Just wondering how digital marketing works and what should I know? Then this is the right place to begin. Let us know the basic set of jargons first to begin with:
1. Word of Mouth Marketing
WOMMA or the 'Word of Mouth Marketing Association' defines Word of Mouth Marketing. By far the best definition of the concept explained beautifully through a video.
Also see buzz marketing.
2. Consumer vs Customer
The terms consumer and customer are often used interchangeably and in the same context. Let us now understand what exactly is the difference between these two terms, and why marketers should not get confused between them.
In one way both the terms are similar. Both customers and consumers buy the products or services of the marketer. To explain this in a much simpler way, let me take the example of a shop selling footwear. Now if you were to go to the shop to buy a pair of shoes, for yourself, you would be termed a customer consumer. You would be called a consumer because 'you' consume the product, or use it. If you were to go to the same shop, on a different day, to buy a pair of shoes, which you plan to gift your girlfriend, you would be called a customer. You do not use the product, you are simply buying it for some one else to use.
While both are sale influencers, marketers should understand the subtle difference between the two. Consumers are the final users of the product, they are more interested about the utility that the product will give them. While customers, are buying decision makers. They may not care much about the utility, or might not even be aware about the utility of the product.
Few organizations also refer to people who buy products for personal use as customers, and people who buy products for commercial use as clients. The way products are used, however, remains the key differentiating factor.
3. Elevator Pitch
So what is elevator pitch ? According to Wikipedia - An elevator pitch (or elevator speech or statement) is a short summary used to quickly and simply define a product, service, or organization and its value proposition. The name "elevator pitch" reflects the idea that it should be possible to deliver the summary in the time span of an elevator ride, or approximately thirty seconds to two minutes.
It is often used by entrepreneurs to pitch their ideas to a venture capitalist, to secure funding. Venture capitalists on their part ask entrepreneurs for their elevator pitch to filter out the bad ideas. Some salespeople, product managers, marketers rehearse their elevator pitch to get their message across quickly.
However marketing guru Seth Godin, drives home the point,
[box type="shadow"] "The purpose of an elevator pitch isn't to close the sale. The goal isn't even to give a short, accurate, Wikipedia-standard description of you or your project. And the idea of using vacuous, vague words to craft a bland mission statement is dumb. No, the purpose of an elevator pitch is to describe a situation or solution so compelling that the person you're with wants to hear more even after the elevator ride is over."[/box]
4. Yellow Goods
Yellow goods are material handling equipment like cranes, hoists, earth moving equipment, fork lifts, etc. The term is also used to refer to agricultural equipment like tractors.
5. Brown Goods
Brown Goods, refers to electrical and electronic consumer durables like Television sets, DVD Players, mixer grinders etc. These are basically portable or semi-portable appliances and the term is used to distinguish them from white goods, which are generally fixed appliances.
This again, is a vastly British English usage, gaining the usage due to the original wooden cases used for packing these goods. In the US, the same goods are categorized under small appliance.