New Marketing & Advertising Terminology
Introduction
Traditional marketing concepts have always been unidimensional and they focused on gaining maximum profits without considering customer satisfaction. It used old marketing concepts based on push marketing. Some of the most commonly used traditional marketing strategies are, TV and Radio ads, billboards and signage, flyers and brochures, tele marketing and business cards
New marketing & advertising methods are multi-dimensional and are based on pull marketing. They are designed around customer satisfaction, along with profits, planning, after-sale services, and many other variables depending on the nature of the business. Commonly used new-age marketing and advertising mediums used are internet ads, email marketing, e-commerce websites and social media. (https://www.geeksforgeeks.org/difference-between-traditional-marketing-concept-and-modern-marketing-concept/ Satyabrata_Jena, 2022)
Main body
In the beginning, social media was used for communication with family & friends. Staying updated on events in your circle, even making and meeting new friends. People would create profiles with information about their likes, dislikes, location, political and social point of view, and marital and job status. This information was very useful for marketing purposes. With the gain of the popularity of social media and the ease of accessibility of the internet more and more people joined from around the globe. This abundant consumer base and the information they were giving away attached the attention of businesses. As social media gained popularity its purpose started to shift from, only a medium of communication to a major plate form for business and this changes the landscape of marketing.
Social media marketing is the practice of identifying the potential audience and pitching specific material to them such as pictures, videos, audio, or animation. It is important for businesses that the marketing materials are tailor-made for their audience and uses the right platform at the right time. For this, they must know where the majority of their audience is spending time on the internet. In this way, digital marketing help businesses reach a much larger audience than conventional advertisement and target audience that are much more likely to buy your products or services. This enables a business to monitor their marketing strategies in real-time and makes changes to them accordingly. It provides you with instant feedback about your product or services rather than waiting for an extended period in case of something is abnormal, which could damage the brand image. Most importantly it’s very cost-effective and easy to manage from the comfort of your home. Some of the most commonly used terminologies in marketing and advertising are: (DesignRush, 2022)
Conversion rates:
A conversion rate is a percentage of the required action taken by a consumer or a potential consumer against a marketing pitch. This action could be a step towards making a final perchance or making the final perchance. This step could be opening an email, signing up for a program, visiting a website, or providing your information for future use. Conversion rates help businesses determine in percentage, which of their strategies are performing better on an individual platform so strategies can be changed or more focus could be placed on alternative platforms. (Zomaya, 2022)
Customer lifetime value:
This term refers to the amount of revenue a single consumer generates for your business. This means a single consumer buys your product multiple times. This is a good indicator of how satisfied consumers are with the products or services you are providing. (Zomaya, 2022)
Customer acquisition/ Customer acquisition Cost:
As the sole purpose of digital marketing is to acquire and retain consumers the term customer acquisition refers to all the recourses, sales, marketing, or expenditure involved to obtain consumers. Customer acquisition Cost is the total amount spent on acquiring a single consumer. (Zomaya, 2022)
Search engine optimization/ Search engine marketing:
These are one of the most commonly used terms in the marketing and advertisement world. Search engine optimization is a way to get maximum traffic to your website or page using the most commonly used words or phrases in your product description. It is important to note that search engine optimization is unpaid. Whereas search engine marketing is a combination of paid search plus description optimization (https://www.bluehost.com/blog/types-of-digital-marketing-and-how-digital-marketing-works/?irpid=101&clickid=P61C101S570N0B5578A2D4499E0000V138&gclid=Cj0KCQiA45qdBhD-ARIsAOHbVdHjI-roBsAxgnLXdL8fTvlKXCw910QqY9yGz6VDm31yHbixN9Tsm0oaAskHEALw_wcB&gclsrc=aw.ds Thomas, 2021)
Click-through rate /Cost per click:
It is a term used for the number of clicks a campaign attracts. A higher number of clicks means the campaign is successful or well-received by the audience and has the potential to generate the required result. Cost per click is refed to as the cost that is paid for each click in a search campaign. (https://www.bluehost.com/blog/types-of-digital-marketing-and-how-digital-marketing-works/?irpid=101&clickid=P61C101S570N0B5578A2D4499E0000V138&gclid=Cj0KCQiA45qdBhD-ARIsAOHbVdHjI-roBsAxgnLXdL8fTvlKXCw910QqY9yGz6VDm31yHbixN9Tsm0oaAskHEALw_wcB&gclsrc=aw.ds Thomas, 2021)
Content management system:
It makes the process of building a website and posting content easier. Everything from content administration to SEO to user management may be improved with the aid of CMS software, such as the widely used WordPress platform. There are many types of software available, some are free while others are paid and specifically designed for consumer use.
Marketing Analytics:
Digital marketing and marketing analytics work together seamlessly. The measurement of marketing effectiveness is done using marketing analytics, often known as digital marketing analytics. Marketing analytics may provide insights that make upcoming campaigns more successful using the data that marketers can get from social media, web forms, and other sources.
Return on investment:
The likelihood of return on the investment that a business has made is known as return on investment. There are many indicators to show if the business is going in the right direction ROI is one of the most important as it shows you where a business must be standing financially in a defined period.
Conclusion
Digital marketing gives everyone a playing field which means you can compete with the biggest brands that are out there and you have the chance to give them tough competition, which in the real world would be impossible for a small business. It's crucial to start interacting with your audience as soon as you can. There are about 4,70 billion users of social media (GLOBAL SOCIAL MEDIA STATISTICS, 2022) around the world and they are spending about 2.5 hours every day on social media, this number is increasing every day. Digital marking provides a great opportunity for job creation for many talented people like painters, photographers, musicians, animators, and content writers. Digital marketing not only increases revenues for your business but helps other small businesses to grow with you. New marketing and advertisement methods keep on evolving but they are here to stay for good.
References
DesignRush. (2022, august 31). Retrieved from DesignRush: https://www.designrush.com/agency/ad-agencies/trends/benefits-of-advertising
GLOBAL SOCIAL MEDIA STATISTICS. (2022, OCTOBER). Retrieved from https://datareportal.com/social-media-users#:~:text=Analysis%20from%20Kepios%20shows%20that,of%20the%20total%20global%20population.
Satyabrata_Jena. (2022, august 04). Retrieved from https://www.geeksforgeeks.org/: https://www.geeksforgeeks.org/difference-between-traditional-marketing-concept-and-modern-marketing-concept/
Thomas, M. (2021, april 21). Retrieved from https://www.bluehost.com/: https://www.bluehost.com/blog/types-of-digital-marketing-and-how-digital-marketing-works/?irpid=101&clickid=P61C101S570N0B5578A2D4499E0000V138&gclid=Cj0KCQiA45qdBhD-ARIsAOHbVdHjI-roBsAxgnLXdL8fTvlKXCw910QqY9yGz6VDm31yHbixN9Tsm0oaAskHEALw_wcB&gclsrc=aw.ds
Zomaya, D. (2022, august 5). www.fool.com. Retrieved from https://www.fool.com/the-ascent/small-business/email-marketing/articles/digital-marketing-terms/
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