HiTech Marketing Lexicon

This compilation of terms has been crafted to serve as your essential reference point in the dynamic field of hi-tech marketing. Navigating workplace intricacies requires an understanding of these foundational concepts, strategies, methodologies, and frameworks. We encourage you to delve deep into these topics for a comprehensive grasp.

The landscape of marketing has undergone profound transformations, distinguishing the HiTech marketing paradigm from its classic counterpart. This shift is not merely about the adoption of new business models or the exploration of novel revenue streams; it's about a fundamental change in how organizations operate.

Agile workplaces exemplify this evolution, moving away from traditional, siloed structures towards more dynamic, squad-based collaboration. This approach shortens research cycles, speeds up the journey from product conception to market launch, and fosters an environment ripe for innovation.

Business & Strategy

Leadership Buy-in

Securing executive support for new initiatives.

Change Management

Approaching and managing change within an organization, emphasizing the effective adoption of new technologies or strategies.

Playbook

A document outlining strategies and tactics to achieve specific goals. In business, a playbook can guide marketing campaigns, sales strategies, or project implementation, providing a standardized approach to common challenges.

SMART Goal Framework

A methodology for setting objectives that are: Specific, Measurable, Achievable, Relevant & Time-bound.

B2B (Business to Business)

Refers to businesses that primarily sell products or services to other businesses.

B2C (Business to Consumer)

Refers to businesses that sell products or services directly to consumers.

B2G (Business to Government)

Refers to businesses that primarily sell products or services to government entities.

B2B2C (Business to Business to Consumer)

Refers to businesses that sell products or services to other businesses that sell to consumers.

Product Market Fit

A term popularized by Marc Andreessen, a well-known entrepreneur and venture capitalist, who emphasized that achieving product market fit means being in a good market with a product that can satisfy that market. reaching product market fit is often seen as a critical early stage for startups, after which they can focus on scaling their business knowing that their product aligns well with market demands.

GTM/G2M - Go To Market Strategy

a comprehensive plan that outlines how a company will launch a product to market and achieve maximum customer reach and penetration. It involves determining the target audience, defining the value proposition, and detailing the sales, marketing, and distribution tactics to be used. A GTM strategy is crucial for aligning internal teams and resources around how to attract and retain customers and achieve competitive advantage in the market.

Benchmarking

Comparing business processes and performance metrics to industry standards or best practices.

SWOT Analysis

SWOT analysis is a strategic planning tool used to identify and understand the Strengths, Weaknesses, Opportunities, and Threats related to a business or project. This framework helps organizations in assessing both internal and external factors that could impact their objectives. SWOT analysis is typically presented in a matrix form with each quadrant representing one element of SWOT, providing a clear visual overview for decision-making and strategy development. It is a versatile tool used by organizations across industries to align their strategies more closely with their competitive and operational landscapes.

Growth Hacking

Strategies aimed at rapid growth using creative, low-cost tactics to help acquire and retain customers. These strategies are often experimental in nature and heavily reliant on data analytics, user feedback, and iterative product revisions to maximize efficiency and effectiveness in business growth

Agility

The ability to move quickly and easily in business decisions and product development, responding to market changes.

Lean Startup

A methodology for developing businesses and products that aims to shorten product development cycles.

Pivot

A fundamental change in business strategy or product direction.

Bootstrapping

Starting a business without external capital, relying on personal savings and initial sales revenue.

Roadmap

A strategic document that outlines the vision, direction, priorities, and progress of a project or product over time. It serves as a guide for stakeholders and teams, aligning them with the project’s goals and timelines.

Disruptive Technology

An innovation significantly alters how consumers, industries, or businesses operate.

SaaS (Software as a Service)

A software distribution model in which a third-party provider hosts applications and makes them available to customers over the Internet.

Product Development & Management

Quantitative/Qualitative Research

Explore numerical data analysis and in-depth, contextual understanding.

Primary/Secondary Research

Differentiate between collecting new data and analyzing existing information.

Competitive Analysis, Market Research, User Research

Investigate competitors, market trends, and user behaviors.

TAM, SAM & SOM

Total Addressable Market, Serviceable Available Market, and Serviceable Obtainable Market.

A/B Testing

Comparing web pages, app versions, or campaigns to see which performs better.

MVP (Minimum Viable Product)

Refers to the version of a new product that allows a team to collect the maximum amount of validated learnings about customers with the least effort. It involves the development of a product with sufficient features to attract early adopters and validate a product idea early in the product development cycle. The most pared-down version of a product that can still be released.

Wireframing

A method for designing a website or app at the structural level.

Localizing Product Experience

The process of adapting a product's attributes and functionalities to suit the cultural, linguistic, and other specific requirements of consumers in a particular geographic region. This ensures the product is relevant and accessible to users in different locales.

Product Value

The benefit that a customer perceives to obtain by using a product. It encompasses the solution it provides, the problem it solves, and the overall benefit it offers to the customer.

Use Case

A specific situation in which a product or service could potentially be used. Use cases help in understanding the product’s functionality and its value proposition from the user's perspective.

Case Study

An in-depth analysis of a project, campaign, or company that documents their success or failure and the lessons learned. Case studies are often used as evidence of a product or service's effectiveness.

Time to Market

The duration from the initial conception of a product to its official launch in the market. Minimizing time to market is crucial for companies looking to capitalize on new trends, meet customer demands promptly, and gain a competitive advantage by being first to market with new offerings.

Business Models & Revenue Generation

Business Model Canvas

a strategic management tool used for developing new business models or documenting and analyzing existing ones. This visual chart with elements describing a firm's value proposition, infrastructure, customers, and finances assists firms in aligning their activities by illustrating potential trade-offs in a clear and structured way.

Freemium/Premium Models

A business model where the basic product is provided free, but customers are charged for advanced features.

Subscription-Based Model

A business model where customers pay a recurring price at regular intervals to access a product or service. It's known for creating a predictable, steady revenue stream.

In-App Purchases

Transactions within an application for additional content or features.

Free Trial Period

Limited-time free access to a product or service to evaluate them before committing to a purchase.

Marketing & Sales Support

Sales and Distribution Channels

Pathways through which a company delivers its products or services to its customers. These channels can vary widely depending on the industry, the nature of the product, and the target market, allowing businesses to reach their customer-base effectively and efficiently. The choice of channel impacts not only the sales volume but also the customer experience, pricing strategies, and brand perception and may include: direct to consumer brick & mortar shops or e-commerce websites, indirect sales utilizing third parties like distributors, wholesalers or brokers, online marketplaces, partner channels, affiliate, catalogue and franchising.

Customer Acquisition

The process of gaining new customers.

Segmentation

Dividing a market into distinct groups of customers with common needs, interests, and priorities allowing companies to tailor their marketing efforts. Types of segmentations: demographic (such as age, gender, income, education, and family size), geographic (such as nations, states, regions, cities, or neighborhoods), psychographic (such as lifestyle, personality traits, values, opinions, and interests of consumers), behavioral (such as purchase behavior, brand loyalty, product usage, and response to a product) & UTM.

Personalization

Tailoring a service or product to accommodate specific individuals or segments.

UTM (Urchin Tracking Module)

A simple code that can be attached to any URL to generate Google Analytics data for digital campaigns. It allows marketers to track the effectiveness of online marketing efforts across traffic sources and publishing media. Traffic sources: organic, paid, direct, referral, social media, email marketing.

Brand Positioning

The process of positioning your brand in the minds of your customers.

Reach

The total number of people exposed to a marketing campaign.

Marketing Funnel

A model used to represent the journey potential customers go through from first becoming aware of a brand to making a purchase and beyond. It helps marketers visualize and understand how they can influence consumers at various stages of their decision-making process. The funnel metaphor suggests a gradual narrowing at each stage, representing a decrease in the number of potential customers as they move closer to making a decision. The typical stages are: awareness, Interest, consideration, intent, evaluation, purchase, loyalty & advocacy. Over time, this concept has evolved into more sophisticated models that reflect a more circular journey, acknowledging that customer engagement continues post-purchase, potentially looping back into awareness and consideration for future purchases.

ABM (Account-Based Marketing)

A marketing strategy focusing on individual client accounts.

ABX (Account-Based Experience)

Account-Based Experience (ABX) is a strategy in B2B marketing that focuses on creating a personalized, cohesive, and engaging experience for each targeted account throughout their entire buyer journey. It evolves from Account-Based Marketing (ABM) by integrating sales, marketing, and customer success efforts to ensure a seamless interaction at every touchpoint with the account. This approach prioritizes deep understanding of the customer's business needs, goals, and pain points, enabling tailored interactions that aim to build trust and drive higher conversion rates and customer loyalty.

Field Marketing

A type of marketing in which companies get their products directly in front of potential customers through events, demonstrations, and direct sales opportunities. Field marketing is often used to increase brand awareness and product knowledge in specific geographical areas.

Lead Generation

The initiation of consumer interest or inquiry into products or services of a business.

Demand Generation

Creating interest and awareness in a company's offerings.

Social Media Marketing

The use of social media platforms and websites to promote a product or service.

Inbound Marketing

Attracting customers through relevant and helpful content.

Content Marketing

Creating and distributing valuable content to attract a target audience.

UGC (User-Generated Content)

Content created by product or service users.

USP/UVP (Unique Selling/Value Proposition)

The unique benefit differentiating a product from its competitors.

ICP (Ideal Customer Profile)

A description of a company's perfect customer helping businesses focus their marketing and sales efforts on the type of buyer most likely to purchase and benefit from their solution, enhancing efficiency and effectiveness in targeting.

TOF, MOF, BOF (Top/Middle/Bottom of Funnel)

Stages of the customer's journey in the marketing funnel.

Affiliate Marketing

A marketing arrangement by which an online retailer pays a commission to an external website for traffic or sales generated from its referrals.

Email Marketing

The act of sending a commercial message, typically to a group of people, using email.

Inbound Marketing

A strategy that focuses on attracting customers, or leads, via company-created Internet content, thereby having potential customers come to the company rather than marketers vying for their attention.

Content Marketing

A marketing strategy to attract, engage, and retain an audience by creating and sharing relevant articles, videos, podcasts, and other media.

Native Advertising

A type of online advertising that matches the form and function of the platform upon which it appears.

Omni-channel Marketing

A multichannel approach to sales that provides customers with a seamless shopping experience, whether online from a mobile device, a laptop, or in a brick-and-mortar store.

Customer Experience

User Experience

The overall experience of a person using a product such as a website or computer application, especially in terms of how easy or pleasing it is to use.

UX/UI - User Experience/User Interface.

UX refers to any interaction a user has with a product or service, while UI is specifically about how the product is laid out.

Voice of Customer (VoC)

Capturing customers' preferences, expectations, aversions, and feedback. This insight is crucial for developing products and services that meet customers' needs and enhance customer satisfaction.

Pain Point

Specific problems faced by prospective customers. Identifying and addressing customer pain points is essential for developing compelling messaging and products that meet market needs and drive growth.

Customer Journey

The complete experience a customer has with a brand.

Omni-Channel Experience

A seamless customer experience across all channels.

Customer Journey Mapping

Visualizing the customer's process to achieve a goal.

Persona Development

Creating fictional characters to represent user types.

Friction Point

Any aspect of the product, service, or customer journey that creates difficulty, confusion, or frustration for the customer. Identifying and addressing friction points is essential for improving the user experience and increasing customer satisfaction.

Happy Path

An optimal user journey where everything goes as planned, without encountering any problems or friction. Designing for the happy path involves creating user experiences that are seamless and highly satisfying.

Funnel Analysis

The process of analyzing the steps a customer goes through in the conversion funnel, identifying where users drop off and conversion opportunities.

Jobs to be Done (JTBD)

A framework used to understand the underlying motives and goals of customers when purchasing and using products. It focuses on the "job" or task the customer is trying to accomplish, rather than the product itself, to drive innovation and product development.

Customer Engagement & Success

Engagement

The level of customer interaction and involvement with a product. High engagement is typically a sign of customer satisfaction and can lead to increased customer loyalty and advocacy.

Customer Support

Assistance provided to customers for issues or inquiries.

Customer Success

Ensuring customers achieve their desired outcomes.

Customer-Centric Culture

Prioritizing customer needs and satisfaction.

PLG (Product-Led Growth)

A growth strategy centered around the product.

Customer Feedback

Insights from customers about their experiences.

Closing the Feedback Loop

Acting on customer feedback to improve.

CRM (Customer Relationship Management)

Technology for managing all your company's relationships and interactions with customers and potential customers.

Booking a Demo

An engagement strategy where potential customers are invited to schedule a live demonstration of a product or service. This allows customers to see the product in action and helps companies to directly address questions and highlight key features.

Welcome Surveys

Initial feedback collection from new customers. A tool used immediately after acquisition to gather initial impressions from new customers or users. These insights are pivotal for understanding customer expectations and tailoring the onboarding process.

Activation Stage

The phase where users first find value in a product. A critical phase in the customer journey where new users first experience the core value proposition of a product or service. Successful activation is key to retaining users and encouraging continued engagement.

Touchpoints

Points of interaction in the customer journey. influence the customer's perception of the brand, affect their purchasing decision, and impact their overall customer experience. those may include: Pre-purchase Touchpoints such as advertising social media website, email marketing, content marketing, events, word of mouth. purchase touchpoints: stores, e-commerce platforms, sales representatives, point of sale. Post-purchase touchpoints: customer support, packaging, follow-up communications, loyalty programs, user communities.

Self-Serve Resources

Materials that help customers help themselves. Tools and materials provided to users so they can find answers to their questions or solve problems without direct assistance from customer support. This includes FAQs, knowledge bases, and forums.

Self-Serve Onboarding

Enabling customers to learn and use a product independently, typically through guided tasks, interactive walkthroughs, or educational content.

Metrics & Analytics

Analytics

The discovery, interpretation, and communication of meaningful patterns in data.

CAC (Customer Acquisition Cost)

The cost associated with convincing a customer to buy a product/service, calculated by dividing the total acquisition costs by total new customers.

Conversion Rate

The percentage of visitors who take a desired action.

Digital Marketing

Marketing of products or services using digital technologies on the Internet, including through mobile phone Apps, display advertising, and other digital mediums.

KPI (Key Performance Indicator)

A measurable value demonstrating how effectively a company achieves key business objectives.

PPC (Pay-Per-Click)

A model of internet marketing in which advertisers pay a fee each time one of their ads is clicked.

SEO (Search Engine Optimization)

Optimizing your online content so that a search engine likes to show it as a top result for searches of a specific keyword.

SERP (Search Engine Results Page)

refers to the page displayed by search engines in response to a user's query and contains a list of organic search results and paid advertisements.

ARR/MRR (Annual/Monthly Recurring Revenue)

Key metrics in subscription businesses that predict the income generated by customers over a year or month, respectively.

AOV (Average Order Value)

The average amount spent each time a customer places an order.

User Count

The total number of unique users of a product or service. This metric helps businesses understand the size of their user base.

MAUs (Monthly Active Users)

The number of unique users who engage with a product or service within a 30-day period. It’s a key performance indicator for app developers and websites.

DAUs (Daily Active Users)

The number of unique users who engage with a product or service within a 24-hour period. Comparing DAUs to MAUs can provide insights into user retention and daily engagement.

NPS / CSAT (Net Promoter Score / Customer Satisfaction Score).

Metrics to measure customer satisfaction and loyalty.

academy@g-cmo.com | g-cmo.com