WHAT DOES IT ALL MEAN?

There certainly is a lot of industry lingo in this world of data analytics and we know that it can be very confusing. In keeping with our company goal to always speak in the most straight forward manner—we are happy to provide a convenient list of continually updated industry terms, defined as simply as possible. 

A/B TESTING

a method of comparing different versions of a webpage/app/sales promotion against one another in order to measure which performs better

ACCOUNT-BASED MARKETING (ABM)

the practice of identifying the key firmographic, (industry, company size, etc.), technographic, and behavioral factors that help identify the best accounts for a B2B organization to target

ANALYTICS MATURITY ASSESSMENT

an assessment for the maturity level of an organization specific to their analytical capabilities—based on the people, process, technology and culture

 

ATTRIBUTION MODEL DEVELOPMENT

a model (framework) that allocates revenue to various tactics (sales & marketing plans, e.g.) based on a customized algorithm

B2B (BUSINESS TO BUSINESS)

a term for companies that sell products and services to other companies

B2C (BUSINESS TO CONSUMER)

a term for companies that sell products and services directly to consumers

CROSS-SELL

selling separate products or services to current customers

CHANNEL OPTIMIZATION / MARKETING MIX MODELING

the process of recommending how the marketing budget should be divided across various tactics to optimize performance (examples: paid search, display ads, re-targeting, etc.) 

COMPETITIVE ANALYSIS

gathering information on competitor companies within a specific market, with a goal of developing winning strategies

CUSTOMER ACQUISITION COST (CAC)

the total spend required to acquire a new customer

CUSTOMER RETENTION / ATTRITION

the measurement of keeping (retention) or losing (attrition) current customers

CUSTOMER SEGMENTATION

splitting customers or prospects into specific/qualified groups in order to deliver differential treatment (messaging, promotion, behavior)

CUSTOMER TARGETING

the process that defines which customers to market to

DATA ANALYTICS

the discovery, interpretation, and communication of meaningful patterns in data and the process of applying those insights towards effective decision-making

FORECASTING

taking historical data and market forces (trends) to project future outcomes

GO-TO-MARKET STRATEGY

an action plan that specifies how an organization will reach reach target customers with their unique value proposition and achieve competitive advantage

KPI (KEY PERFORMANCE INDICATOR) DEVELOPMENT

the process of identifying the most important data points to measure a particular business or effort

LEAD GENERATION

the process of generating new prospective customers to your business

MARKETING INFLUENCED PIPELINE / REVENUE

earnings that were not necessarily generated directly from marketing efforts but were impacted during the sales cycle by marketing activities

MARKETING ROI MODEL

a model that helps identify the Return On Investment (ROI) specific to various marketing tactics (plans)

MARKETING SOURCED PIPELINE / REVENUE

earnings generated as a direct result of marketing efforts

PERSONA DEVELOPMENT

the process of identifying segments of current or prospective customers and identifying key characteristics of those groups

PREDICTIVE MODELING

a variety of statistical methods to forecast the future

RETURN ON AD SPEND (ROAS)

the measured amount of revenue earned from a specific advertising effort

RETURN ON INVESTMENT (ROI)

the measured amount of revenue earned from a particular investment

SALES FUNNEL OPTIMIZATION

the process of identifying key factors that help improve Win Rate, Deal Size and Time to Close (the ratio and profitability of sales efforts)

SURVEY DEVELOPMENT / EXECUTION

building questions that are appropriate to the audience and supports the goals of the sales & marketing plan/efforts

UP-SELL

increasing the scope of or selling more of the same product to a current customer

VOICE OF THE CUSTOMER

a market research tactic aimed at gathering information from your current and/or targeted customer, specifically around their wants and needs

WEBSITE OPTIMIZATION

the process of testing various parts of a website or mobile app in order to drive the most valuable behaviors and conversions

WIN / LOSS ANALYSIS

identifying through quantitative and qualitative methods why various sales were either won or lost

 
 
 
 

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