The world of marketing is full of specialized jargon and easily confused abbreviations.

Here, we’ll demystify 26 tricky marketing terms you’re likely to encounter as a small-business owner:

The MVP approach involves testing and iterating a product or service with early adopters to refine it over time.

1. Attribution Model: A system used to determine which marketing channels or touchpoints are responsible for driving conversions or sales, often used to optimize marketing efforts and budget allocation.
2. Brand Awareness: The extent to which consumers recognize and are familiar with a brand, including its name, logo, and overall identity.
3. Brand Positioning:The process of defining a unique market position for a brand, based on factors such as target audience, competition, and unique selling propositions.
4. Buyer Persona: A semi-fictional representation of a brand’s ideal customer, based on demographics, behaviors, interests, and other characteristics.
5. Crowdsourcing: Getting ideas, content, or services from a large group of people. This can help engage customers, gather feedback, and generate content for marketing campaigns.
6. Customer Journey: The series of steps a customer takes from initial awareness of a product or service to eventual purchase and beyond.
7. Customer Lifetime Value (CLV): The total amount of revenue a customer is expected to generate for a business over their entire lifetime as a customer.
8. Demand Generation: The process of generating interest and demand for a product or service, often through marketing and advertising efforts.
9. Earned Media: Positive publicity or media coverage that a brand receives without paying for it, often through public relations efforts or word of mouth.
10. Evoked Set: The set of brands or products that a consumer considers when making a purchasing decision, often influenced by brand awareness, positioning, and marketing efforts.
11. Flywheel: A model of business growth that emphasizes the use of customer momentum to drive growth, rather than relying solely on acquiring new customers. The flywheel approach involves continuously improving the customer experience and increasing customer loyalty to drive growth.
12. Funnel: A model of the customer journey that illustrates the stages a customer goes through from initial awareness to purchase, often used to optimize marketing and sales efforts.
13. Gamification: The use of game design elements in nongame contexts, such as marketing or employee training, to increase engagement and motivation.
14. Influencer Marketing: A marketing strategy that involves partnering with individuals who have a large social media following and using their influence to promote a brand or product to their followers.
15. Infographic: A visual representation of information or data, often used in marketing to make complex information more accessible and engaging.
16. Integrated Marketing: A holistic approach to marketing that involves aligning all aspects of a brand’s marketing efforts, such as advertising, social media, and public relations, to create a cohesive and consistent message.
17. Loyalty Loop: A marketing model that emphasizes the importance of building long-term customer relationships, in which satisfied customers become advocates and help drive new customer acquisition.
18. Marketing Qualified Lead: A potential customer who has shown interest in a company’s offerings through actions like filling out a form or downloading content, indicating a higher likelihood of converting into a paying customer.
19. Minimum Viable Product (MVP): A product or service with enough features to satisfy early customers and gather feedback for development, while minimizing development costs and time to market. The approach involves testing and iterating a product or service with early adopters to refine it over time.
20. Omnichannel Marketing: A marketing strategy that focuses on creating a seamless and integrated customer experience across all channels and touchpoints, including online and offline.
21. Psychographics: The study of personality, values, attitudes, interests, and lifestyles to understand consumer behavior and preferences, often used in marketing to create targeted messaging and campaigns.
22. Public Relations: The practice of managing the spread of information and communication between an organization and its stakeholders, often through media relations, events, and other tactics.
23. Thought Leadership: A marketing strategy that positions a brand or individual as an expert in their industry or field, often through publishing content or speaking engagements.
24. Value Proposition: A statement or message that communicates the unique benefits or value a product or service offers to customers, often used in marketing and advertising to differentiate a brand from its competitors.
25. Word-of-Mouth Marketing: When satisfied customers share information about a product or service with others through personal recommendations and referrals, creating buzz and generating interest.
26. Zone Pricing: A pricing strategy that involves charging different prices for the same product or service based on geographical location, often used to optimize revenue in different markets.

Defining Success

If you’re ready to put your knowledge into action, consult your financial institution.