Summary: <br> In this episode we’re going to talk about 12 marketing terms you must understand.<br> <br> <br> <br> Intro<br> <br> <br> <br> Listener question from Jennifer Rempel who suggested we do an episode with “A definition of terms for all the marketing jargon.”<br> <br> <br> <br> Thomas and I were talking the other day and realized we get caught in a mistake many people do who have been in the same industry a long time. We start talking in a language only we understand. Problem! <br> <br> <br> <br> When it comes to marketing, we through around a lot of terms that might not make sense to everyone. To rectify that distressing situation, we’re going to do a series of episodes on Marketing Terms You Need to Know.<br> <br> <br> <br> First go around will be twelve terms … we’ll tell you the term, then briefly describe it, then move on to the next.<br> <br> <br> <br> Ready Thomas? <br> <br> <br> <br> The Terms<br> <br> <br> <br> * Lead Magnet (also called a Reader Magnet)* Immediate reward for signing up for an email newsletter. * “Thank you for subscribing click here to download your free (short story, tip sheet, mini course, etc.)* Several episodes on this * <a href="https://www.novelmarketing.com/145/">145 – How to Create a Reader (Lead) Magnet</a>* <a href="https://www.novelmarketing.com/118/">118 – Book Marketing 101: Marketing Funnels</a><br> <br> <br> <br> * PR* It stands for public relations. It’s free exposure about your and/or your products. Internet, radio, TV, newspapers, emails, Word of Mouth … but you often have to pay people to create PR for you. If you don’t want to pay, you can do it yourself, and we have an episode on that …number <a href="https://www.novelmarketing.com/175/">175</a>. * Advertising* Anytime you pay to get exposure, you’re advertising. Facebook ad, radio, TV, Amazon ads, etc.* KPI* KPI stands for Key Performance Indicator. This is somewhat determined by you. The KPI is not going to be the same for every business, or even every season of your business. For example, you might decide your KPI is growing your newsletter list. That’s your primary goal. You might even end up spending money on building your list with no immediate monetary return. Do you know what your KPI is at the moment? Good to determine.* SMART, Specific Measurable, Ambitious, Realistic, Time Bound Episode <a href="https://www.novelmarketing.com/23/">023 – SMART Goals the Key to Marketing Success</a><br> <br> <br> <br> * Earned Media* Earned Media and P.R. are cousins. Essentially, Earned Media is any media you get when someone shares your content voluntarily. For example, when someone shares your post on Facebook, or Twitter … that’s Earned Media.<br> <br> <br> <br> * Conversion Rate* It’s simply the percentage of users who take the action you want them to take. For example, if you run an ad on Amazon for your novel, and 100 people click on the ad, and 10 people end up buying your book, your conversion rate is 10 percent. <br> <br> <br> <br> Sponsor<br> <br> <br> <br> <a href="https://training.authormedia.com/p/2018-tax-business-guide-for-authors">The Tax and Business Guide for Authors</a><br> <br> <br> <br> In this course you will learn how to qualify for tax deductions for your writing-related expenses (not all writers qualify) and about 19 tax deductions authors can take advantage of. You will also learn how to start making a writing income even before your first book comes out. You will also learn business fundamentals like when and how to form an LLC, how to create a business plan and how to reduce your chances of being audited by the IRS. The course is taught by Tom Umstattd a CPA with over 35 years of experience working with authors. <br> <br> <br> <br> <a href="https://training.authormedia.com/p/2018-tax-business-guide-for-authors/?product_id=541640&coupon_code=2019TAXES&preview=logged_out">On sale</a>
