Across various fields, specialists love throwing acronyms around in their circles. Digital marketers are no different.
Sometimes, we can get so wrapped up in these acronyms that we put everyone else to sleep without realising it! Or that the person listening does not give a damn.
But it’s because these acronyms mean so much to us, and there are so many nuances within the field, that we like to be specific about how we define ourselves to others.
But that’s not why we are gathered here today. Today, we are here to make these acronyms make some damn sense. So let’s not waste any more time. Below are the meanings of 7 digital acronyms explained.
1. CPM
It is also known as cost per thousand CPT. Its commonly used to measure the cost per 1,000 views of an advertisement. If a website publisher charges €1.00 CPM, that means an advertiser must pay €1.00 for every 1,000 impressions of its ad. The “M” in CPM represents the word “mille,” which is Latin for “thousands.”
NB. Cost per thousand (CPM) is the most common method for pricing web ads in digital marketing. This strategy relies on impressions, which is a metric for counting the number of digital views or engagements for a specific ad. “Ad views” is another term for impressions. Advertisers pay a predetermined charge to website owners for every thousand ad impressions. While an impression counts the number of times an ad was displayed on a website, it does not count the number of times an ad was clicked.
2. CRM
It stands for Customer Relationship Management. It includes any strategies, processes and technologies used in managing your business interactions with existing customers and potential customers. This will include sales management, contact management, and more.
The goal of CRM is to improve your business relationships to grow your business and manage customer relationships across the entire customer cycle. Examples of popular CRM software today include Zendesk, Salesforce and Hubspot CRM.
3. CTA
This stands for a call to action and is used to encourage readers to do something specific. CTAs are strongly encouraged to be included in all your marketing content because they help convert leads to paying customers.
CTAs can be a button that says ”Buy Now.”, “Contact us Today”, “Subscribe Here” or “Free Download.” A/B testing helps businesses know which CTAs are most effective to use and attracts more clients.
4. CTR
This is Click-Through Rate. It is the percentage of individuals who click on a specific advertisement that appears on a webpage. It is normally used to measure if your marketing strategy is interesting enough to encourage users to act – and also helps determine if you are using the right keywords successfully. So the higher the click-through rate, the more successful the ad has been in generating interest.
To get the CTR, you will divide the total number of clicks on CTA over the total number of impressions.
5. KPI
This stands for Key Performance Indicator. It is used to measure how a business or company is successfully achieving its set goals. For example, leads, sales growth, website traffic, and campaigns. When setting KPIs, bear in mind that they should be SMART (specific, measurable, achievable, relevant, and time-based ).
To read more about the importance of KPIs, read my blog post on vision boards here.
6. ROI
This stands for Return on Investment. This is used to measure the profit of a campaign or advertisement for a specific period in comparison with the initial cost.
The ROI is a very important figure in a business because it helps you see right away if you are operating at a profit or a loss.
7. SERP
This is the Search Engine Results Page. This means that when a user searches for a query in Google, the response they get is the SERP. For example, let’s say a user types in Google, “crm software” the SERPS will include organic search results, paid Google ads results, and video results as shown below.
Therefore, for your website or business to appear on SERPs, it needs to have a Google My Business page.
