10 Marketing Terms You Should Know Before Starting Your Own Online Company
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Before you are ready to make a big difference in the online world of business, you will need to know some of the basic lingo in order to best set yourself up for success. Here are 10 marketing terms to know before starting your own online company.
ROI (or return on investment) is a common term that you will hear thrown around in the marketing world. To put it plainly, ROI is the total number of profit that you receive minus the initial investment you made to make the profit.
2. Sales Funnel
An online sales funnel is a term that is used to describe the steps your customers go through to make a purchase. While designing an online business, the exact steps and process of your sales funnel will be a large part of a successful marketing plan.
3. On-Page & Off-Page SEO
Opening your doors for business is only half of the struggle. The other half is making sure you are visible and easy to find. SEO (or search engine optimization) is how this is done.
Although this topic is a little complex, on-page SEO is the steps you take for optimizing each page on your website to help your rankings on Google. Off-page SEO, on the contrary, are the steps you take off of your website for optimizing your presence of search engines.
When we just brought up off-page SEO, one of the main components of this we failed to mention are backlinks. Backlinks are one of the most powerful tools for ensuring your site’s success on Google and other search engines.
Backlinks are what demonstrate that your site is an authority in a particular niche. In essence, they are much like a citation used in an academic research paper that attributes information to another source.
When you design an online business, the CTA (or call-to-action) should be a careful part of your marketing plan. Typically, a CTA will be in the form of a clickable button or link. However, it can also be done effectively in many other ways!
6. Conversion Rate
Let’s imagine that you have the intention for everybody to visit your site and click on a link to buy a product. When we discuss conversion rates, we are looking at the percentage of people who actually complete your intended task.
7. Drip Campaigns (E-mail Marketing)
One of the most commonly used forms of e-mail marketing is drip campaigns. Have you ever visited a site that asked for your e-mail address? They probably were running a drip campaign.
A drip campaign is a scheduled set of e-mails that automatically send over to your e-mail subscribers. The idea is to slowly introduce your brand, the value of your product or service, and turn interested e-mail subscribers into paying customers.
8. Landing Page
A landing page is often the first place that a potential customer will visit. This is also something that should be carefully crafted in order to ensure high conversion rates and plenty of sales.
Think of your landing page as the place for completely selling your product or service. It needs to be short, effective, engaging, and easy to navigate.
9. A/B Testing
A/B testing is one of the most important marketing terms to know in terms of perfecting your site’s conversion rates. The idea is to create two variations of a specific funnel or landing page and match them up head-to-head.
Over time, you can see how each version of your element performs compared to each other and continue to perfect your digital marketing skills.
10. Funnel Hacking
Once you establish yourself with your online pressence you will naturally start to come across other sites which you want to emulate. Perhaps you like how a certain funnel works, or even something small like the design of a button.
Adapting the ideas of other website sales funnels and applying them to your own as funnel hacking. It is completely safe and legal to do so long as you recreate everything and make it your own work.
Need Some Help With Business Finances?
When it comes to launching an online business, there are lots of different marketing terms to know. As you might imagine, this is only part of the struggle in launching a successful business.
If you need some help on the financial end with things like expense tracking, investment capital, and so on, you might be interested in the startup-based Penta Business account. Check out all the benefits a Penta account will give you today!