Remarketing, A/B testing, PPC – it seems every day there’s a new marketing term to catch up on. It’s important that bank marketing managers are familiar with common marketing jargon so they can not only better understand how to reach customers, but also use modern tactics to help their campaigns succeed. We’ve covered five key terms you need to know below.
One of the most popular acronyms in social and digital marketing today is KPI — Key Performance Indicator. A KPI focuses on critical or core business activity (e.g., sales target, profit margin, engagement). KPIs are mainly used to ensure an improvement in a process or activity over time.
Pro Tip: Set a KPI for each of your social posts, which will help you better understand why you’re making that post. Your social media
Reach is often confused with impressions. Reach is the total number of times that people see your content while impressions are the number of times your content is shown to the users it reaches. If 100 of your Twitter followers see the same tweet twice, your reach is 100 while your impressions are 200.
Pro Tip: While both reach and impressions are important and should be measured, reach should be a main goal while impressions should be a secondary goal. You want more people to see your content, but them seeing it more than once is also important.
Engagement is a metric that is often measured with reach and impressions. It is used to calculate the total user engagement on a social media post by its likes, comments, retweets and shares. Because this stat indicates the public popularity of your posts, it is the most important metric to try to improve on social media.
Pro Tip: Asking your audience questions is a great way to increase engagement. You can also run a social media campaign to increase engagement on your page.
Your call-to-action (CTA) should be designed to entice your audience to take the next action you want. Things like order now, subscribe, learn more and sign up are popular CTAs to include on social media posts.
Pro Tip: You can learn more about CTAs in our webinar “More CTAs for Your Buck: Navigating Paid Social.”
Paid Social Media
Different from organic (non-paid) content, your paid social media posts are created to help your financial brand increase awareness, engagement, sales leads and more. These ads are shown to a set of users you define; depending on the platform you choose to advertise on, they’re also shown on other platforms and networks.
Pro Tip: By using paid social advertising, you’re able to target your communities. Whether you’re trying to grow awareness of your financial brand or a specific product, instant metrics let you know if your ad is successful.
Don’t forget, we can help you get started with social media advertising. What are some other terms you’d like to learn more about that we didn’t cover here? Tweet us @SocialAssurance to let us know. Our free monthly webinars can also help you improve your social and digital media knowledge.