The Popular Marketing Terms that an Entrepreneur must Know – Part 2

Be it a business that is into building and construction or an online service provider, every business owner need to have a brief idea about the mainstream marketing terminologies. They not only help you to communicate with your associates but also help you to keep abreast with the ongoing marketing strategies. In our previous article we have discussed a few marketing terms are going viral these days. We will continue with a few more in this post.

1. Branded entertainment: This is the same old concept of sponsorships in a new package. The idea of integrating products into various entertainment venues is quite an old idea and can be traced back to the early days of radio and television. But these days, such sponsorships helps you create a brand image. It is a vital component if any business and the concept nowadays has been extended to sponsoring an entire event. Those who have enough funds for such sponsorships can try it as a part of marketing strategies.

2. Buzz: In simple English it mean chatter. In business, this chatter can often act as the determining factor of a successful marketing campaign. It is a part of word-of-mouth promotions and is an important component of viral marketing. If you can create a high level of chatter or buzz around your products, you can surely create a potential opportunity for your products.

3. Cooperative Advertising: You have always heard that advertising is all about competition, to prove “you are the best”. But this is the age of cooperative advertising, where the costs of the advertisement are divided between manufacturers, wholesalers, retailers and other parties. With this sort of advertising you can encourage and involve all the parties who are associated with your business to advertise the products. It is an ideal option for those who have franchised their business.

4. DAGMAR: It stands for Defining Advertising Goals for Measured Advertising Results. As the name suggests, this process helps you to establish goals for your advertising campaigns so that you can determine whether or not the campaign was good enough to meet the target. It is quite a tough job to determine the success of an advertisement. For example, you own a cosmetic and personal care product company and start an ad campaign and thought it will boost the sales of your fairness products. Surprisingly, you found the sales of your anti-tan products have grown up after the campaign was launched, but the sales of the fairness products are hardly affected. Will you call it a successful ad campaign? According to DAGMAR no, as it failed to provide the goals.

5. Data mining: It is one of the hottest topics these days. This is an analytical process that helps one to find out new and useful information from existing data. These information are used in various ways. They help you to determine which ad campaigns are most effective and which are least so that you can modify them accordingly. Data mining can also help you to identify you target customers who might be interested in your products and services.