Terminology in the business world is always changing.
With new forms of technology, developing programs, systems and new standards of the way things should be done, business terms are always shifting to reflect new perspectives and values. If you want to stay on top of the game, you also need to stay on top of the lingo.
But with all the buzzwords out there that quickly fizzle out, it can be frustrating to tell which business terms are worth paying attention to. To help you know which are bound to stick around, here are 10 business words or phrases you need to learn. And for your next step, here are a few books on the business mindset to check out.
10 Business Terms To Pay Attention To
1. Return on Relationship (ROR)
If you’re in business, you’ve probably heard a lot about ROI, or Return on Investment. But while seeing the fruits of your hard work and money spent is important, there is another return you should be looking at. ROR, or Return on Relationship, is one of those business terms that looks at what you’ve gained from creating and maintaining a relationship with a customer, client, another business owner, or vendor.
Businesses do best when all employees work as a team. The term “cross-functional” refers to the process of having employees in different department or business areas work together to solve problems, boost business, and reach a common end goal. With a cross-functional approach, each department and employee can be more productive. Thus, overall business will improve.
3. Buyer Persona
A “buyer persona” is a clear description of the company’s ideal client. By creating a buyer persona, businesses can get a clear image of the exact person they are targeting in marketing, sales pitches, and product creation. Buyer personas are created by looking at specific details about the target customer, such as income, location, age range, and more.
4. ISO 45001
ISO 45001 is a new safety standard that aims to make the workplace safer for employees. By demanding a new set of requirements for health and safety in the workplace, ISO 45001 can protect employees from getting sick or injured while at work.
Context refers to the situation in which your content is shared. While content is a major contributor to any online marketing strategy, context ensures that the right audience is seeing your content at the right time. Without it, even the best works will go unnoticed or ignored.
6. The Infinite Shelf
For brick and mortar businesses, keeping enough products on the shelf is crucial for balancing supply and demand. If you’re not putting new products out to replace those sold, you could miss out on sales. But the infinite shelf applies to online businesses that essentially have a never-ending stock available to customers. The Infinite Shelf gives e-commerce businesses a leg up compared to companies that need to continuously put new product on their shelves.
Humans are a visual group of people. They can better absorb information when it is presented in a clear and interesting way. “Infographics” help explain difficult concepts in a way that is easier for people to understand. Infographics are also a great way to grab attention, pull in new audience members, and connect potential visitors into customers and clients.
8. Bounce Rate
“Bounce rate” is something that all businesses should monitor in analytics. Your bounce rate, which is measured as a percentage, tells you how many people come to your website only to visit one page and leave. Because you want as many people as possible to browse various pages of your site, you want your bounce rate to be low.
In the business world, a “community” is a different term for loyal customers. With emphasis on building lasting relationships with customers and clients, companies have now begun putting pressure on creating a community. With a strong community, businesses have a group of followers that buy their products, read their content, and help expand their audiences through referrals and recommendations to get new customers.
10. Influencer Marketing
One of the most popular business terms today is “Influencer Marketing”. It refers to letting online influencers promote a company’s product or services. An extremely similar technique to having celebrity endorsements, influencer marketing uses a trusted source to push a product to their loyal fans and followers.
Influencer marketing has become widely accepted for businesses because of the increasing amount of bloggers and social media personalities. It gives businesses the opportunity to use influencers regardless of budget or industry.
There are many important business terms out there. These 10 words and phrases are a great place to get started.
Knowing the popular business terms is just one step in running a successful business. In order to keep up with the changing strategies, times, and values, you’ll need to understand these words and what they mean. After that, it’s a matter of application.