Posts tagged marketing
Let’s be honest. Marketers are obsessed with turning every possible phrase into an acronym. Having said that, sometimes we use these acronyms with only a general idea of what they are about. Let’s take the mystery out of some of the most obscure acronyms in our industry.
Let’s start with an easy one: CPM. That’s cost-per something, right? We use it without even being sure what the M stands for, and we get away with it because most of the people we are talking to don’t know either. The fact is that CPM means cost per thousand. The M stands for “mille,” the Latin word for thousand.
HTML is another one we understand well enough to use without having any idea what the actual letters stand for. If you quizzed most marketers, they would get close. L obviously stands for language. So we basically use this as the language web pages are written in, and leave it at that. The rest means hypertext markup. And don’t confuse this with XML, even though the last two letters mean the same thing. We take the X from the second letter in eXtensible for that one. XML is important because that’s the stuff of RSS feeds. Ah, RSS is another good one!
Unfortunately, the acronym RSS has multiple correct meanings. To avoid confusion, we like to stick with Really Simple Syndication. After all, that’s what RSS actually does. However, when the acronym was first coined, it referred to RDF Site Summary – although you’ll probably never need to know that unless it comes up on the Jeopardy game show.
Now, we get into a meatier acronym. Analytics rule the digital marketing world, and that makes KPI a vital acronym. We treat KPIs like they are the objective, whereas they are actually a metric upon which you base your objectives. KPI stands for Key Performance Indicator. This identifies a metric as one that is vital to business growth. For example, an app developer may establish download count as a KPI. The goal they are striving for is number of downloads, not the KPI.
Yes, we use a lot of these acronyms without knowing what they mean. Sometimes we still get the right idea across, but “close enough” doesn’t count if you are dealing with someone who actually knows all the acronyms, so studying up can avoid a big miscommunication.
|No comments||This entry was posted by EIC Social Media Team on April 27, 2016 at 4:30 pm, and is filed under Marketing Strategies. Follow any responses to this post through RSS 2.0. Responses are currently closed, but you can trackback from your own site.|
Let’s face it: You’re going to have to market products to people that you can’t sympathize with. It’s okay—you have a ridiculous amount of marketing data in front of you that says what every individual group wants, so you can make your product or brand appealing to them. One of things we like to do most is to group customers by age, and then market to them differently based on generational data.
Here’s why that isn’t always a good approach in our modern times. Let’s start by discussing how you decide what year a certain generation ended and another one began: Of course, there are certain major events in history such as wars, assassinations, terrorist attacks and the like that we use to group people and say, “They all experienced this so they all have the same values,” but that isn’t really how the world works anymore.
The Internet and mobile devices have changed the way information spreads, how media is used and what experiences people hold in common. Perhaps that is why if you look at a chart of the years that different generations change (Baby Boomers, Millennials, Generation Y) you’ll notice that different charts use different years. If we can’t even agree on who falls into which generation, how can we viably use that as marketing criteria?
Even if you could get the years that generations change down to an exact science, it still doesn’t change the fact that people are different within a generation as well. Has music changed over the years? Sure. But even within a generation, there are people who prefer different types of music—there were folks in the disco age that liked country music or were still into classical composers. While most people today prefer a beat to their music, some like hip-hop and others prefer more electronic styles like dubstep. You simply can’t define an entire generation’s tastes by the year they wear born; you may as well base your marketing strategy on the Chinese zodiac (note: please don’t).
Finally, don’t forget that even within a generation, there are people in different stages of life. Not every Baby Boomer is retired, and not every Gen Xer has a family. Behavior, rather than age, is a far better focus for marketers in our modern world.
|No comments||This entry was posted by EIC Social Media Team on December 16, 2013 at 7:48 pm, and is filed under Marketing Strategies. Follow any responses to this post through RSS 2.0. You can leave a response or trackback from your own site.|