Do you ever talk to a Marketer and feel like they’re speaking an entirely different language?
Marketers love our acronyms, but we sometimes forget that the average person on the other end of the conversation may not understand half of what we’re saying.
Maybe you know the basics, but can’t separate your ToFu (not a food group) from your BoFu. There is no time like today for a quick refresher.
Below is a quick guide to 20 Common Marketing Acronyms:
General Marketing Acronyms
USP = Unique Selling Proposition is the essence of what makes your product/service better than your competitors.
ICP = Ideal Customer Profile is a hypothetical description of the perfect customer for your company’s product/service.
CTA = Call to Action is a prompt designed to inspire the target audience to take a desired action. A few examples: “Click Here” or “Buy Now”.
Market Analysis Acronyms
TAM = Total Addressable Market is the total size of the market for your product/service.
SAM = Serviceable Available Market is the portion of the market you can acquire based on your business model.
SOM = Serviceable Obtainable Market is the percentage of SAM you can realistically capture with your existing resources.
Social and Search Acronyms
SMM = Social Media Marketing is the use of social media platforms to interact with customers to build brands, increase sales, and drive website traffic.
SEO = Search Engine Optimization is the process of improving the quality and quantity of your organic content to drive traffic to your website from search engines.
SEM = Search Engine Marketing includes both organic search and paid advertising to attract traffic to your website from search engines.
Advertising Acronyms
CPC = Cost Per Click is an advertising bidding strategy where you pay for each click on your advertisement.
CLP = Cost Per Lead measures how cost-effective your marketing campaigns are in generating new leads for your business.
CPM = Cost Per Mille (thousand impressions) is the cost you pay for one thousand views of your ad. Is often used to measure the efficiency of your advertising efforts.
ROAS = Return on Ad Spend measures revenue earned for each dollar you spend on advertising.
Content Marketing Acronyms
ToFU = Top of the Funnel. The goal of this content is to raise awareness and educate your target audience.
MoFU = Middle of the Funnel. The goal of this content is to showcase how your service/product is different and build expertise.
BoFU = Bottom of the Funnel. The goal of this content is to encourage a purchase.
Measurement Acronyms
SOV = Share of Voice measures the percentage of brand awareness within a market that is attributed to your brand, company, or product.
SOW = Share of Wallet is the amount of money an existing customer spends regularly with your brand(s) rather than buying from your competitors.
CAC = Customer Acquisition Cost measures how much measures how much you spend to acquire new customers.
LTV = Lifetime Value is an estimate of the average revenue that a customer will generate throughout their lifespan as a customer.
Next time you’re in a meeting with a Marketer, hopefully, you’ll have a better idea of what they’re talking about. And remember, you can always ask them to pause and explain what they mean!