Social Capital Wealth Glossary
4-Core Marketing Strategy
The 4-Core marketing strategy is a comprehensive approach that emphasizes four key areas of marketing that every business should engage in as a best practice to create momentum and drive success. By consistently focusing on these four pillars, businesses can establish a strong online presence, build brand awareness, and generate sustainable growth. The 4-Core components include:
Social Media: Utilizing social media platforms to share content, engage with customers, and promote products or services helps to humanize a brand, increase visibility, and foster a sense of community.
Reputation: Managing and maintaining a positive brand reputation is crucial for building trust and credibility with potential customers. This includes monitoring and responding to customer reviews, addressing concerns, and showcasing testimonials or case studies.
Paid Traffic: Investing in paid advertising channels, such as display and retargeting, enables businesses to reach a targeted audience, boost brand exposure, and drive website traffic, resulting in higher conversion rates.
Funnels: Developing well-crafted sales funnels, including landing pages, lead magnets, and email marketing campaigns, helps to guide potential customers through the buyer's journey, ultimately leading to increased conversions and long-term customer relationships.
By implementing the 4-Core marketing strategy, businesses can create a synergistic and holistic approach that maximizes their marketing efforts, leading to increased brand recognition, customer acquisition, and revenue growth.
Social Media: Utilizing social media platforms to share content, engage with customers, and promote products or services helps to humanize a brand, increase visibility, and foster a sense of community.
Reputation: Managing and maintaining a positive brand reputation is crucial for building trust and credibility with potential customers. This includes monitoring and responding to customer reviews, addressing concerns, and showcasing testimonials or case studies.
Paid Traffic: Investing in paid advertising channels, such as display and retargeting, enables businesses to reach a targeted audience, boost brand exposure, and drive website traffic, resulting in higher conversion rates.
Funnels: Developing well-crafted sales funnels, including landing pages, lead magnets, and email marketing campaigns, helps to guide potential customers through the buyer's journey, ultimately leading to increased conversions and long-term customer relationships.
By implementing the 4-Core marketing strategy, businesses can create a synergistic and holistic approach that maximizes their marketing efforts, leading to increased brand recognition, customer acquisition, and revenue growth.
A/B Split Testing
An A/B split test is a controlled experiment comparing two variables by presenting them to a randomly "split" audience over a specific period. As long as the experiment remains controlled and unbiased, A/B split testing is an effective way to determine which marketing tactics yield the best results for your business.
Avatar
Avatar's are semi-fictional representations of your ideal customers, incorporating demographic, psychographic, and behavioral information. These personas delve deeper into the roles and influence of individuals within their companies, focusing on their goals and motivations.
Beta Program
A beta program is a phase in the product development process during which a limited version of the product or service is released to a select group of users for testing and evaluation. Beta programs are typically conducted after the completion of initial internal testing (known as the alpha stage) and before the official launch or release of the product. The main purpose of a beta program is to identify and resolve any remaining bugs, usability issues, or performance problems while gathering valuable user feedback to improve the overall product experience.
Beta testers, often comprising early adopters, loyal customers, or industry experts, provide real-world insights and perspectives that can help businesses refine and enhance their offerings. By conducting a beta program, companies can gain a better understanding of how their product or service will perform in the market, ensuring a smoother and more successful launch.
Beta testers, often comprising early adopters, loyal customers, or industry experts, provide real-world insights and perspectives that can help businesses refine and enhance their offerings. By conducting a beta program, companies can gain a better understanding of how their product or service will perform in the market, ensuring a smoother and more successful launch.
Blogging
Blogging refers to the practice of creating and sharing written content in the form of blog posts on a website or platform. Blogging serves various purposes, such as sharing personal experiences, expressing opinions, or providing valuable information on specific topics. In a business context, blogging can be an essential component of content marketing strategies, helping to drive organic traffic, engage visitors, and generate leads. By regularly publishing informative and engaging blog posts, companies can demonstrate their expertise, establish themselves as industry authorities, and foster relationships with their target audience.
Bottom of the Funnel (BoFu)
The bottom of the funnel signifies the final stage of the buying process, during which buyers have identified a problem, explored possible solutions, and are preparing to make a purchase. In this stage, buyers usually request a free demo or consultation and initiate a conversation with a sales representative.
Brand Awareness
Brand awareness refers to the degree to which consumers can remember and recognize your brand. It consists of two elements: brand recall, which measures the association between a brand name and a product category (e.g., Do customers know Toyota is associated with cars?), and brand recognition, which occurs when consumers identify a brand by its features (e.g., a company's logo or colors).
However, brand awareness goes beyond these components. It also includes the ability of customers to recognize your brand or product as the best solution to their problem.
However, brand awareness goes beyond these components. It also includes the ability of customers to recognize your brand or product as the best solution to their problem.
Brand Positioning
Brand positioning is the process of distinguishing your brand from competitors and establishing a connection between your brand and consumers. It comprises the key attributes and values associated with your company. Brand positioning can be communicated through various methods such as tone of voice, visual design, and how your company presents itself in person and on social media.
BrandSite
A BrandSite is a single-page sales funnel website designed to convey a brand's story through the use of distinct page sections called story blocks. These story blocks are carefully crafted to present various aspects of the brand, such as its mission, values, product offerings, and customer testimonials. By utilizing a visually appealing and cohesive layout, BrandSites aim to engage visitors and guide them through the brand narrative, ultimately leading to a call-to-action (CTA) that encourages conversion. The streamlined structure of a BrandSite makes it easy for users to navigate, understand, and connect with the brand's message, effectively enhancing brand awareness and fostering customer loyalty.
Bundling and Stacking
Bundling and stacking is a marketing strategy that involves combining multiple offers, products, or services together to create an upsell and residual income opportunity from a single sale. This approach encourages customers to purchase a package or bundle of items at a discounted rate, rather than buying each product individually. By offering a perceived higher value, businesses can increase their average transaction value, improve customer satisfaction, and potentially create long-term, recurring revenue streams.
Buyer's Journey
The buyer's journey refers to the path a contact follows when researching and purchasing a product. Beginning with the awareness stage, when buyers realize they have a problem, progressing to the consideration stage, when they evaluate various solutions, and concluding with the decision stage, when they select the most suitable option and make a purchase. The buyer's journey differs from the customer journey, as not every prospective buyer eventually becomes a customer.
Call to Action (CTA)
A Call to Action (CTA) is a marketing term that refers to a prompt or statement designed to encourage a specific response or action from the audience. CTAs are typically used in advertising, sales materials, and online content to guide potential customers towards taking the next step in the buying process or to engage further with the brand. By using compelling language, clear instructions, and visually appealing design elements, CTAs help to convert prospects into leads or customers.
Examples of CTAs include buttons, links, or phrases like "Buy Now," "Sign Up," "Download Our eBook," or "Contact Us." The main goal of a Call to Action is to persuade the audience to take immediate action, driving them further down the sales funnel and ultimately increasing conversions, sales, and overall business growth.
Examples of CTAs include buttons, links, or phrases like "Buy Now," "Sign Up," "Download Our eBook," or "Contact Us." The main goal of a Call to Action is to persuade the audience to take immediate action, driving them further down the sales funnel and ultimately increasing conversions, sales, and overall business growth.
Churn Rate
Churn rate represents a metric used to assess customer retention, particularly important for businesses relying on recurring revenue. It enables companies to determine the number of customers lost within a specific time frame.
To compute churn rate, divide the total customers lost during a period by the initial customer count at the start of that period.
To compute churn rate, divide the total customers lost during a period by the initial customer count at the start of that period.
Content Marketing
Content marketing is a strategic approach focused on creating, publishing, and distributing valuable, relevant, and consistent content to attract and engage a target audience. The goal of content marketing is to build trust, authority, and brand awareness while ultimately driving profitable customer actions. Content marketing can include various formats, such as blog posts, videos, podcasts, infographics, eBooks, and more. By offering informative and engaging content, businesses can nurture leads, establish themselves as thought leaders, and ultimately convert prospects into customers.
Conversion Rate
In essence, the conversion rate is the proportion of individuals who complete a desired action on a specific webpage compared to the total number of visitors to that webpage. The desired action may involve filling out a form on a landing page or clicking a call-to-action (CTA) on a blog post.
Conversion Rate Optimization (CRO)
Drawing from the scientific method, conversion rate optimization (CRO) concentrates on methodically increasing the percentage of website visitors who perform a desired action on a particular page. For instance, they may convert on your site by completing a form or providing information to a chatbot.
By pinpointing key metrics, you can gain a deeper understanding of how customers engage with your site and the actions they take. These metrics enable you to test and determine the most effective strategies for generating leads and converting customers.
By pinpointing key metrics, you can gain a deeper understanding of how customers engage with your site and the actions they take. These metrics enable you to test and determine the most effective strategies for generating leads and converting customers.
Cost Per Acquisition
Customer acquisition cost denotes the expenses involved in converting a potential lead into an actual customer.
Customer Lifetime Value (CLV)
Customer lifetime value represents the projected net profit associated with a customer's future relationship.
Demand Generation
Demand generation involves creating demand for your product or service. More specifically, it refers to the data-driven focus of marketing programs that generate awareness and interest in a company's offerings using technology.
Digital Marketing
Digital marketing refers to any form of promotional communication that seeks to persuade individuals to buy a product or service using a digital device. New Breed categorizes marketing efforts as "digital marketing" when they involve an internet-connected device.
Display Ads
Display ads are a form of online advertising that utilizes visual elements, such as images, graphics, or videos, to promote products or services across various websites and platforms. Unlike text-based search ads, display ads primarily focus on attracting users' attention through appealing visuals and engaging designs. Display advertising can be targeted based on demographics, interests, or browsing behavior, enabling businesses to reach their desired audience more effectively. Display ads are typically charged on a cost-per-impression (CPM) or cost-per-click (CPC) basis, depending on the advertising platform used.
Foot-in-the-Door (FITD)
A foot-in-the-door offer is a marketing tactic designed to encourage prospects to make an initial commitment or small purchase, making them more likely to engage with a brand further and consider larger purchases in the future. This approach is based on the psychological principle of commitment and consistency, where people tend to maintain their behavior in line with their previous actions or decisions. By offering a low-risk, high-value proposition, foot-in-the-door offers help businesses establish a relationship with new customers, showcase the quality of their products or services, and set the stage for future sales and long-term customer loyalty.
Fractional CMO (FCMO)
A Fractional CMO (FCMO) is an experienced marketing professional who offers Chief Marketing Officer (CMO) services to businesses on a part-time, contract, or project basis. This approach allows companies, particularly small-to-medium enterprises (SMEs) or startups, to access high-level marketing expertise and strategic guidance without the financial commitment of hiring a full-time executive. FCMOs typically have extensive industry knowledge and a diverse skill set, enabling them to develop and implement tailored marketing strategies, drive business growth, and optimize ROI.
Flywheel
Introduced in 2018, the flywheel represents a shift in B2B marketing success thinking. It places customers at the center of a business and emphasizes the potential for repeat business through relationship building and customer service engagement. The flywheel illustrates how retaining customers contributes to your company's success.
Growth Marketing
Growth marketing encompasses the development and execution of experiments aimed at optimizing and enhancing outcomes in a specific area. If you have a particular metric you wish to boost, growth marketing is an approach you can employ to achieve this.
Growth marketing can be applied throughout your business, targeting areas referenced in the AAARRR acronym (also known as pirate metrics), which include Awareness, Acquisition, Activation, Revenue, Retention, and Referral. By enhancing these categories of metrics, you can achieve sustained growth.
Growth marketing can be applied throughout your business, targeting areas referenced in the AAARRR acronym (also known as pirate metrics), which include Awareness, Acquisition, Activation, Revenue, Retention, and Referral. By enhancing these categories of metrics, you can achieve sustained growth.
Inbound Marketing
Inbound marketing is a customer-focused approach that aims to attract high-fit customers rather than broadcasting your message indiscriminately. Tactics such as blogging, social media, and SEO draw customers to your company with valuable, relevant content. Inbound strategies continue to benefit your company long after you've invested in them, providing scalable, long-term ROI.
Keyword Research
Keyword research is the process of identifying the search terms your potential site visitors are using online. This step is crucial for ensuring your content appears on search engine results pages. While keyword research is not the sole factor influencing your digital visibility, actively investigating the most effective keywords is essential for driving traffic to your website.
Landing Page
A landing page is a webpage specifically designed for lead generation. By using a form, companies can offer valuable content in exchange for visitor information. Successful landing pages feature well-defined content and clear conversion paths.
Lead Magnet
A lead magnet is a marketing strategy that involves offering valuable content or incentives to potential customers in exchange for their contact information, such as an email address or phone number. By providing high-quality, relevant resources, businesses can entice prospects to willingly share their information, allowing companies to build their email lists, segment their audience, and nurture these leads through targeted marketing campaigns. Examples of lead magnets include eBooks, whitepapers, webinars, checklists, templates, and free trials. The primary goal of a lead magnet is to attract and engage prospects by addressing their pain points or interests, ultimately leading to increased conversions, customer acquisition, and brand loyalty.
Lead Nurturing
Lead nurturing involves educating and building trust with prospects to guide them through the buyer's journey. The ultimate goal is to offer a unique experience that keeps prospects engaged and eventually converts them into customers.
Marketing Automation
Essentially, marketing automation pertains to software engineered to automate marketing activities. Its primary focus is guiding leads through the purchasing journey by delivering tailored content that caters to prospects' requirements when they need it. In other words, it involves providing information based on their behavior, which is more impactful than merely disseminating emails indiscriminately. At Strategic Marketer we used Prospect Rocket for this purpose.
In general, marketing automation software empowers marketers to consolidate multiple tasks, enhance overall productivity, extract valuable insights, and bolster ROI.
In general, marketing automation software empowers marketers to consolidate multiple tasks, enhance overall productivity, extract valuable insights, and bolster ROI.
Marketing Qualified Lead (MQL)
A marketing qualified lead (MQL) is the third of six lifecycle stages in the buyer's journey. MQLs represent the number of converted visitors who are well-suited for your organization. When a company confirms a lead's suitability, the lead becomes an MQL, and the company works to further qualify and nurture the contact down the funnel.
Middle of the Funnel (MoFu)
The middle of the funnel corresponds to the intermediate stage of the buying process. At this point, buyers have recognized their problem and continue to research, but now they examine content, like case studies, that present your business as a potential solution. This stage is also when lead responsibility typically transitions from marketing to sales.
Multi-touch Revenue Attribution
Multi-touch revenue attribution involves organizing, collecting, and cataloging all interactions that occur as an individual decides to make a purchase with your company. This process helps businesses comprehend how their marketing contributes to the company's bottom line, ensuring marketers receive appropriate credit for their efforts.
Net Promoter Score (NPS)
The Net Promoter Score evaluates the likelihood of an individual recommending your company to others on a scale of 1–10. This customer satisfaction metric enables the easy categorization of customers into promoters (9+), passives (7–8), and detractors (0–6) based on their loyalty.
Regular NPS monitoring facilitates the identification of product or service improvement opportunities. NPS and "Net Promoter Score" are registered trademarks of Bain & Company, Inc., Satmetrix Systems, Inc., and Fred Reichheld.
Regular NPS monitoring facilitates the identification of product or service improvement opportunities. NPS and "Net Promoter Score" are registered trademarks of Bain & Company, Inc., Satmetrix Systems, Inc., and Fred Reichheld.
Paid Search
Paid search is the practice of displaying ads on search engines based on the keywords individuals search for. Paid search operates on a pay-per-click basis, meaning you only pay when someone clicks your ad for a specific keyword.
Paid Traffic
Paid traffic refers to the visitors that arrive at your website through paid advertising efforts, such as pay-per-click (PPC) campaigns, sponsored social media posts, or display ads. Unlike organic traffic, which is generated through search engine optimization (SEO) and other non-paid methods, paid traffic allows businesses to target specific audiences and keywords, providing greater control over marketing investments and the ability to measure return on ad spend (ROAS).
Prospect
A prospect is an individual or business that has shown interest in a company's product or service and is a potential customer. Prospects can be identified through various marketing channels, such as social media interactions, email sign-ups, website visits, or event attendance. These potential customers are at the early stages of the buyer's journey, where they may be researching, discovering, or considering different solutions to address their needs or problems.
Remarketing
Remarketing is a marketing strategy that focuses on re-engaging previous customers or prospects who have shown interest in a brand, product, or service. Remarketing involves reaching out to these individuals through various channels, such as email campaigns, personalized offers, or targeted advertisements, to remind them of their past interactions and encourage repeat purchases or conversions. By leveraging customer data and insights, businesses can create tailored remarketing campaigns that address the unique needs, preferences, and behaviors of their target audience. This approach helps to strengthen customer relationships, enhance brand loyalty, and boost overall sales and revenue.
Responsive Design
Responsive design refers to how a website automatically adapts to the screen size from which it is being viewed. This ensures that your website looks great on any device, be it a computer, phone, or tablet, providing an optimal user experience.
Retargeting
Retargeting is a digital marketing strategy that aims to re-engage potential customers who have previously interacted with a brand's website or online content but did not complete a desired action, such as making a purchase or signing up for a newsletter. By using tracking cookies or pixel technology, retargeting enables businesses to display targeted advertisements to these individuals as they browse other websites, social media platforms, or search engines. This approach helps to remind potential customers of the brand, products, or services they have shown interest in, increasing the likelihood of conversion and maximizing return on ad spend.
Return on Ad Spend (ROAS)
Return on Ad Spend, or ROAS, is a metric used to evaluate the effectiveness of advertising campaigns by measuring the revenue generated in relation to the advertising cost. It is calculated by dividing the total revenue generated from ads by the total ad spend. A higher ROAS indicates a more successful campaign, while a lower ROAS suggests that the advertising investment is not generating the desired return. ROAS helps marketers optimize their advertising strategies and allocate budgets more efficiently.
Sales Funnel
A sales funnel is a visual representation of the customer journey, illustrating the various stages that prospects go through as they progress from initial awareness to becoming a paying customer. The funnel metaphor emphasizes that the number of potential customers usually decreases as they move closer to making a purchase, with the widest part of the funnel representing the initial audience and the narrowest part representing the actual customers.
The sales funnel typically consists of several stages, including:
Awareness: Prospects become aware of a company, product, or service, often through marketing efforts, advertising, or word of mouth.
Interest: Prospects begin to research and gather information about the product or service, demonstrating a desire to learn more.
Evaluation: Prospects compare different options and weigh the benefits and drawbacks of each solution.
Decision: Prospects decide on a specific product or service and are ready to make a purchase.
Purchase: Prospects complete the transaction and become customers.
Understanding and optimizing the sales funnel is crucial for businesses looking to improve lead generation, conversion rates, and revenue growth.
The sales funnel typically consists of several stages, including:
Awareness: Prospects become aware of a company, product, or service, often through marketing efforts, advertising, or word of mouth.
Interest: Prospects begin to research and gather information about the product or service, demonstrating a desire to learn more.
Evaluation: Prospects compare different options and weigh the benefits and drawbacks of each solution.
Decision: Prospects decide on a specific product or service and are ready to make a purchase.
Purchase: Prospects complete the transaction and become customers.
Understanding and optimizing the sales funnel is crucial for businesses looking to improve lead generation, conversion rates, and revenue growth.
Sales Qualified Lead (SQL)
A sales qualified lead (SQL) is the fourth of six lifecycle stages in the buyer's journey, following the MQL stage. A lead is considered an SQL when sales and marketing agree that the contact has demonstrated sufficient interest and compatibility to initiate a sales conversation. The SQL stage is crucial and challenging to define, as it marks the marketing-to-sales handoff.
Search Engine Optimization (SEO)
Search engine optimization (SEO) involves positioning your content and website to rank well on and attract traffic from search engine results pages (SERPs). SEO encompasses both on-page SEO, which involves making modifications to your web code and content to improve its ranking, and off-page SEO, which entails reaching out to individuals outside your company to acquire backlinks and traffic from other sources.
Thank You Page
Upon submitting information on a landing page, customers are redirected to a thank you page that expresses gratitude for their submission and suggests potential next steps. Thank you pages play a crucial role in lead nurturing strategies, as they deliver the offers individuals seek and can present other relevant content as the next logical step.
Top of the Funnel (ToFu)
Although the flywheel has emerged, the funnel still symbolizes the conversion of prospects into customers. The top of the funnel denotes the initial stages of the buying process when buyers become aware of an issue and seek further information. By offering valuable content that encourages visitors to take the next desired steps, such as subscribing to a blog or watching a video, you can effectively guide them through the process.
Trust Trigger
A trust trigger, also known as a tripwire, is a low-cost, high-value offer aimed at converting prospects into customers. The primary goal of a trust trigger is to build trust and credibility with potential customers by providing them with a valuable product or service at a minimal cost. Once a prospect makes an initial purchase, they are more likely to engage with the brand further and consider higher-priced offerings. Trust triggers help businesses establish a relationship with new customers, demonstrate the quality of their products or services, and pave the way for future sales and long-term customer loyalty.
