Back for more? With so many acronyms clouding the advertising industry, we felt compelled to write a second blog post. Read on for six business-related acronyms, defined.
If you missed our first guide to industry jargon, read it here.
What is B2B?
Business to business, also called B to B or B2B, is a transaction between two businesses like a manufacturer and wholesaler, or a wholesaler and a retailer. Ford and General Mills are examples of B2B companies. Both companies make a product to sell to a separate company for distribution.
What is B2C?
Business to consumer, or B2C, refers to the transactions conducted directly between a company and consumers who are the end-users of its products or services. Online stores like Amazon, Apple, and Nike are examples of B2C. Consumers go directly to the company to conduct their business.
What is CRM?
CRM, or customer relationship management, is a set of software programs that helps companies manage their interactions with existing and potential customers. The goal is to create a system in which the sales team has lots of information at their fingertips and can quickly pull up everything about a prospect or existing customer.
What is KPI?
A KPI, or key performance indicator, is a measurable value that demonstrates how effectively a company is achieving key business objectives. Organizations use KPIs to evaluate their success at reaching targets.
What is PESO?
PESP is a public relations and communications model referring to the relationship between paid, earned, shared and owned content. This model for content was developed and championed by Gini Dietrich. Dietrich is a leading voice for the PR industry and the author of Spin Sucks. We are big fans. Read more about how the PESO strategy plays a role in influencer marketing.
What is a PM?
A project manager is generally referred to as a PM. They literally manage the project. PMs monitor your project’s progress, find the best way to reduce the risk of failure, maximize benefits and minimize costs. They’re also the first point of contact for team members for anything that might go wrong. Check out our previous blog post about effective project management and the strategies to achieve it!
If you want to see these terms put into action for your business, contact us!