If you’ve been putting off Googling definitions of the many marketing automation terms that are currently all over the internet, this blog post is for you.
And if marketing automation is a new subject for you, the vocabulary list below is a great place to begin.
These definitions will help you:
- Better understand marketing automation
- Feel more comfortable when scrolling through your LinkedIn and Twitter feeds, and
- Impress your boss and coworkers.
But, remember — while you need to look like you know your stuff at work, when you meet with us at Lake34, we don’t expect you to be an expert. In fact, we find many of the companies we meet with know little to nothing about marketing automation. It’s our pleasure to help businesses learn more about this powerful approach to revenue-building. Get in touch and we will discuss ways marketing automation can help you overcome your current challenges, stay competitive, and — most important – increase your sales.
BANT: Stands for Budget, Authority, Need, Timeline. These are all basic measures of a lead’s readiness to buy
CRM (Customer Relationship Management): A system that helps businesses manage relationships, data, and so much more
Demand Generation: What we old fogeys (anyone older than 32) like to refer to as a “pull strategy.” That is, using marketing efforts to develop demand or interest in your products or services where it didn’t previously exist
Lead database: A system of recording data on a business’s individual leads, such as demographic information, actions taken, and BANT
Lead management: Making your company more profitable by meaningfully tracking and interacting with leads throughout the buying cycle
Lead nurturing: Establishing relationships with prospects at varying points in the buying cycle, establishing interactions and information exchanges, and achieving sales when the prospect is ready to purchase
Lead scoring: A methodology for determining and ranking a prospect’s readiness to buy
Marketing asset: Any content that can be shared with target audiences to stimulate interest and awareness
Marketing automation: Using technology to streamline the marketing processes involved in converting prospects into sales
Optimized landing page: Frequently testing, measuring the success of, and editing a landing page to ensure it is converting the greatest number of visitors into leads as possible
Revenue cycle: An important update to the old way of looking at the sales cycle, made possible by internet and marketing automation technology. The new revenue cycle begins the second a business interacts with a contact and continues beyond the sale
Stimulus or trigger: A change in a prospect’s data set that causes them to be repositioned on the marketing workflow
Web (or website) monitoring: Tracking behaviors like clicks, form submission, and page visits
Workflow: A path of interactions designed to build relationships and nurture leads. These workflow interactions almost always occur automatically, via the use of marketing automation software, based on demographic info, triggers, and behaviors