Melanie
The Monday Morning Marketing podcast is brought to you by Esther of IPA Group, bringing premier online promotion to your business.
Esther
And Melanie of STOMP Social Media Training, who empowers business owners to manage social media and marketing for themselves.
Melanie
Welcome back to the podcast and happy Monday. We're delighted to be back in your ears. Not many people can say that. That's really quite funny. Anyway, moving on. Today, we're going to be talking about. Do you know the difference between your CPM from your CRM? All these jargony slang-type words that we keep on hearing in our industry, in our particular niches, can be a bit of a head wreck. So today, myself and Esther are going to try and go through some of the more common ones. So Esther, why don't you start us off?
Esther
But first, here's a quick message from our sponsor.
Melanie
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Esther
Right. So we'll start with the ones in the title. So CPM, cost per mill, not cost per million, cost per thousand. So it should be CPT. Anyway, it's talking about ad spend, how much it costs you to be seen by a thousand people or to get a thousand clicks. So that's your CPM, your cost per mill.
Melanie
And your CRM?
Esther
Your CRM is your customer relationship manager, which is totally different. I mean, one letter makes such a difference. And those are things like your HubSpot or your... That's where I have mine would be HubSpot. Where you have all your customer information and how they find you and how you've been sending emails to them. It's basically your funnel to show that these people have contacted you or you have contacted them and you've sent them emails or information to get back to you. They have to send you information back. All of these things can all be concentrated in one place rather than having them scattered across your emails and you're going, what happened there now? So, yes, that's your CRM, your customer relationship manager.
Melanie
And then I've got a couple. I've got CTA, which is call to action. And that's what we should be actively more using in our social media posts, telling people to click now, learn more, buy now, share.
Esther
Contact me.
Melanie
Exactly. There's lots of different ways that you can add, quite politely, calls to action, but very few people tend to. They just post and hope. And then you've got KPIs, which is Key Performance Indicator. This is more used for when you're analysing your data, which all of you should be, and your Key Performance Indicator can differ depending on what you or your client finds importance. So some people want to have high impressions, other people want to have more views of a certain It could be video or it could be clicks to a website or to a particular page on the website. So a key performance indicator is quite a personal thing depending on the type of marketing campaign you're doing.
Esther
Okay, I'm going to use one that we talked about a couple of episodes ago called SEO, Search Engine Optimisation. It's to modify your website and make it more searchable and search friendly so that you get seen more online, more easily by more people, and you get higher up on the Google rankings because of your SEO.
Melanie
You've also got click-through rate, CTR. And And that CTR is, again, an element of a KPI, a Key Performers Indicator. And that's when you're monitoring how many people literally click onto that button. Or maybe it's in an app or maybe it's on a website as well. So you can measure both. And with that information, you can establish if people have gone through a whole buyer journey and gone through to this particular page or to this particular cart.
Esther
We have B2B and B2C, which is your business to business sales that you would make if your customers are businesses, you're a to be, and then B2C is business to customer. So if you're selling to the general public, that is a B2C.
Melanie
That makes actually perfect sense. The one that I was less familiar with until I actually ran my own business and had my own website, and that was CMS or a content management system. And this is for... It's like a dashboard for website creation and management. And it normally, I think, correct me if I'm wrong here, but normally it's like a template-based type of thing. It's not where you add code and takeaway code and you're not coding the website. It's where you can literally just plug in information. It's Basically a dashboard for dummies on your website.
Esther
I wouldn't really put it that way, but it's an easy place for you to add information to your website. I would then add PPC, which is Pay Per Click. Again, going back to your adverts, you will pay for the number of clicks that people do. So we had Miriam on the podcast a few months ago now. A very popular episode. Go back and listen to it. It explains all about PPC. So that's Pay Per Click.
Melanie
Then we got CRO, which is a conversion rate optimisation. And this is the process of increasing the percentage of users or website visitors who take a particular or desired action on the website. So it's not too dissimilar to the previous one I was mentioning. But it's another jargony way of measuring conversion rates.
Esther
Yeah, and then you have CPA or CPL, which is your cost per acquisition or cost per lead. So it's the amount of money that you spend in order to obtain a client. So that could be ad spend, it could be your overheads, your office, your heating, your lighting, your blog maintenance, your website, all of that could be included in your CPA cost per acquisition or CPI cost per lead.
Melanie
Now, all we've been mentioning so far is all the abbreviated three-letter type things. But there's lots of different language that people use as jargon. So can you think of any that just hits us there, that may be less understandable than others?
Esther
A/B testing.
Melanie
Yeah, good one.
Esther
A lot of people forget to... They just, again, it could be ads or it could be your blog titles or it could be images as well. So A/B testing is when you use two different, like I said, titles or two different images or two different ad groups, and you send out the information to those two different ones, and then you monitor which one works better. So I only recommend changing one thing at a time when you're doing A/B testing. So if you want to test which image works better, use two different images with the same audience. If you want to test which text works better, use two different texts with the same audience.
Melanie
You know, when we record, I swear you're sitting in the field because all I can hear is birds.
Esther
I do live in the middle of the countryside.
Melanie
Sorry, middle of nowhere, did you say? What was that?
Esther
Yeah, no, that's you. That's you.
Melanie
Okay, so what about inbound marketing? This blew my mind the first couple of times I heard this. I even went to a whole events about inbound and then separate ones about outbound. But I'm just going to cover inbound right now. And this focus is on improving incoming or inbound traffic to your company's website. A lot of these jargony things are down to websites, aren't they, Esther?
Esther
They are. Your website is key to your marketing. It's the one place that you actually own. So your website should be front and central to all of it. But inbound marketing is very important. But how do you... It's where people come to you instead of you going to them. And in order for them to find you, you need to have good SEO, you need to have good content.
Melanie
Compelling content, really good, clear, answers the problems that people are experiencing, answering the pain point with compelling telling content rather than advertising in this instance.
Esther
And you need to have good CTAs, call to actions on those websites with a button for them to click to download or to sign up or whatever you want them to do.
Melanie
You got another one?
Esther
I do. So pixels.
Melanie
Oh, God. Yeah.
Esther
Pixel are the being of our existence. Now, I'm not talking about pixels as in images and the sizing. You're talking about tracking pixels, which is what Facebook was one of the first ones to talk about tracking your pixel through. If you set up an event or a thing on Facebook and you want to link it to your website, then the way for Facebook to know who has clicked and for your website to know who has come from Facebook, you set up a pixel so that then you could merge those two audiences together. It's very useful, but it's a pain to set up. Let's just be honest. And most people don't, but you really should.
Melanie
It marries so much together, doesn't it? From Facebook to your website. And you need to put the code on the website as well. You need to put it in the right place. So it involves a lot of working together with your website designer.
Esther
But if you're then going to be running ads, it's very important to have that because then you can segment your audience more and you can retarget, which is another jargony word that people just love to throw around. So retargeting is sharing the message or a different message with the same audience or the audience that was most interested in your previous campaigns. You're just narrowing it down and re-honing.
Melanie
Do you know how I feel like we're going on the naughty of marketing now.
Esther
Why?
Melanie
Because all the stuff, all the painful, awkward, complicated stuff, and I'm not going to make this any better either, because now I'm going to talk about outbound marketing, which is also referred to by some people in the know as interruption marketing.
Esther
What?
Melanie
And this is because you are promoting a product or a service through continued advertising and promotions and public relations and sales. And basically, you're just nagging your audience into beating them down and giving you their money.
Esther
Please don't beat them down. They're nice people that we want their money from.
Melanie
But you see it all the time. You see, especially the larger brands doing it, especially when they're doing a new, updated product or service, and they want people to know that this is new. It's not the same thing anymore. That's when they do the big splurge marketing of everywhere on everything all the time, and you feel like you're just being overwhelmed.
Esther
Yeah. I'm going to talk about something that we both hate with a passion.
Melanie
Go on.
Esther
GDPR.
Melanie
Oh, my God.
Esther
This is General Data Protection Regulation. It's a European regulation that came into effect on Melanie's birthday back in 2016, and she hasn't been able to celebrate.
Melanie
Was it really 2016?
Esther
Yeah, she hasn't been able to celebrate her birthday happily ever since. Now, as consumers, we love GDPR because it protects our data. But as marketers, it's really annoying because all that retargeting goes straight out the window.
Melanie
You see, I've embraced it now because although it basically halved my email list on my birthday back then, I actually like the fact that the people that are on my email list want to be there are considerably more engaged. And I don't know, I feel like I've got a stronger rapport with them.
Esther
Yeah, so your CTR has gone up.
Melanie
Can you hear that in the background?
Esther
The birds? Yeah.
Melanie
Somebody is playing. You can't hear that?
Esther
Oh, yeah. I can hear that.
Melanie
You can tell, guys, that this was not planned. Somebody's playing bagpipes behind me. Seriously.
Esther
That's really random.
Melanie
In the public square in Ireland.
Esther
Mullingar.
Melanie
Go figure.
Esther
But going back to our GDPR, even if you are outside the European Union, if you have people that live in the EU on your email lists, you also need to adhere to the rules and regulations. So make sure that you are compliant because it has been, as we say, since 2016. And there's no excuse not to be.
Melanie
You may also hear the term buyer's journey brought up. And it's something we actually don't pay enough attention to, I don't think, because we're always thinking of awareness, consideration and conversion. But there's so much more going on than that. A full buyer's journey takes you from how they found you in the first place all the way down to actually converting and buying the product. Because what search terms they're using, whether they're using a referral partner or an affiliate link, there's just so many different ways that people can come across your product or service in the first place. So a buyer's journey is taking it from their perspective, whereas we're normally talking about a marketing funnel, which is from our perspective.
Esther
Yes. Okay, I'm going to end with ROI.
Melanie
Oh, good one.
Esther
Return on investment. So similar to your cost per acquisition or cost per lead, you want to see how much money is coming back in based on what you have spent in order to get it. So again, you're looking at ad spend, you're looking overheads, you're looking at all your expenses compared to what has come in. That is your return on investment. If you spend $10 on an ad and gain 50 clients spending $100 each, that's a really good ROI. If you spend $10 on ads and you get zero people, that's not a good ROI.
Melanie
No, I can totally believe that. Yeah.
Esther
Yeah.
Melanie
Okay. Well, if you can think of any others that we need to cover, by all means send us a message through our socials or email us from our website at themondaymorningmarketing.com. We hope you found this useful. We did actually have a couple of people bring this up in conversation with us recently, hence why we were updating our latest Jargon Metre. We're going to be back next week with another podcast. Esther, why don't you see us out with your wild imaginings and creative juices?
Esther
I'm wondering why there's a bagpiper in the middle of your town in the middle of Ireland. That's random. Very bizarre. But yes, as Melanie says, we will be back next week with more Monday Morning Marketing. Until then. Bye-bye.
Melanie
Bye.
Now, I'm still finding this confusing. I think we're going to have to move back to you starting and me ending. I'm doing both and it's really confusing.
Esther
No, it's fine. You continue to do both. You don't need me.
Melanie
The Monday Morning Marketing Podcast, brought to you by Melanie Boylan.
Esther
Has a ring to it, doesn't it?
Melanie
No, it doesn't.
Esther
Melanie's Monday Morning Marketing. You don't need me.
