Understand Online Marketing Abbreviations
The digital marketing arena can be a confusing place for the newbie accountancy marketer. There is a plethora of important terms for measurements and activities that help you to grow your online presence, but they can be rather confusing to understand. There is of course no harm in asking, but it’s always good to have an expert’s guide to avoid that ‘WTF’ feeling.
Key Performance Indicators – this is a measurement used to evaluate the success of a particular marketing activity. These can be set in accordance with what you deem to be an important success factor in meeting your business’ objectives and as a result, they may differ from business to business. Examples of key performance indicators include monthly sales growth, goal conversions, net profit and traffic growth.
Return on Investment – this is a measurement that is recognised across all types on marketing, not just digital marketing. Investment is how much you have spent on a marketing activity. Your return is what you have got back. The formula to calculate ROI, you divide the return by the cost of the investment. The result is expressed as a percentage or a ratio. Each activity in your digital marketing strategy should have its ROI measured monthly, to understand what’s working best/least.
Conversion Rate Optimisation – conversion rate relates to eCommerce and is a percentage measurement of how many people take an action on your website. This action could be a form completion, a purchase or another desired action that you set. Optimisation is the process of attempting to increase conversion, by making the conversion process more appealing. This could be publishing an offer, improving the user experience and optimising landing pages.
Search Engine Optimisation – this is the practice of optimising your website so that its pages appear naturally in the search engine results pages (SERPs) for a particular user search. These are not paid spots, these are organic rankings for pages that Google deems most relevant to user search. The aim of the web owner is to maximise that content relevance, by making it really good quality and tagging it to get it noticed.
Pay-Per-Click – this is a form of paid advertising, where advertisers pay a fee every time a user clicks on their ads (known as a CPC – cost per click). This model of digital advertising has become increasingly popular, with Google ads becoming one of the most recognised options. PPC can work out costly if you big high on the keywords you want your ads to appear for, but you have control over what you spend and how you want the ads to appear.
Are you looking for digital marketing advice to help grow your accountancy firm? Whitefish Marketing is an established Kent based digital agency. Give our friendly team a call on 01303 720 288.