In the fast-paced world of marketing, professionals often rely on acronyms and abbreviations to communicate complex concepts and strategies efficiently. Whether you're a seasoned marketer or just starting your career, mastering these marketing acronyms is essential to staying current and competitive in the industry. In this blog post, we'll explore 16 marketing acronyms and abbreviations that every marketer should know. We'll dive into their meanings and significance to help you better understand and implement these crucial concepts in your marketing efforts. So, let's enhance your marketing vocabulary and boost your expertise with these must-know acronyms and abbreviations!
What are Marketing Acronyms?
Marketing acronyms are abbreviations used to represent common concepts, terms, or methodologies in the field of marketing. These acronyms make it easier for professionals to communicate complex ideas and strategies efficiently. They are commonly used in discussions, presentations, and written materials related to marketing.
Why is It Important to Know Marketing Acronyms?
Knowing marketing acronyms is important for the following reasons:
Effective Communication
Familiarity with these acronyms enables clear and concise communication among marketing professionals, minimizing misunderstandings and streamlining discussions.
Industry Knowledge
Understanding marketing acronyms demonstrates your grasp of key concepts and methodologies, which is essential for staying current and competitive in the field.
Time Efficiency
Using acronyms saves time during conversations and written communication, making it easier to focus on essential points and ideas.
Professionalism
Knowing and using marketing acronyms appropriately shows your expertise and professionalism, potentially leading to increased credibility and career opportunities.
What Are the Most Popular Marketing Acronyms?
Here in the list below, you can find the most popular marketing acronyms that used by professionals:
- CR (Conversion Rate)
- ASO (App Store Optimization)
- SEO (Search Engine Optimization)
- PPC (Pay Per Click)
- CPC (Cost Per Click)
- IR (Install Rate)
- LTV (Lifetime Value)
- CTR (Click-through Rate)
- CPI (Cost Per Impression)
- CPV (Cost Per View)
- CPA (Cost Per Action or Acquisition)
- CPD (Cost Per Download)
- CPI (Cost Per Install)
- CTA (Call to Action)
- SMM (Social Media Marketing)
- UX (User Experience)
CR (Conversion Rate)
One of the most important abbreviations in marketing is CR, which represents “conversion rate.” The CR is the percentage of users who complete a purchase, app download, or another action after initially tapping on an ad.
For instance, advertisers may launch an ad campaign to drive downloads and installs, in which case prospective users would tap on the ad using their mobile devices, which might take them to an app store page where they can download the app. The CR would indicate how many people who clicked through the ad wound up installing the app.
Calculating the CR entails dividing the total number of conversions by the total number of visitors. For instance, if a campaign saw 5,000 visitors and 150 installs, the CR would be .03, or 3%. If your CR is low, you can take steps such as app store optimization (ASO), which may help drive more installs.
ASO (App Store Optimization)
Another key marketing term to know is app store optimization, or ASO. This entails optimizing your app store page to rank well within the Apple App Store, Google Play Apps, and other stores. Additionally, you’ll want good ASO to encourage people to download and install your app.
For optimal ASO, you’ll want to write a strong app description, provide plenty of screenshots, and detail the features included in your app, all of which can help you stand out and drive downloads.
ASO is somewhat similar to another important concept and acronym, SEO.
SEO (Search Engine Optimization)
Search engine optimization (SEO) is a critical marketing acronym to know if you want to be found on search engines. When marketing an app, you will likely have a website to go along with it. If you want that website to appear on Google and other search engines, you need good SEO.
SEO practices involve optimizing webpages with certain keywords that people are likely to search for, along with valuable content that engages readers. With sufficient SEO efforts, your website could supplement pay-per-click advertising to maximize visibility for your app.
PPC (Pay Per Click)
Pay per click (PPC) is an ad campaign term that’s frequently used in marketing. PPC involves advertisers paying a certain commission to publishers for each time a user clicks on an ad. PPC campaigns can help you ensure your app gets seen on search engines like Google, and you can use these ads to advertise on other websites through Google Ads.
CPC (Cost Per Click)
Cost per click, or CPC, is the amount of money an advertiser pays a publisher for every instance a user clicks on PPC ads. The specific amount of money the advertised pays depends on the publisher’s defined formula or a bidding process. For example, a publisher’s formula could account for a number of factors such as keyword competition, product value, and bidding strategies.
IR (Install Rate)
The install rate (IR) indicates how many people downloaded and installed an app after clicking on a PPC ad. You can determine the IR by dividing the number of installs by the number of ad clicks. This means that if an ad received 5,000 clicks and yielded 50 installs, the install rate would be 1%.
LTV (Lifetime Value)
Once a user installs an app, you’ll want to maximize that user’s lifetime value (LTV). The LTV is the total amount of money a user or customer is worth based on their engagement with your brand. Every time the user makes an in-app or other purchase from you, that adds to the customer’s LTV. A high LTV indicates that you’re keeping users consistently satisfied to the point where they’re loyal.
CTR (Click-through Rate)
Click-through rate (CTR) is a metric that can help you measure the success of PPC campaigns. You can figure out the CTR of your campaigns by dividing the number of ad clicks by the number of impressions, i.e. the number of times your ad appears in front of users. So, an ad with 15,000 impressions and 500 total clicks would give you a CTR of 3%. If you’re wondering what a good CTR is, you should shoot for anywhere from 2% to 5% for more competitive industries and 5% or higher for non-competitive industries.
CPI (Cost Per Impression)
In addition to CPC, one of the most integral marketing abbreviations related to cost is CPI, or cost per impression. This is the amount of money that advertisers pay publishers whenever an ad is displayed in front of users. Generally, the price of the CPI is determined by the popularity of the platform used to display the ad, including apps and websites. Because of this, CPI can vary greatly depending on where you want to display your ads. Keep in mind that an impression is different from a view; while a view indicates that a person actually saw the ad once displayed, impressions don’t guarantee this, meaning that you could have a high number of impressions with minimal views.
CPV (Cost Per View)
Cost per view (CPV) is the amount paid to publishers every time a user views an ad. As mentioned, CPV differs from CPI in that a view indicates that users actually saw the ad. Some campaigns may also use a cost per completed view (CPCV) model, which would only charge advertisers when users watch a video ad to completion, without skipping it at any point.
CPA (Cost Per Action or Acquisition)
Cost per action (CPA) is the amount that advertisers pay every time users perform a certain type of action. For instance, users may click, make a purchase, register as new users, or do something else that counts toward CPA. In some cases, CPA may also stand for cost per acquisition, which would charge advertisers every time an app acquires a new user or sees a sale.
CPD (Cost Per Download)
Some campaigns may work with a cost per download (CPD) payment model, in which case advertisers pay every time a user downloads an app. Users often download apps, but they may not wind up installing the app, which would make CPD a relevant model.
CPI (Cost Per Install)
Not to be confused with cost per impression, cost per install (CPI) charges advertisers whenever a user not only downloads but installs an app. Sometimes, advertisers may use both CPD and CPI interchangeably.
CTA (Call to Action)
If you want users to complete an action, the call to action (CTA) is a vital marketing abbreviation to keep in mind. A good CTA will mean the difference between driving sales and other desired actions and deterring users. CTAs could include buttons or links with messaging that encourages users to do everything from download and install an app to complete an order after abandoning their shopping cart.
SMM (Social Media Marketing)
SMM, or social media marketing, is also important for marketing. Using social media ads and posts, you can promote your app on Facebook, Twitter, and other platforms where users spend a lot of their time. This will enable you to reach more prospective users, including many using mobile social media apps, making it convenient for them to tap on an ad that takes them right to your app store page.
UX (User Experience)
User experience (UX) is another key consideration for marketing. Apps and websites should be easy to navigate and aesthetically appealing to keep users engaged. A poor UX will lead to decreased engagement, which translates to lower conversion rates, sales, and other actions. If you want your app to succeed, app UX is everything.
Incorporate These Acronyms and Abbreviations in Marketing Campaigns
These and other abbreviations are important to keep in mind as you develop and optimize your marketing campaigns. From CPC and CR to UX and SMM, take all of these factors into consideration in a complete strategy. Through successful optimization and monitoring of your campaigns’ success, you’ll have the chance to attract and retain loyal users.
One of the best tools to help you get the best results with your app is a stories feature. Using stories, you can use push notifications, onboard users, and develop a uniquely personalized in-app experience that truly speaks to your users. Storyly can help you implement stories that connect with users and help your app stand out. To learn more about our capabilities and get started on integration, contact us today.
