10 Handy Marketing Acronyms You Should Know
When you are navigating the marketing world as a small business owner it can be a bit intimidating. Acronyms get thrown around that you might have passing familiarity with, or can infer their general meaning from the conversation. But maybe you don’t honestly know what they mean.
We’re here to help!
Here are a few of the most common acronyms you’ll encounter when researching marketing programs, trends, and opportunities for your business. Stay tuned for 22 more great acronyms coming soon!
API - Application Programming Interface
Definition: API is a set of functions and procedures that allow the creation of applications that access features and data of an operating system, application or other service.
A Practical Example: There are a number of programs that are built using Facebook’s API, such as external social media scheduling tools that post directly to the platform for you, and site log-ins that allow you to create an account using your existing FB account. These are functions of their ability to work directly through the Facebook API.
B2B - Business to Business
Definition: The exchange of products, services or information between businesses, rather than between businesses and consumers.
A Practical Example: Solutions On 2nd is a B2B model! We market our suite of services to other businesses and brands, not directly to consumers for personal use.
B2C - Business to Consumer
Definition: The process of a business selling products or services directly to consumers, for their own personal use.
A Practical Example: Megan absolutely adores Bath & Body Works hand soaps, and the marketing offers they send her when they have new scents or sales is considered B2C marketing.
CAN-SPAM - Controlling the Assault of Non-Solicited Pornography And Marketing
Definition: You’ve heard it before, but you might not have known what the letters actually meant! The CAN-SPAM Act was first passed in 2003, creating requirements for commercial messages, establishing recipient rights to have you stop emailing them, and spelling out the tough penalties businesses face for violations.
A Practical Example: When you register for your business’s email marketing program they require a physical mailing address, even if you are a service-based organization without a physical address. This is one of the ways the FTC protects consumers from fraudulent email communications. Learn about all the requirements and the present day law here.
CMS - Content Management System
Definition: A CMS manages the creation and modification of digital content, usually supporting multiple users in a collaborative environment and interfacing with website content.
A Practical Example: It is common for local membership-based organizations like Chambers of Commerce and Visitors Bureaus to use CMS platforms to manage individual member listings on their website. This automation service allows them to easily add and remove listings based on current membership status.
CPA - Cost-per-Action
Definition: CPA is an online advertising pricing model designed to only charge the advertiser when a specified action is taken from the ad such as a purchase, a link click or a form submit.
A Practical Example: When your available advertising budget is limited, this allows you to allocate your spend to a specific interaction or lead generation instead of simple ad impressions or reach.
CPC - Cost-per-Click
Definition: Similar to CPA above, the CPC advertising pricing model is designed to charge the advertiser when a viewer clicks on your ad, regardless of whether they complete any actions following the click.
CR - Conversion Rate
Definition: CR is calculated by dividing the total number of specific, successfully completed actions by the total number of site visitors.
A Practical Example: Your goal is to get your website visitors to join your email list. You run an ad to get people to sign up for your next email promotion, and you get 10 new sign ups from 100 visitors to your landing page. That makes your CR 10%!
CRM - Customer Relationship Management
Definition: CRM is a technology solution for managing your company’s relationships and interactions with customers and potential customers.
A Practical Example: CRM allows companies to store all kinds of detailed information about their customers. One example is past purchase data, so they can send targeted offers and promotions to each member in their database that specifically matches their interests and past buying habits.
CTA - Call To Action
Definition: A device designed to prompt an immediate response or purchase.
A Practical Example: Think "Read More" after an article snippet, or a "Call To Reserve" button on a restaurant ad.
CTR - Click-through Rate
Definition: CTR is the ratio of users who click on a specific link to the total number of users who view a page, email or advertisement.
A Practical Example: A valuable metric for ads and in email campaigns, a high CTR is a good indicator that viewers find your content relevant and engaging. Use CTR to determine which topics, ads, audiences and keywords are the most successful for your marketing program.
We’ll share more acronyms next week! If there’s one you’ve always been curious about that we haven’t covered yet, let us know.