Conversational Marketing Glossary of Terms
Conversational Marketing is built for Sales teams and designed to grow pipeline. Automated chatbots can capture email addresses (leads) and book sales meetings. If you have a team of sales reps using Live Chat and Voice Call functionality, your sales team can do discovery calls or product demonstrations on the fly, and create pipeline right from a website conversation. In this guide, we'll get you familiar with regularly used Conversational Marketing terms.
ABM (Account Based Marketing)
- ABM is a strategic approach to marketing based on account awareness in which an organization considers and communicates with individual prospect or customer accounts as markets of one. Account-based marketing is typically employed in enterprise level sales organizations.
- An account is an organization, company, or consumer that you want to track—for example, a customer, partner, or competitor.
Annual Recurring Revenue (ARR)
- Annual Recurring Revenue, or ARR, is a subscription economy metric that shows the money that comes in every year for the life of a subscription (or contract). More specifically, ARR is the value of the recurring revenue of a business’s term subscriptions normalized for a single calendar year.
- For example, if your subscriber purchases a two-year subscription for $12,000, the ARR would be $6,000 for each year. ARR is predictable revenue that can be counted on every year.
- A marketing initiative, such as an advertisement, direct mail, or conference, that you conduct in order to generate prospects and build brand awareness.
- Any lead or contact associated with a campaign.
- Contacts are the individuals associated with your accounts.
- A lead is a sales prospect who has expressed interest in your product or company.
- Leads are comprised of an Account and one or more Contacts
Marketing Qualified Lead (MQL)
- A contact that is considered to sufficiently meet the company’s “Ideal Customer Profile” and then passed on to the Sales team. MQLs are created and passed in an automated fashion, like after a prospect has responded to a targeted email campaign.
- Opportunities track your sales and pending deals.
- They are comprised of an Account and one or more Contacts
- An Opportunity is created from a Lead
Paid Placement Campaign
- Paid placements are used by marketers in a wide variety of industries to place products and services on websites that are known to generate qualified traffic.
- For example, insurance brokers would pay to be listed in directories that small and medium sized companies use to browser for company health insurance.
Sales Accepted Lead (SAL)
- A sales accepted lead (SAL) is a marketing qualified lead (MQL) that has been reviewed and passed to the sales team for approval. A popular process used by marketers to qualify a SAL is the BANT method. This stands for budget, authority, need, and timeframe.
Sales Qualified Lead (SQL)
- A prospective customer that has been researched and vetted — first by an organization’s marketing department and then by its sales team – and is deemed ready for the next stage in the sales process.