15 May

SEO, B2B, SMM and More Digital Marketing Terms You Should Get to Know

With the digital world booming today, your understanding of online marketing strategies can essentially make or break your business ventures. Practically every form of commerce has a corresponding (if not central) online presence nowadays, but the reality is, not all business owners are also digital marketing gurus.

The good news is, you don’t have to be a marketing whiz to operate a successful online presence for your business. Understanding the basics of digital campaigns will help you navigate your way through the web; and it all begins with knowing the lingo.

Digital Marketing Terms

The first step to tackling digital marketing is to learn the terminology behind it. There are a lot of various anagrams and terms out there that can be quite confusing – but they don’t have to be. Once you familiarize yourself with the lingo, you’re well on your way to improving your business’s online presence.

“The better you familiarize yourself, the easier it is to understand and speak discerningly, whether it’s within internal departments or the agency building your website.” – Forbes.com.

Acronyms

There seem to be no shortage of acronyms when it comes to digital marketing terminology. Consider it the shorthand of the day, or the texting lingo of the business world. However, you look at it, acronyms are here to stay, so it’s best to get familiar with them – at least, the most widely used phrases.

Some of the acronyms should be fairly understandable once you learn what they represent. In fact, many of them are just abbreviations of common business terms you likely are already familiar with.

Most Common Acronyms

Here is a look at some of the most common acronyms used in digital marketing today, along with a brief description of their meaning:

  • B2B: Business to Business, or commercial operations
  • B2C: Business to Consumer, or traditional operations
  • SEO: Search Engine Optimization, or knowing how to drive customers to your site
  • SMM: Social Media Marketing, or utilizing Facebook, Twitter, and other social media platforms
  • WOM: Word of Mouth, or advertising via client praise

The Details

Essentially, the bulk of the terms are fairly self-explanatory. If you’re a business owner, chances are you are already familiar with terms like “word of mouth” and know whether your business is focused on B2B or B2C transactions.

However, it goes without saying that the more you know, the better off you are. Especially when it comes to familiarizing yourself with current trends and successful digital marketing tactics.

SEO knowledge, for example, is a highly sought-after commodity in terms of creating a booming virtual business. Why? Well, since the bulk of all internet traffic flows through search engines (such as Google) first, the businesses who rank in the top findings for each search are the ones with the greatest visitors. It doesn’t take a genius to understand that greater website traffic equates to a wider client base.

“Having your online business searched, found and ranked is not only about how you are marketing and messaging to online audiences but also how it is in observance of the latest rules and algorithms.” – Forbes.com.

The More You Know

There are multitudes of acronyms out there when it comes to digital marketing, but don’t let that dissuade you from getting your business out there digitally. These terms are critical parts of running a successful business venture of any kind today. The more you learn, the easier it will be to navigate your online presence.

1 May

Want to Boost Your Profitability? A Look at How to Increase Your ROI

When it comes to running a business, few things concern owners more than achieving a successful return on their investment (ROI). It’s not an issue that disappears after you’ve officially reached a profitable term or a well-developed client and customer base. In fact, it’s a concern that will dictate your business decisions for the duration of your operations.

Whether you’re an established entity with decades of experience or just starting out and toying with the idea of a new business, you’ll be focused on generating ROI. Why? It’s more than simply earning back the basic start-up costs. As you will continually invest in your business, you’ll be continually focused on the ROI of those investments.

What Is ROI?

In order to understand how to maximize your ROI, you must first understand what it is. Most business owners are already familiar with the definition, but a refresher never hurts.

In layman’s terms, your ROI is quite simply, the probability of recouping the costs of your investment, and the potential profitability ratio. According to Business News Daily, “ROI is used to calculate how much of a value an investment is.”

There is a basic formula that is used to determine the ROI of any individual project or business investment. In short, your ROI is calculated by dividing your net profit by the overall cost:

ROI = Net Profit (Profits – Investment) / Cost (Investments, Maintenance)

Boosting Profitability

It goes without saying then, that in order to increase your ROI, you need to increase your net profits – which, let’s be honest, is the whole purpose anyway. The higher your net profits, the higher your ROI and the greater your investment is worth. So how do you go about boosting profitability?

Well, for starters, you need to fully understand the overall costs of any particular venture. Whether it’s advertising, investing in a new product or service, or developing new merchandise lines, using the ROI formula will be your first step in understanding the likelihood of a successful endeavor.

“Understanding the return on investment of any project or marketing campaign helps in identifying what is a successful business practice versus what isn’t.” – BusinessNewsDaily.com.

Tips to Increase Your ROI

Once you are confident you’ve got a successful concept for investment, the next step is to optimize your profitability in order to increase your ROI. Determining what factors will positively impact your ROI isn’t a cut and dry process, as every investment venture has its own unique set of influences. However, there are tips to help increase the ROI of many ventures as a whole:

Electronic Marketing.

It may seem like a given, but electronic communication is a highly efficient method of increasing the ROI of any given investment. Why? Because it cuts the cost of generating hard copy mailers and takes a significantly lower amount of time to complete. It also gives the invaluable insight of digital analytics which allows you to fully grasp which markets are working best for your investment.

Utilize Analytics.

With marketing campaigns focused largely on digital platforms, it makes sense to track their success rates digitally as well. Online analytic programs will take the guessing out of your ROIs by tracking all traffic and success rates for you.

Competitive Pricing.

Another concept that is crucial to the equation is to ensure you maintain competitive pricing. While it may be tempting to stay conservative on pricing options in order to increase your profits, experts say it’s best to remain competitive.

“Consumers view value in different ways and pricing yourself out of competition is going to kill your ROI.” – Chad Reid, Director of Communications for JotForm via Comidor.com.

In-House Efficiency.

Lastly, one of the best ways to increase your ROI is to carefully choose the costs that are incurred on the front end. While you don’t want to skimp on critical pieces or strategic campaigns, there are ways you can minimize costs. Determine what pieces of your investment can be done in-house (successfully), and keep your in-house overhead to a minimum. Co-working office spaces are a great way to do this, as are mobile work stations because they allow ample opportunities to develop your investments at minimal cost. Overall, there are a number of ways to increase your ROI at every step. The key is to fully research your costs and carefully determine the best strategies for each particular venture.