Entering a trade requires more than capital. You must also be knowledgeable about the processes and learn the ropes to manage them to the best of your abilities. If you’re already putting in the effort, you should also expand your knowledge on information exclusive to becoming an entrepreneur.
In business, you’ll probably mingle with seasoned entrepreneurs. Sometimes they use jargon in their conversation, which can be a real head-scratcher for novice traders. To not get lost in the business vocabulary, familiarizing yourself with some words is the way to go. You can start with the ones below.
When you’re soliciting advice during the initial phases of your venture, you will probably encounter this buzzword: growth hacking. This is mainly used when advertising your brand. Since you’re dealing with limited marketing resources, you need to use free growth hacking methods, such as social media and SEO content marketing.
Once you discover the meaning of this term, you’ll realize how fitting it is. This jargon is an integral part of your operations, whether you’re thinking of creative marketing strategies or looking for ways to launch your brand. Do you still have no idea? Deep dive is the business term for brainstorming. There can’t be more of an applicable term, considering that you will dive deep into creative thoughts.
This term is a combination of two words: advertising and entertainment. When you think about it, this combo is perfect, given that for modern advertising to catch the market’s attention, it also needs to be entertaining. It has been a while since advertainment first entered the business sphere. Now, you can observe it in most soft-sell advertisements.
This strategy is one of the most used in present-day advertising, especially when using memes. There are different types of jacking. It can be news-jacking or meme-jacking, but the purpose is pretty much the same: to anchor your promotional material on current events or amusing memes.
Contrary to its name, earned media are tools that you can freely use. Most businesses, big or small, use this. Although cost-effective, it can still boast a broad reach, making it a sought-after marketing tool. Earned media are customer reviews, social shares, and mentions.
Outside of business, this term is commonly used in sailing since it’s the place where the boat captain stays during trips. However, in trading, it’s what entrepreneurs call a business’s specialty. For instance, if you plan to establish a restaurant selling Italian cuisine, Italian flavors will be your wheelhouse.
As an additional tip, if you are leaning to be a restaurateur, you must also invest in your storefront to enhance your curb appeal. You can entice with creative designs or get commercial landscaping work done to beautify your shopfront.
It’s great to aim for the best when doing business, but you can’t walk past an easy win. When you encounter small successes on the way to your main goal, that is called a low-hanging fruit, given that you barely broke a sweat acquiring them.
For you to run your business as smoothly as possible, you’d need some programs and applications. You can use plenty of free software, but you won’t have access to other features unless you upgrade to their premium offerings. Hence, a term is coined: freemium. It means you start free and ultimately end up subscribing to their premium services.
This jargon is similar to low-hanging fruit, and you can even use it interchangeably. It’s self-explanatory – it’s when you gain things in the breeziest of ways.
In business, you have to interact with clients to promote and sell your products successfully. Whether through chat, email, or phone calls, these are the most used channels for interaction. Instead of calling them “mode of communication,” you can save yourself a mouthful by using the word “touchpoint” when describing how you first engaged with a customer.
You’d need to utilize other promotional techniques to widen your reach at some point in your business career, and partnering with influencers is popular now. Instead of drafting a deal with famous Internet idols, you can partner with a micro-influencer who’s knowledgeable about your line of trade. Although their following is smaller than most influencers, you can get your points across to your target market by employing them as your endorser.
If there is jargon with good connotations, there are also negative ones. Clickbaits have earned collective dislike from the online community since they use misleading titles and thumbnails that mask their subpar content.
Launching a business is like entering a whole new world or visiting a new country. You have to familiarize yourself with different terms and processes to immediately learn your trade’s ins and outs. When done so, you can have a better grasp of what’s going on in the industry.