Customer Journey
Customer Journey is the process a person goes through when they purchase something or use a service. It includes all the steps from the beginning of their interest in a product to after they have used it.
Conversion Rate
Conversion rate is a term used to refer to the percentage of users or potential customers who take the desired action after viewing an advertisement, website, or other form of marketing. For example, if an online clothing store has 100 visitors and 10 of those visitors make a purchase, the store’s conversion rate would be …
Cart Abandonment Rate
Cart abandonment rate is a metric used to measure the percentage of online shopping cart transactions that do not result in successful purchases. It is an important metric for gauging customer engagement and loyalty, as well as, evaluating the overall performance of ecommerce stores or websites. The higher the cart abandonment rate is, the lower …
Net Promoter Score (NPS)
Net Promoter Score (NPS) is a customer loyalty metric that measures how likely customers are to recommend a product or service to others. NPS is calculated on a scale from -100 to +100 and is based on responses to the simple question “On a scale of 0-10, how likely are you to recommend our product …
Churn Rate
Churn rate is a measure of attrition and retention in any given customer base. It is calculated by taking the number of customers lost over a period of time divided by the total number of customers at the beginning of that same period, usually represented as a percentage. For example, if a company begins with …
Ideal Customer Profile (ICP)
An ideal customer profile (ICP) is an important tool for any business to understand their target market, optimize marketing efforts and increase revenue. An ICP involves gathering information about current customers and identifying characteristics shared among them to create a detailed profile of the “ideal” customer. This helps marketers better hone in on potential prospects …
Market Segment
A market segment is a group of customers within the total population of customers who have a common set of characteristics, such as age, income level, location, or interests. Market segmentation allows organizations to tailor their products and services specifically to the needs and wants of each segment, which can help them stand out from …
Target Audience
A target audience is a specific group of people that a product, service, or message is aimed at. It is the primary market segment to whom a company wishes to sell its products and services, and to whom it directs its marketing efforts. In other words, it is a particular set of consumers that have …
Brand Awareness
Brand awareness is the extent to which a company or its products are recognized by consumers. It is an important factor in advertising because the more people recognize a brand, the more likely they are to buy its products or services. A company’s brand awareness can be measured by tracking consumer responses to various forms …
Brand Positioning
Brand positioning is an essential marketing strategy that helps businesses stand out from their competitors and capture a larger share of the market. It involves developing a unique image or identity for a brand, product, or service in the minds of consumers. This could include things like associating the brand with certain values, lifestyles, or …