000, and the third one, not only bought products worth $1,000 but also joined your affiliate program.
It means that the LTV of the third customer is the highest. What should you do with this information? You should analyze that customer’s behavior and try to get more customers like that!
ROPO stands for Research Online, Purchase Offline. It means researching products online but then going to a physical store to make the purchase.
ROPO is an effect that every online store that also has physical stores should take into consideration while calculating conversion rates. Let’s say your website traffic is growing, but your online sales are not. But at the same time, your physical sales are increasing. Then it can be the ROPO effect.
And last but not least, GDD stands for Growth-Driven Design. This is the acronym that lies somewhere in between marketing and developer teams.
This modern, contemporary web design approach allows you to change things on a website if the marketing strategy changes. Traditional approaches assume that you are building the whole website from A to Z, but with GDD, you never stop developing the website.
These 15 marketing acronyms, although less popular, are still important and can help you step up your marketing game!