The marketing, research and tech worlds are all full of their own unique jargon. Here we nut out the true meaning of the fancy and the downright fluffy, helping you wade through our evolving workplace language.
Ad exchanges are marketplaces that bring together advertisers and publishers to buy and sell advertising.
‘Big data’ is all about companies holding on to a whole lot of information about you. But do you know what that data consists of?
Read more about it here.
BRM stands for business relationship management. The term is interchangable with VRM, vendor relationship mangement. Both acronyms refer to the reversing of the idea that businesses are in charge of managing the relationship with their customers. The consumer is, instead, managing the relationship with them.
Content marketing focuses on creating and distributing content to attract and retain an audience. Think brands funding websites and publications containing written and video content, much like traditional publishing but with the strategic purpose of marketing at its heart.
Cookies are files stored on your computer designed to hold pieces of information about you. Often when visiting websites you will be told cookies need to be enabled and this is so the website can identify you and tailor the experience based on information such as your age and location.
Read more about cookies here.
Customer relationship management is a system for managing a company's relationship and interactions with current and future customers.
DMP is short for ‘data management platform’. It is essentially a database of, well, data. It stores information owned by publishers, advertisers and third parties and helps to target programmatically purchased ads. DMPs can manage cookie IDs so that, for example, an ad can be targeted at women aged 18-25 who are interested in fashion.
DSP stands for demand side platform. Demand side platforms are the software interfaces that help websites and apps to buy and sell advertising. Native ads, banners and search ads can all be facilitated by DSPs.
ETL stands for ‘extract, transform and load’. It refers to Extracting data from multiple sources with varying data formats and structures, Transforming it into a structure that can be stored and queried, and Loading it into a data warehouse from which it can be translated it into raw data.
First principles is terminology borrowed from mathematics. It is defined as a basic, foundation proposition or assumption that cannot be deduced from any other proposition or assumption. Elon Musk, entrepreneur CEO and chief product architect of Tesla Motors, relies on first principles. He explains it as starting with the fundamentals you know to be true and working from there.
Webster’s Dictionary defines a ‘game changer’ as a newly introduced element or factor that changes an existing situation or activity in a significant way. Think Apple.
Generation Y, also known as the millennial generation, are people born between the 1980s to the early 2000s.
'Influencer' is the hot new buzzword for people who have access to an audience, usually online. Popular bloggers, Twitter users, Instagram and YouTube channel creators are all considered influencers and brands are increasingly turning to these folks instead of creating traditional campaign content such as television commercials.
One of the most used business buzzwords in 2014, innovation is defined as the act of innovating, coming up with new products, methods and ideas. The tech industry is the leading user of the word but it has started to seep into other industries keen to find better, smarter and faster ways to do things. Like marketing.
Doc Searls, author of the 2012 book The Intention Economy: When Customers Take Charge coined the term ‘intention economy’. In an article for technology publication Linux Journal. He wrote: "The Intention Economy grows around buyers, not sellers. It leverages the simple fact that buyers are the first source of money, and that they come ready-made. You don't need advertising to make them.” Essentially, it’s all about consumers being at the forefront of the marketing process.
Little data is the finer details of the behemoth that is big data; the unique information about the customer, the vendor, the location, the interaction. Big data needs context to be useful and that context is little data.
Metadata made headlines in Australia in 2014 when the government announced support for a "data retention" regime, which would require internet and telephone providers to store subscriber's "metadata". Government officials have agreed the legal definition includes the following: telephone numbers, the time and length of phone calls, the internet protocol (IP) addresses of computers from which messages are received or sent, location of parties making phone calls, to and from email addresses on emails, start and finish times of internet sessions, the name of the application someone uses online and when, where and for how long used.
Mobile advertising network
Mobile ad networks are companies that connect advertisers to apps and mobile sites with available advertising space.
Native advertising is the next in a long list of attempts from legacy publishers to make some coin after the death of classified advertisements. Native can take the form of written content, video, a combination of the two, or those so-hot-right-now online listicles. Read more about it here.
Personal Information Economy
Our personal information, or data, is an asset, much like a currency that will soon power an entire economy which you could call the ‘personal information economy’.
PIM - personal information management - refers to the practice and study of the activities people perform in order to acquire, organize, maintain, retrieve and use personal information items such as documents, web pages and email messages.
PIMS - personal information management system - is a solution that helps people to manage this information.
The Quantified Self is the name of a movement using technology for collecting data on aspects of a person's daily life. Wearable tech such as FitBits are driving this craze but it is predicted to expand well beyond health and fitness to incorporate everything we do in daily life from how we spend our time to decision making.
Relationship marketing gets its roots from direct response marketing campaigns that emphasized customer retention and satisfaction instead of an acquisition or sales. Companies that see the long term value of their existing customers often rely on relationship marketing instead of opting for intrusive and blatantly self promotional advances. Once again, the consumer is at the heart of this form of marketing, not the company doing the marketing.
Rich media is usually referred to in the context of an online ad. It is the opposite of a static, flat ad often using images or video and offering some kind of user interaction.
RTB stands for ‘real time bidding’ and its the process by which ads are bought and sold within the programmatic advertising system. Think of it like eBay on steroids. On websites rigged for automated advertising sales, when a person lands on the web page, the page pings programmatic platforms. Advertisers then bid to have their ad appear for the visitor in real time, hence the name real time bidding. All this happens within the blink of an eye.
SSP stands for ‘supply side platform’. If you think as DSPs, demand side platforms, being the interface trying to help advertisers get the best deal in the programmatic buying equation, SSPs are doing the same thing for publishers attempting to maximise the price advertising is sold at.
The Internet of Things
The Internet of Things or IoT is a catchall phrase that can be applied to anything somehow connected to the internet. Examples include FitBits, the no longer for sale Google Glass, wifi connected fridges and toothbrushes that record how you brush.
A ‘value add’ is an enhancement given to a product or service before it is offered to customers.
Visionaries are people with unique ideas about what the future will or could be like. They are most common in the technology industry.
VRM stands for 'vendor relationship management'. It is the reverse of CRM, customer relationship management. It flips on its head the idea that companies are in charge of managing the relationships they have with their customers - instead the consumer is in charge,