There’s nothing worse than being part of a conversation when people are name dropping acronyms and terms that you are unsure of. Do you ask what they mean or do you fear it will make you look incapable?
Well, we want you to feel full of confidence when it comes to using Marketo, so if you’re unclear about ABM or A/B testing, or what to know your Tokens from your Revenue Cycle Modeler, then read on!
This handy guide is designed to give you and your team a glossary of relevant terms you will likely come across when using Marketo, meaning you’ll never feel on the back foot.
ABM stands for Account Based Marketing. It simply refers to a Business to Business (B2B, bonus one there!) marketing strategy where marketing and sales teams collaborate to focus on the accounts that they believe will give them the best Return On Investment (ROI, bonus no.2!).
A/B Testing is when you create two slightly different versions of the same thing, for example, a landing page with two different calls to action, show it to two sections of your audience, and see which performs best (which one generates the most conversions, for example).
A Bounce is when an automated email is unable to be delivered, usually because the data for the lead is incorrect. To avoid bounces, ensure you undertake regular and thorough data hygiene, which brings us onto our next term…
Data Hygiene is regularly going through databases, such as email lists, to identify and address “dirty” data, such as duplicated, incomplete or outdated records. Definitely something you should add to your new year to-do list if you haven’t already! Read more about Data Management.
In email marketing, for example, Dynamic Content can be images or text within the email that changes depending on who will receive it- it’s a way to tailor content to the recipient so it strikes a personal chord. For example, a pet food brand might use an image and content relating to dogs if the recipient was a dog owner, and change it to being cat-related if the recipient was a cat owner. Using Dynamic Content helps to ensure messages are more relevant.
The Funnel refers to the journey that customers go on, from initially discovering a business, all the way through to making a purchase. Many refer to the top of the funnel – when a customer initially becomes aware of a business, middle of the funnel – when a customer is interested in a product or service, and bottom of the funnel – when they are ready to invest.
Following on from the Funnel, Lead Nurturing means relationships with customers throughout the entire process. You may nurture a lead by sending them regular tailored email campaigns, creating social media content that will appeal to them, or by getting in touch with them via a sales call. Read more about Lead Nurturing.
Lead Scoring is simply analysing leads to rank them in order of where they are in the funnel or how ready/likely they are to purchase. Read more about Lead Scoring.
Lookalike Audiences are groups of potential leads that share similar attributes, interests and demographics to your current customers. Using lookalike audiences can be an effective way to connect with quality new leads.
Software and tools that blend marketing and technology can be referred to as MarTech (Marketo is an example of MarTech). MarTech’s purpose is to make obtaining business goals quicker and simpler.
Your MarTech Stack is the unique combination of MarTech you use to optimise performance.
This stands for Marketing Qualified Lead and means a lead who has engaged with your marketing efforts, such as regularly visiting the website or signing up to an email list. These leads may be considered as more promising as they have demonstrated genuine interest in your business and what it offers.
A Revenue Model is the strategy a company uses to create revenue – this is usually determined with complex spreadsheets and reports. However, a great feature of the Marketo Engage platform is the Revenue Cycle Modeler, which makes the job quicker and more streamlined.
If you use segments, it means you create groups of leads who share common characteristics, for example, you may have a segment in your master email list for people who opted in to receive emails when they engaged with a particular promotion.
This stands for Sales Qualified Lead, and refers to a lead who is towards the bottom of the funnel and has demonstrated a clear desire to buy.
In Marketo, a token is similar to Dynamic Content – it’s a variable that can be used in emails, landing pages and smart campaigns to generate specific content for the recipient. You may use tokens as a personalised field on a landing page or in an email to make the message more relevant and personal.
You’re probably having a lightbulb moment right now, as you finally know the “real” name for a method or strategy you regularly use.
Bear in mind that using abbreviations and jargon doesn’t necessarily make a marketer better at their job – an individual may be meticulous at regularly going through their database and ensuring all entries are up to date, without knowing that it’s referred to as data hygiene.
Whether you’re a fan of using marketing automation jargon or not, we hope this glossary has been useful and will help you head into 2021 with confidence. If your team could do with further guidance and training on the terms and methods mentioned, read more on Marketo training for teams here.