It's a well known fact that most entrepreneurs today are coming out of foreign industries, from professions like engineering, trades, education and the like. Because of this, it's not a surprise when new entrepreneurs find themselves lost among a sea of business lingo when networking with other companies. With this quick guide, we'll get you on top of your industry lingo in no time.
CMS strands for content management systems. This is often an online app or software where you can edit company content like your website, blogs and podcasts. The most popular type of this is WordPress.
CRM is an abbreviation for Customer Relationship Management - software that organize and manage client and customer information. These software put important information and notes on clients in a mutual space where all members of a company can access it. The goal of this software is to help maintain relationships with both ongoing and potential customers.
KPI stands for Key Performance Indicators. These are targeted metrics used to measure success of business goals and objectives. This could be something social media engagement, or prospect to lead conversions.
PPC stands for Pay Per Click , and refers to search engine ads. Pay Per Click means that the company whose ad is displayed in the top of a search engine will pay a certain price every time a browser clicks on their link.
ROI stands for Return on Investment. This is a metric for determining the overall performance of a business by dividing the company's net profits by it's net worth. Essentially, how much surplus are you making in return for all the money you've invested into operations, costs etc.
SEO refers to Search Engine Optimization - a method of enhancing a website to be better found on search engines like google. This is done by using proper HTML formatting, keywords and link building to build site authority and credibility.
The STP model Stands for Segmentation, Targeting and Positioning. This process describes the cycle of breaking up your market into desirable segments, choosing profitable segments to target and positioning your brand to appeal and entice these customers.
The SWOT analysis refers to finding Strengths, Weaknesses, Opportunities ad Threats. This popular model can be used by almost anyone, however, businesses use this to identify their market strengths and weaknesses against their competitors in order to determine how to modify their offerings.
UI refers to the User Interface, or the interactivity, navigation and aesthetics of a website. This is an important abbreviation for start-ups, as you'll want to consider these features when building a brand website.
UX stands for User Experience. While a similar concept to UI, UX refers more to the overall feeling, experience and usability of a website. This is another important feature to consider when creating a new website.
Hopefully this guide will give you an edge and keep you in the know at your next industry event. For more information on common business/branding terms, visit our ABC's of Branding series on our blog!