Investing your time to know and understand all the terms is part of the preparation of running a business. Digital Marketing is an umbrella term that covers Search Engine Optimization, PPC, Social Media Marketing, and Email Marketing. In this article, we will talk about the 15 Social Media Marketing terms you will need to know.
1. Key Performance Indicator (KPI)
From the word itself performance indicator, it is a quantifiable measure to evaluate the success of a company’s marketing campaigns and ads. It is an analytic tool used in generating the values of your click-through rate, bounce rate, or engagement rate, and to measure the engagement of the user into any of your marketing action plan.
2. Cost Per Acquisition (CAP)
It is a metric tool used to measure the cost to acquire one customer. To determine the value, divide the total cost of the campaign by the number of conversions. Conversions are synonymous with sales, and it can also be a click, a download, or an install coming from your website. It is a great tool to measure your marketing performance in order to assess whether you need to rework on your campaigns or continue to improve.
3. Lookalike Audiences
Your target market continues to grow, and following your marketing plan can attract new customers. This is how lookalike audiences work. It is built by using an email list of your current customers and advertise your business to the new customers. You can upload the email list on the Facebook ad campaign since it has the biggest number of users, and you can also use other social media platforms.
4. A/B Split Testing
Since SEO is labelled as a competition, it’s better to do A/B split testing to know what ad or campaign has the highest number of conversions. Increasing your online visibility requires effective marketing campaigns to reach your target market and introduce your business to the customers. If you have numerous ad campaigns, launch a split test for your website to identify which has a better rate of visitors and to eliminate the useless ones.
5. Cost Per Impression (CPI)
It is a term used to measure how many times your ads appear on a website or social media whether the users interact with it or not. This is similar to the term “reach” but it measures how many users see the ads. Compared to the impression that measures how many times your ad or contest was displayed to a particular platform.
6. Lead Generation, Lead Magnet, Lead Nurturing
Attracting new customers is a cycle, and you should know these three terms to increase your sales. First is the lead generation. This is to generate leads and web traffic through your campaign ads. Next is the lead magnet. It is a term for a small giveaway, free stuff, or any items from your business to offer to the customers in exchange for their email. It is a strategic move to connect to potential customers and build brand awareness. Once you’ve gathered the potential customers, this is the time to nurture them until they become a certified customer to your business. Lead nurturing is done through sending emails, recalibrating your social media, connecting to the potential customers.
7. Click-Through Rate (CTR)
If CPI measures how many times the users see the ads, CTR shows how many times an ad was clicked. Click-through rate is the percentage of impressions that turn into clicks. To calculate your CTR, take the total number of clicks and divide it by the number of impressions, then convert it to percentage form.
8. Engagement Rate
Social media is a big help in increasing your sales and attracting new customers. Facebook, Pinterest, Twitter, Instagram, and other platforms have many users, and the interaction is 24/7. If you integrate social media in your business then you can measure your engagement rate. It is used to determine the rate of users who interact with your brand. How many comments do you get daily? How many shares did it receive? If your engagement rate is high, then it shows that you have good content. Websites that get higher engagement will be recommended by search engines.
If someone is on your site, but he/she is only viewing the products and not interested to buy one. This is the time you need to use remarketing. It is a digital marketing term used to get gain back potential customers into making them your new buyers. Your ad product will be seen to another website to effectively persuade the potentials customers to buy. This is to build up interest in the potential customers. If you sell various products, you can set up a carousel ad for it to appear on every social media you are synced in.
10. Relevancy Score & Quality Score
The relevancy score is a term used to evaluate how relevant are your campaign ads on Facebook and does it do better than other similar ads. On the other hand, the quality score is through paid search ads, and Google will give a score depending on the quality and effectiveness of the ads.
These two terms are very important because it assesses your performance and determines your scores. The higher the score, the more ads will be shown over your competitors and lesser cost.
11. B2B & B2C
All businesses are in the same market place and have the same location of the target market. One of the best ways to market your business is through business to business and business to customers. B2B is interacting directly with other businesses and, B2C is through your customers.
Talk to an SEO agency to help you choose the best strategy to introduce your business to your target market. It is all about the integration of social media channels in one’s business to effectively penetrate the marketplace, and sell your products or services.
12. Call To Action (CTA)
Call to action is a clear manifestation that you care to your customers by providing them concrete information on what to do, what are the new releases, and what should be done to solve this or that. It can be used as a social media advertisement or email campaigns to attract potential customers and encourage them to visit your website. An effective CTA is concise and direct to the point, and it should be bold and well-formatted to capture the attention of the users.
13. Buyer Persona
A buyer persona is a term that helps you a better understanding of what your potential customers want and need. It includes demographics such as gender, age, and interests. This is a thorough research on the behaviours of your target market, their reasons to buy, and what urges them to purchase from your business.
A buyer persona includes the following:
- What does your buyer think?
- What are their interests?
- What do they need daily?
- Essential background information
- What are their queries every day?
It is important to answer these questions first before deciding your target market to guide you to what products or services are suitable for them. It can be an item, service, or answer to their queries. The image below is an example of making a buyer persona.
It is a snippet code used in Facebook as a tracking tool inserted on your website to help you gather analytic values and data about the movement of your customers on your website. If there’s remarketing, there’s also pixel. It is useful to retarget customers on Facebook and convince them to visit your website again. All you need to do is copy and paste the codes properly to your website.
15. Thank You Page
If you’re an eCommerce business, it is vital to put a thank you note after every purchase made on your website. This is to track your return of investment to assess the quality of your product. However, all websites are highly encouraged to make a thank you note even the users are just visiting the site.