01 Dec Top 5 Digital Marketing Terms You Should Familiarize Yourself With
Regardless as to whether you’re a new business owner who is just starting out, or you’re a long-time business owner who is looking to revamp your online marketing strategy, below are just a few of the digital marketing terms you should be aware of.
Brand awareness: Brand awareness refers to the extent that people can recognize your brand. For example, the Nike swoosh is a universally recognizable logo, and people associate Nike with sports clothing, apparel, equipment, and footwear. If consumers recognize a brand based on its logo (or the brand’s colors), and/or they link the brand with the type of product or service the company sells, the company would have strong brand awareness.
Conversion rate: When it comes to online marketing metrics, your conversation rate is extremely important. Simply stated, your conversion rate refers to the percentage of your customers (or prospects) that take action. For example, if you send out a marketing email, what percentage of your email recipients open the correspondence? Or, if you own an online boutique and your website gets 10,000 hits per month, what percentage of visitors make a purchase? For more information about the average conversation rates for your specific industry, call our office today to speak with an expert.
Customer acquisition: Customer acquisition refers to the process of bringing on new clients or customers. Customer acquisition can be achieved through a variety of methods, such as search engine optimization (SEO), pay-per click (PPC), email marketing, and social media marketing, among others.
Customer acquisition cost: Whereas customer acquisition refers to the process of onboarding new clients, the customer acquisition cost (CAC) refers to the costs associated with converting leads into customers. For example, if you spend $1,000 dollars on an Instagram campaign, where your company advertises it’s services in users’ histories feed, and as a result of that campaign, you gain 200 new customers, your CAC for that campaign would be $5 per customer.
Digital marketing strategist: A digital marketing strategist is a highly trained professional who helps businesses define and execute their online marketing strategy. In addition to helping businesses define their key performance indicators (KPIs), professionals within this field help plan, develop, and implement various online marketing campaigns.
For more information on how refining your online strategy can help your business thrive in 2021 and beyond, call WBN Marketing today to speak with a digital marketing strategist you can trust.