Marketing has its own unique set of vocab (not to mention hundreds of acronyms!). Like an Amway consultant chasing diamond status, Marketers are hungry for learning and are passionate about using the latest methodologies to provide competitive advantage.
Assess how ‘across it’ you are by seeing how many of these terms you can accurately describe:
1. Pivot – change direction or course in strategy, plan and product
2. Delta – a void or gap, often between needs and outcomes, or can be used to describe the difference between sales and budget.
3. Unicorn – a mythical magical solution, idea or initiative that will save the day. Often used in the start-up space to describe an angel investor, game changing product, or piece media coverage, that will skyrocket the business. The Fidget spinner is an example of a Unicorn product.
4. Pokémon effect – to leapfrog competitors and gain rapid market share almost overnight.
5. Cohort – a collective; group of stakeholders, customers or community (precursory group prior to segmentation and target).
6. Lens – the view or perspective by which you consider something.
“Take the customer lens on this creative".
7. Optics – the way something looks, or could be viewed.
“The optics on this do not look good”.
8. Tech Stack – the group of systems, programs and technology that make up the technology set for a particular purpose. The Martech Stack refers to the marketing technology and would typically include the CRM, Website, CMS, Email Automation system or MAP and the like.
9. Funnel – The whole market is at top of the funnel. With the application of marketing processes, such as targeting, and promotion, prospects move towards the bottom of the funnel, ideally becoming customers.
10. Ecosystem – all of the elements that make up the customer experience. This includes the front and back end employees, the systems, the servicescape, (retail and/or office space), marketing and advertising, as well as all of the digital properties pertaining to the brand.
11. Social Proof – Digital ‘word of mouth’ recommendations. Think Trip Advisor and Trust Pilot as systems that capture social proof and customer advocacy.
12. Inbound Marketing – a pull rather than push approach to marketing that aims to attract and earn the trust of prospects. It is the process by which brands offer a series of value items, such as downloadable items or a free trial, to connect and engage with their potential customers.
What your score means:
Continual learning is the way in which Marketers stay relevant and achieve competitive advantage for their clients. Todd Sampson’s experiment is one such example (though he’s also climbed Everest unaided so don’t think of yourself as an underachiever by comparison). The Advertising Guru, underwent a radical mind makeover investigating the revolutionary new science of brain plasticity in Redesign my Brain. Known as neuroplasticity, or cortical remapping, it refers to the brain’s ability to adapt as a result of experience. Fascinating stuff for marketing nerds #diamondstatus.
To re-map your thinking, adapt and freshen up your vocab with the latest in Marketing speak join the V|CMO community. No spam, just useful stuff.
*Confession: I may have been binge watching Billions on Netflix at the time of writing.
Vicky Mann, V|CMO Principal, is an old-school generalist Marketer with a passion for strategic frameworks, digital process automation, and data analytics to drive sales outcomes. V|CMO provides freelance marketing services to companies wanting to move forward. Whether you need to do more with less, or are busy boot-strapping your business, V|CMO can help you deliver your business objectives (without the cost of an FTE). Get in touch