The digital industry has become somewhat renowned for its overuse of buzzwords and acronyms. Use this guide to simplify the complicated world of words.
Digital Buzzwords
A buzzword is a word or phrase, new or already existing, that becomes popular, usually only for a period of time.
The term “digital” describes electronic technology that generates, stores, and processes data.
Therefore, digital buzzwords are current popular words or phrases used on digital technologies such as social media.
Acronyms
An acronym is a word, name or set of letters created as an abbreviation of a longer phrase or sentence.
For example:
ASAP: As soon as possible
PIN: Personal identification number
BFF: Best friend forever
LOL: Laugh out loud
A.I./Artificial Intelligence
Refers to systems or machines that mimic human intelligence to perform tasks and can improve themselves based on the information they collect.
Pixel vs Cookie
While both terms can represent the code used to track the behavior of users across websites, the difference is in how the information is delivered and where it is kept.
Cookies are saved in an individual’s browser, such as Google Chrome. They cannot follow users across their devices, and users can block cookies or clear their cookies.
Tracking pixels send information directly to servers, so they do not rely on the user’s individual browser. Pixels can follow users across all devices, and users cannot disable pixels like they can disable cookies.
KPI
Key Performance Indicators are quantifiable goals that help an advertiser to track and measure success. It should measure what is most important to an advertiser.
CPI
Cost Per Inquiry/Cost Per Lead is a marketing metric that is the total ad spend divided by the number of inquiries (or leads) received.
For example, a company spends $1,000 on an ad campaign in a month. The campaign results in 100 phone calls or contact form fill-outs. The CPI is $10.
A good CPI depends on the value of what your client is selling.
Algorithm
Algorithm is a process or set of rules to be followed in calculations or other problem-solving operations that learn and adapt over time.
This data is leveraged for improved analysis to generate more efficient and effective digital ad campaigns.
Optimization
Optimization is the action of improving certain aspects of a situation or resource to make the best use of it. Marketers constantly optimize all elements of their strategy, from conversion rates to blog content.
HTH (hope this helps)! GL (good luck)!
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