If you text regularly, you’ve probably Googled definitions of the abbreviations you receive like ICBW (it could be worse), ROFL (rolling on floor laughing), or TL;DR (too long didn’t read).
We take the mystery out of advertising phrases with a glossary of the most commonly used marketing terms and abbreviations.
Let’s start with the most important phrase in marketing: ROI, which stands for Return On Investment.
ROI Is A Return On Investment
ROI is a Return On Investment and is a prospect’s expected financial return from the investment made into marketing services.
Five To Six Figures Monthly
What is a reasonable ROI from a new website build, plus, one year of marketing for a law firm?
If you’re working with The Marketing Square, the ROI on a 12-month marketing plan and a new website is between six and 20 times the original investment monthly.
The numbers can’t be exact because every client has different website and marketing plans and fees.
Our marketing contracts include a new, two-month website build, plus, monthly fees for 12 months of SEO and SEM work.
Websites and Marketing Plans Are Customized
All Marketing Square websites and marketing plans are customized to the needs of a law firm or business. We can’t provide a set dollar amount for the website build or the SEO/SEM marketing plan.
The reason for tailored plans is the difference in law firm sizes and the vast difference in needs. The website, activation, short-term and long-term goals, target, strategy, and tactics are unique to each client.
Mid-Sized Law Firm Needs
A mid-sized law firm in business for 15 years with 10 attorneys, four paralegals, and two receptionists in Central Florida pursuing a new target audience, additional practice areas, with a new strategy, and new tactics may need:
- Website rebuild
- Graphics & logo
- Website design
- Social media
- SEO & SEM
- Print ads
- Relationship marketing
- Public relations
Solo Law Firm Needs
A solo law firm launching a new website to promote longtime practice areas, but as a solo attorney in a new office, a different strategy, new target audiences, and located just outside of Central Florida may need:
- Grassroots marketing
- Print campaign
- Legal directories
- Social media
- Logo and graphics
Most clients say that they don’t know what ROI to expect coming into a new marketing contract as there is no guarantee that revenue will be provided.
While we can’t ensure an exact ROI, The Marketing Square can promise that clients will receive more than they expect, ongoing client revenue monthly from one-year contracts because that has been the experience of law firms and clients.
Marketing Abbreviations and Terms Glossary
CPC: Cost Per Client — how much is spent to acquire one client? The formula includes business hard costs, plus marketing fees involved in landing one client over a set timeframe.
A second definition for CPC is Cost Per Click which is data summarizing marketing activation, costs, plus a timeframe, plus all, or specific marketing tactics used to determine a final financial figure. It can be used to choose which marketing tactics should be used. Example: will a Facebook click become a client more quickly and financially efficiently than a website click?
CRR: Client Retention Rate – how many clients do you retain within a measured timeframe and what is the plan to increase and maintain the number of clients? Can you pursue new avenues to increase the number of clients retained, or, change a process, or cut costs to provide a better rate?
CRM: Customer Relationship Management or Client Retention Management – involves the data held on customers through the sales funnel and the actions taken to sign, care for, and maintain clients through the relationship you have built with them. Sales management, actionable insights, facilitates delivery on service promises made in contracts or in ongoing product purchases. Ensuring that revenue is delivered via new clients and cases, for example, satisfies the financial need. But how are you keeping clients engaged and confident in your business relationship? Going beyond client expectations and delivering more value than was promised often seals deals.
KPI: Key Performance Indicators – There are key notable achievements in website growth that must be reached in order for success. Delivering clients is assured when a website is ranking in the U.S., in top U.S. cities, and top Florida cities.
OKR: Objectives and Key Results are decided together with clients in a marketing plan so that there is an advanced look at client goals, objectives, and tactics based on a strategy created with the marketing firm to achieve measurable financial results.
PPC: Pay-Per-Click advertising describes the program Google created known as AdWords where businesses bid on specific keywords for the ability to appear in Google search results. Clients pay only when a person clicks on an ad to call your business or visit your website. The Marketing Square doesn’t offer PPC because we want clients to have a website that performs forever from the work performed. We provide content, design, infrastructure, SEO, SEM, and advertising that is available as long as a website remains online. However, when a PPC campaign ends, there are no residual links or marketing lines or anything to show online.
RFP: Request For Proposal is a process used by businesses where multiple vendors are invited to provide proposals with estimates and plans for work. Sometimes competitors are bidding for the best price, other times it’s the quality of work that decides the final vendor.
SEM: Search Engine Marketing is work performed on search engines to advertise clients and includes tactics to make a website, video, and social media appeal and appear in front of targeted prospects searching for that service or product.
SERPs: Search Engine Result Pages are the website pages that are shown in a Google, Bing, or Yahoo search. There is confusion over this term because most people believe that a website home page will show up in search. In reality, individual website pages appear in search results. The page includes a link to the website where the relevant information originates based on what the page is about and the quality of its build and its content.
SEO: Search Engine Optimization is the work performed on a website to provide optimal performance on search engines. Activities include formatting, coding, infrastructure, font selection, spacing, design, page and site functionality, plugin updates and changes, adding copy, photos, graphics, videos, audio, adhering to Google standards, ADA compliance, and much, much more.
SOW: A Statement Of Work is a formal proposed business contract between parties clearly stating the work, fees, activities, responsibilities, timelines, deadlines, execution, production, and details that will be provided by involved parties, with goals, tactics, strategy, actions, services, or products.
USP: A Unique Selling Point is the one unique aspect of your business, service, or product that sets you apart from all competitors. It may be a skill, a new invention, a lower cost, a scarce resource, or an ingredient that may only be provided by you. For example, The Marketing Square’s USP is that we provide our legal clients five to six figures in case revenue monthly through website and online work we produce for attorneys.
UX: User Experience is the client experience provided by a business from the beginning until the end of the prospect-to-client relationship. It includes communication, sales, growth, and deliverables and involves all interactions between the business and its prospects. A phone voicemail may be the first user experience your law firm provides a prospect. Your choice may be to use voicemail instead of a live receptionist as the first user experience with your business. The voicemail may come across as impersonal and unavailable to a prospective client who wants immediate personal response. However, your decision to use voicemail may be intentional to avoid shoppers calling for free legal advice because your business is established and you’re not looking for new clients.