A massive list of abbreviations and words flood the marketing sector. Whether a professional or starting, these words seem Greek and Latin to many; however, learning these acronyms and their uses in marketing can help you grab the elusive promotion and hike.
Understanding the industry jargon can be challenging if you are not part of this field. It can seem like you are reading a different language altogether. However, do not lose your head overthinking these latest buzzwords. The goal is to understand the analytic terms that support these modern marketing solutions.
This article is to help you understand the common marketing analytics terms so that you can face your marketing team, or your job, with no worries. Or to make things understandable while dealing with marketing data. Remember to bookmark this page the next time you dig into your analytics. This might save you time.
The advertising agency staff should know all the top data analytics terms. This article can save your time and help create precise marketing reports.
It’s the average number of visitors and pageviews the website experiences in 90 days. You can see how your website traffic stacks up against the competition.
Automation is an application that keeps a check on human inputs. It’s used for business processes, IT, and in private spaces. Simply put, it limits human involvement.
Attribution is to nail down the channels and the messages, in other words, touchpoints, that generate leads and conversions and, in turn, profits for your business.
E.g., One could put an attribution report to track people who have read the blog posts and signed up for a free trial. Thus, allowing us to learn whether the blog post helped in converting into customers.
It’s all about tracking user behavior. And this might include what kind of things the user previously bought from you, their browsing pattern, any purchase made through apps, and so on. This kind of data helps marketers come up with insider information about the user. By and large, the advantage of such data is that it helps marketers interact and engage with users on a one-to-one basis.
The number of visitors who came to your website but left within a few seconds means “bounce rate.” Marketers seek to reduce their bounce rate to keep the visitors longer on your website. Maybe, increase conversions.
The churn rate is the number of clients not wanting to do business with you. Depending on your business strategy, there are different approaches to calculating churn.
If a customer joins a SaaS company with a one-year membership and later cancels, they are added to the churn rate of that company. The goal is to keep your turnover rate as low as possible.
The conversion rate gets calculated when users do a specific action you want them to take. The conversion rate means unique visitors who became your paying customers.
But, these conversions may also refer to the number of users who sign up for a free trial. They may also buy something or click on an advertisement. You can track and adjust the conversion rate per your goals to provide the best user experience.
Cookies let marketers map visitors’ paths after they arrive at your website. When a person visits a website, a cookie is a tiny file left on their browser or computer. It helps websites follow user activity while they are on the site. It helps retarget visitors while they are on other websites.
Direct traffic means the users arrive at your website by searching your website name in their browser. Or by using a bookmark, they have stored.
The phrase “engagement rate” refers to the degree to which a visitor is “engaged” with your brand. There are several ways to compute this. For example, a visitor who visited your website and browsed some pages stayed on the page for a while. The user might have shared one of your social media posts. This would bring a higher engagement rate than someone who only visited your website once.
A user’s journey through your brand’s funnel describes users’ actions. Marketers can spot chances to improve the conversion procedure by keeping track.
For instance, an online store may notice that most customers leave during the checkout stage of their funnel. Or they may make adjustments depending on the data available to the users.
When a user views an ad, that creates an impression, it’s a common concept in Facebook and Twitter advertising. In reality, an impression happens every time a user looks at an ad before opening an app or website. These are the instances in which your Tweet might appear in users’ Twitter feeds.
You should be aware that not everyone who receives a tweet in their stream will see it. So, you should consider the exposure, which shows the potential reach of your content. For instance, 200 Twitter users viewing a post could result in 200 impressions.
Labels enable marketers to save priceless consumer segments. Marketers may refer to specific segments by labels. They can also set criteria for consumers to get added per their needs.
A label can develop for customers, like “Risk of Leaving,” who are about to withdraw their subscriptions.
If you worked for your marketing automation, you are familiar with the term Lead Score. The lead’s behavior and precise fit with your business determine lead scoring. E.g., a visitor who has read a blog, attended an event, and asked for a demo will have a higher lead score than other visitors.
“Omnichannel” means using various channels of an organization to offer consistent customer experience across them.
For example, if a buyer is looking to buy your product, their buying experience should be the same whether they are using a tablet, smartphone, desktop, or in-store.
Personally Identifiable Information (PII)
To be clear, PII refers to any user information to separate one person from another. Standard PII identifiers include phone numbers, emails, social security numbers, and mailing addresses.
A standard URL with a token or UTM parameter attached is a tracking URL. Marketing professionals can identify the source of specific traffic by using tracking URLs.
A unique visitor is anyone who has visited your website. A cookie is accepted by the visitors on their browser or device, and their IP address is used to track the visitor. A visitor who deletes the cookies and accesses your website using a new browser will get scored as two. Visitors are only counted as one unique visit if they return to your site using the same browser and device.
UTM parameters, often called UTM codes or UTM tags, are source descriptors attached to a URL’s end. These tags allow advertisers to pinpoint the source of website traffic. And link activity on particular channels to financial outcomes.
Using a UTM tag, you can add:
- Origin (i.e., Twitter).
- Medium (i.e., email).
- Content (i.e., “Why Marketing is Awesome”).
- Keyword associated with that campaign for clear attribution.
- You might be able to tell that a visitor got to your site from Twitter without a UTM tag. But you wouldn’t know which article or campaign generated that traffic.
Dissection of data to derive insights is not easy. This is where Taxonomy helps. It is a method of putting data together into various categories and filtering them. For instance, using WordPress to measure blog post engagement, use filters such as comments, searches, article views, and blog subscriptions.
Touchpoints are all a user encounters with your company on their way to a conversion. By measuring various touchpoints a user makes along the route to conversion, marketers can arrive at the important ones. Plus figure out the number required to convert visitors into paying customers. It could also be your quick email answer during a live chat exchange with a user.
In its most basic definition, a referrer is any source that directs a new visitor to your website. They may come in these forms:
- Social media updates
- Quora queries
- Links attached to photos
- Blog entries
Give a pat on your back if you have read through this list. You are well on your way to becoming an authority in data-driven marketing.
While the meanings of many of these terms may vary based on how your organization uses data analysis. Even so, you must know how marketers talk and use data to help you turn your data insight into proactive action.