Marketing, specifically digital marketing is an ever evolving realm with new strategies and ideas the are continually tested and refined. 5 years ago Instagram wasn't on anyone's radar as a marketing too, hell it didn't even exist. As quickly has marketing has changed in the last 5 to 10 years it has become increasingly hard to keep up on trends and even marketing lingo. Do you know what a SERP is? How about "evergreen content" or "KPI"? These words might not mean anything to you, but if you are managing marketing campaigns for your credit union, they should. We've put together a list of 15 credit union marketing buzz words that you need to know.
A lead is a person who has found your credit union either online or in person and is somewhat interested in the services you offer or becoming a member. This person may have heard about the benefits of working with a credit union over a bank, or they may have gotten a good recommendation from a friend about an auto loan.
Generating leads is the lifeline to all businesses. Leads need to fill a businesses pipeline to eventually be converted to customers. There are a variety of ways to capture leads through personal communication, mass marketing, and especially through your website.
User Experience (UX)
This is the experience a customer goes through with your business. It could be the entire engagement from finding your credit union all the way through becoming a member and daily interactions. From a marketing standpoint this phase is often used in regards to the customer's experience on your website. Making sure your website is up to date is important.
Hashtags are a way for social media users to connect around a certain topic or keyword. A hashtag uses the '#' symbol before a word of phrase with no spaces, #optoutside. Translation: I enjoy spending time in the outdoors and I like to post on social media about it. People who use a hashtag can be found by clicking on the hashtag or by searching for specific hashtags. Both of these will bring all posts using that hashtag into a single stream where you can engage with others who share your interest.
Key Performance Indicator (KPI)
This is a way to measure a specific activity, usually a marketing activity, against a goal. KPIs are used to to track progress toward that goal and are continually evaluated to help determine how your marketing and business are performing. Here are a couple ideas and tips to help you choose the right KPIs for your credit union.
Long Tailed Keyword
In the game of search engine optimization (SEO) keywords are the phrases that are most commonly searched for. Websites are optimized to target specific keywords to gain more traffic for a product or service they provide. However, not all keywords are created equal. Some keywords receive more monthly searches and some are more competitive than others. The trick is to find keywords that are more specific to your product or service offerings, receive a higher number of monthly searches, and are relatively less competitive, which will help you rank for those keywords.
For example, you may want to target the keyword "auto loan" but targeting that simple phase isn't a great strategy because you would be competing with a large number of websites around the world who want to get visitors interested in auto loans. A better strategy would be to target a keyword based on your specific geographic area, like "Orange County Auto Loans". This is a long tailed keyword. It's more descriptive and targeted toward your potential customers.
The percentage of people who take an action on a web page. Pages with high conversion rates perform well while pages with low conversion rates perform poorly.
Return on Investment (ROI)
This is one of the most important phrases you will use. ROI is used to measure the performance of the money spent on marketing. This is used to evaluate profitability and is usually expressed in a ratio of dollars spent vs. dollars earned.
Top of Funnel
The top of your marketing funnel is the accumulation of all leads who are interested in your products or services. They are usually at the awareness phase of the buyers journey. As these leads continue through their buyers journey they will progress down the sales funnel. Some will continue and some will remove themselves as they might not be a great fit or they might be looking for something different. The higher quality leads will be the ones that continue and hopefully become customers.
Bottom of Funnel
If all leads enter through the top of the funnel, the high quality leads are the ones who make it to the bottom of the funnel. These leads are usually at the decision phase of the buyers journey and are much closer to making a decision on purchasing your products or services. Content should be tailored for these leads to help them make their decision.
Customer Relationship Management (CRM)
A CRM is tool usually used by your marketing or sales team to manage communications regarding potential customers and current customers. CRM systems can do a variety of tasks including tracking email, phone calls, faxes, sending personalized emails, scheduling appointments, and logging every instance of customer support.
A Buyer Persona is a semi-fictional profile based on your ideal customer. This persona is created through market research about existing customers to help marketers define a target audience and create marketing content and assets that appeal to ideal customers.
Call To Action (CTA)
A CTA is a button, link, image, or text that encourage a potential customer to take action. In digital marketing a CTA is often used to drive users to a landing page where they can download a content offer or inquire about a product or service.
Blog is short for 'web log' and is usually maintained to create engaging, helpful content for existing and potential customers. Blogs can include written text, photos, videos or infographics. Blogging is a key tool in digital marketing and allows marketers to target keywords and produce specific content for buyer personas.
Pay Per Click (PPC)
PPC is an internet advertising model which represents the amount of money spent to get a click on a digital ad. PPC can be used on search engines, display ads, or social media channels. Common tools for PPC are Google Adwords, Google Display Ads, or Bing Ads.
Responsive design is the current design standard for websites to be viewed on multiple devices. In responsive design a web page adjusts, resizes, or reconfigures to fit various screen widths which allow it to be viewed on mobile phones, tablets, and laptops and desktop computers.
Now you have no excuse to be intimidated when other marketers or execs start rattling off some of these marketing terms. Take a little time to further educate yourself on each of these to enhance your marketing skill set.
If you liked this blog you might be interested in:
- 4 Websites That Can Help You Create Website Content
- 17 Tips To Help You Build Your Brand
- 7 Signs You Need To Evaluate Your Brand Positioning
- Why Establishing Brand Guidelines Can Help Your Company Thrive