Just like the medical world, the business and marketing world has its jargon, and acronyms that could be very overwhelming, especially for new entrepreneurs. When you’re able to understand the language that many marketing executives use in their daily business, you can make the marketing process quicker, and more natural. Below is a short list of some of the most commonly used acronyms in business marketing.
The B2B acronym is used to describe actions such as selling or marketing from one business, to another. One example of a B2B transaction would be a wholesaler selling their product to an individual retailer.
B2C: Business to Consumer
B2C is one of the most common and traditional acronyms used in business. It describes the standard transactions between a business and a consumer. When a consumer purchases a cell phone package from their mobility carrier, that is a B2C transaction.
BR: Bounce Rate
Bounce Rate or BR is a term that gets used in marketing analytics. It can refer to an email bounce rate which shows emails that don’t send successfully. A high email bounce rate means that there are a lot of outdated or incorrect email addresses on the mailing list. Additionally, bounce rates can also show the amount of traffic that has visited a website, but didn’t click or purchase anything.
CAN-SPAM: Controlling the Assault of Non-Solicited Pornography and Marketing
In 2003, the United States passed a law that prohibits any business from emailing people without their permission. The bill also stated that companies could not send emails without including the option to unsubscribe from the mailing list in the email, and they’re unable to add people to the list without their permission.
CMS: Content Management System
Content Management Systems (CMS) are systems that are designed for the everyday user to be able to update and manage a website. Examples of CMS are Weebly and WordPress.
CPC: Cost Per Click
Most common in the advertising world, CPC is a method that gets used by advertisers who pay when the action gets taken on their advertisement. For example, the advertiser gets charged by the host when the ad is ‘clicked’ on, but not when it’s only viewed.
CPL: Cost Per Lead
CPL is a system that considers various costs when determining how much it costs for a company to get a lead. The charges could include advertising dollars, and web-hosting fees.
CPM: Cost Per Thousand
Cost Per Thousand uses the Roman numeral for thousand in its acronym and is another system that gets used for advertising charging. Usually, advertisers get charged for every 1000 impressions that get made. So unlike CPC, the host gets paid when people see the ad.
CTA: Call to Action
Another common acronym and action in the business world is the call to action. It gets used as a way to draw visitors into customers. CTA’s work in a myriad of ways and can be a hyperlink, a download, subscription letter, coupon, and more.
CTR: Click-Through Rate
Another business analytic acronym is CTR. Click-Through Rate is a number that gets calculated by the number of people that click on a link. CTR’s get commonly used in email marketing campaigns.
HTML: Hyper Text Markup Language
HTML is a standard acronym that gets used by coders who write web pages. It’s the language that makes up content, structure, pictures, text, and more. For example, bolded text on a website would use a specific HTML code to make it bold.
PPC: Pay Per Click
The PPC acronym acts the same way that the CPC acronym operates. Advertisers get charged when their ad gets clicked on, not when it gets viewed.
PR: Page Rank
PR is the acronym for Page Rank, which is an algorithm that was written by Google. It offers a number between zero and ten. The higher the number is, the higher the website’s ranking on Google.
PR: Public Relations
Public Relations is a method of advertising that’s used to draw free attention to the business. It creates exciting or newsworthy events or tactics to gain the interest of the public without seeming like direct sales.
ROI: Return On Investment
ROI or Return On Investment is a term that gets used when calculating how much you’ve earned through your advertising, and then subtracting how much you’ve spent on it. The resulting number is your return on investment.
RSS: Really Simply Syndication
Website publishers and hosts use RSS feeds to sync their content automatically. Subscribers get the updates to the sites that they have subscribed to.
SaaS: Software as A Service
Software as a Service, or SaaS, is software that stores information in the cloud. Some examples include DropBox and Google Apps.
SM: Social Media
SM is the acronym for Social Media, which is a platform that businesses and individuals can use to interact with people all over the world. The platforms are used to post updates, text, images, and more. Examples of Social Media include Twitter, Tumblr, Facebook, Pinterest, and more.
SMM: Social Media Marketing
Social Media Marketing is an add-on to the SM (social media) acronym. Essentially, businesses use the social media platform to make posts that relate to their business and encourage viewers and followers to visit their website or seek out what they’re offering.
There are hundreds of acronyms that get used in business, and the ones listed above are just some of the more common ones. Once you understand what the acronym stands for, and what it gets used for, you’re one step closer to becoming a marketing genius, and one step closer to avoiding a possibly awkward situation by not knowing what it means.
What other business acronyms have you come across? Leave a comment below.