Category: Glossary

What is a Customer Journey Map? A customer journey map is like a road map showing every interaction between your customer and your business. Just as the marketing mix organizes your marketing elements, a journey map organizes your customer touchpoints. Key Components of a Customer Journey Map Customer stages Touchpoints Actions Emotions Pain points 👆…

What is the Customer Feedback Loop? A customer feedback loop is a systematic process of collecting, analyzing, and acting on customer input to improve your product or service. 👆 By the way, companies that excel at customer feedback loops are 2.5x more likely to have higher customer retention rates. How the Loop Works Collect Feedback…

What is a Referral Program? A referral program is a systematic way of getting your existing customers to recommend your product or service to others. Think of it as turning your happy customers into your marketing team. 👆 By the way, an interesting fact: Referred customers are 4x more likely to refer others to your…

What is Brand-Created Content? Brand-created content is material that companies create and distribute to reach their business goals. Core Elements of Brand-Created Content Original content from your brand Supports marketing goals Follows brand guidelines Delivers value to audience Controls brand message 👆 By the way, an interesting fact: Companies that consistently create content generate 67% more…

What is User-Generated Content? UGC is any content created and shared by users of a brand or platform rather than the brand itself. Think Instagram posts, product reviews, or TikTok videos about your product. 📱 👆 By the way, UGC generates 6.9x higher engagement than brand-created content. Types of User-Generated Content Social Media Content 📱…

What is a Marketing Funnel? A marketing funnel represents the customer journey from awareness to purchase. Think of it as a path that leads customers from discovering your product to buying it. By the way, E. St. Elmo Lewis developed the first marketing funnel concept in 1898, creating the AIDA model: Attention, Interest, Desire, Action.…

What is Growth Hacking? Growth hacking is a data-driven approach to rapid business growth, focusing on low-cost, creative strategies. Key elements: Data-driven decisions Rapid experimentation Creative solutions Cost-effective methods Scalable strategies 👆 By the way, Sean Ellis coined the term “growth hacking” in 2010 when traditional marketing couldn’t describe the hybrid of coding and marketing…

What is MVP? An MVP is the simplest version of a product that can test your core business idea with real users. Key elements of MVP: Core functionality only Solves main problem Quick to market Testable with users Cost-efficient 👆 By the way, an interesting fact: The term “MVP” was coined by Frank Robinson in…

What Are Economies of Scale? Economies of scale occur when companies reduce costs per unit as they produce more. 👆 By the way, an interesting fact: Henry Ford revolutionized economies of scale in 1913 with the assembly line, reducing the time to build a car from 12 hours to 2.5 hours. Types of Economies of…

What Is Free Trial Conversion Rate? Free Trial Conversion Rate measures the percentage of free trial users who become paying customers. It’s a key metric for SaaS companies offering trial periods. Formula for Free Trial Conversion Rate Trial Conversion Rate = (Number of Trial Users Who Convert to Paid / Total Number of Trial Users)…

What Is Free Trial? A free trial is a time-limited period where users get full access to a product’s premium features before deciding to purchase. Think of it like test-driving a car before buying. 🚗 Key characteristics: Full product access Time-limited (usually 7-30 days) All premium features available Clear deadline No long-term commitment 👆 By…

What Is Freemium? Freemium is a business model where you offer a basic version of your product for free, while charging for advanced features. Key elements: Free basic version forever Premium features for paying users No time limitations Clear upgrade path Value-based limitations 👆 By the way, an interesting fact: The term “freemium” was coined…