Business Terminology

  • Brand Manifesto

    A brand manifesto describes why your organization exists, its purpose, and why people should care about your brand. It’s typically an emotional story that captivates your audience, emotionally connects with them, and persuades them to support your brand. Not only can it build a loyal customer base, but it can also attract top talent to your organization. Examples: hey.com, mymind.com/manifesto, and myleon.co

  • Cost-Based Pricing

    A strategic form of pricing intended to cover the expenses of running your business.

  • Customer LifeTime Value (CLTV)

    CLTV (Customer LifeTime Value) refers to the amount of revenues that you expect to generate from a customer during the period over which your service will be of value. For example, if a customer signs up for your product for duration of 9 months, the amount that he will pay during the period will determine the life time value.

  • Customer Loyalty

    When a consumer is a repeat buyer of a product, service or brand.

  • Direct Competition

    Competitors that provide the exact same services as your establishment or firm.

  • Market Development

    The act of taking an existing product or service to a new market.

  • Market Penetration

    A strategy used to sell more of an existing product within the current markets it is being sold.

  • Market-Based Pricing

    Similar to competitive based pricing in the sense that this type of pricing is based off of the streamlined/current pricing for a specific product or service within the same industry.

  • Monthly Recurring Revenue (MRR)

    The amount of income produced each month from subscriptions to your products or services.

  • New Product Development

    The creation of a new product that involves research, development, product testing and launching.

  • Niche Market/Business

    A very specific segment of a market in which you are trying to meet the needs of that market.

  • Onboarding

    This term can refer to introducing a new customer or client to your services or products, or it’s used to describe assimilating a new employee into your organization.

  • Research and Development

    The process of discovering and developing new products and services.

  • Return On Investment (ROI)

    A way to measure the profitability of the investment you make in marketing, sales, etc. If the ROI on an investment is negative, it generally means you’re losing money on that endeavor. Measuring the ROI on marketing efforts is a savvy way to ensure you’re putting your money into the strategies that bring results. To calculate ROI use the formula ROI = (Current Value of Investment−Cost of Investment)/Cost of Investment

  • Service Level Agreement (SLA)

    For marketers, an SLA is an agreement between a company's sales and marketing teams that defines the expectations Sales has for Marketing and vice versa. The Marketing SLA defines expectations Sales has for Marketing with regards to lead quantity and lead quality, while the Sales SLA defines the expectations Marketing has for Sales on how deeply and frequently Sales will pursue each qualified lead. SLAs exist to align sales and marketing. If the two departments are managed as separate silos, the system fails. For companies to achieve growth and become leaders in their industries, it is critical that these two groups be properly integrated.

  • SMART Goals

    S = Specific. Set real numbers with real deadlines. M = Measurable. Improving your writing skills is great, but not measurable. A = Attainable. Work towards a goal that is challenging, but possible. R = Realistic. Be honest with yourself, what you know, and the resources available. T = Time. Give yourself a deadline.

  • Software-as-a-Service (SaaS)

    Any software that is hosted by another company, which stores your information in the cloud. Examples: HubSpot, Salesforce, IM clients, and project management applications.

  • Unique Selling Proposition

    A factor that differentiates a product from its competitors, such as the low cost, the quality, etc.

  • Value Proposition

    A value proposition is a promise of value to be delivered, communicated, and acknowledged. It is also a belief from the customer about how value will be delivered, experienced and acquired. A value proposition can apply to an entire organization, or parts thereof, or customer accounts, or products or services.

  • Value Statement

    A description of your company’s top priorities and how those translate into marketing and sales initiatives.