Regardless as to whether you’re a new business owner who is about to launch a brand, or you’re a long-time business owner interested in updating your digital marketing strategy, below are just a few of the online marketing terms you should familiarize yourself with before the new year.
Brand awareness: Simply stated, brand awareness helps companies gauge how familiar users are with their brand. For example, whereas the Nike swoosh is universally recognized, the logo of the baker on the corner of 5th and Main Street likely isn’t known by people outside of the city. When consumers recognize a brand, immediately, based on its colors (i.e., the blue and green scheme used by the Seattle Seahawks), the organization has strong brand awareness.
Conversion rate: You may know how many people click on one of your social media ads, but are you keeping tabs on how many of those click throughs result in some sort of action? Do you know how many visitors to your website schedule appointments, fill out a contact form, or make a purchase? Simply stated, your conversion rate is an important part of your digital marketing metrics. If you have additional questions about how to gauge how successful a digital marketing campaign is, or the steps you can take to improve a campaign’s conversion rate, call our office today to speak with an expert.
Client/Customer acquisition: Client acquisition refers to any and all steps you take to obtain new customers. Examples of customer acquisition methods include online contests / giveaways, email marketing, content marketing, search engine optimization (SEO), and pay-per-click (PPC) advertising efforts, among others.
Client acquisition cost: New clients don’t generally fall out of trees- and instead, brands must make a proactive effort in marketing themselves to new customers. Consequently, your client acquisition cost refers to the amount of money it takes for your business to gain new customers. For example, let’s say you spend $2,000 on a TikTok campaign and at the end of the campaign, you’ve learned you’ve gained 400 new customers. When you divide $2000 by 400, you’ll find your customer acquisition cost was $5 per client.
Are you interested in learning more about how partnering with an experienced online marketing strategist can help you increase your conversion rate, improve your brand awareness, and reduce your client acquisition cost? For more information about how hiring a digital marketing firm can help you grow your business in 2023, call our office today to speak with an expert.