Posted in Marketing & Strategy Articles, Total Reads: 3990
, Published on 21 August 2012
Lingo : Language, dialect, foreign language, common jargon , internet slang, are some of the things that would knock on your mind. What exactly does Lingo refer to : a specially devised language or dialect of a particular field or discipline.
The necessity of specific dialect or lingo arises due to various reasons such as religious, cultural, geographical, sentimental, intellectual and in our case disciplinal diversifications. Language is an essential tool in spreading message or awareness other than flair, publicity, glamour, strategy and other things. Not paying minute attention to dialect details can lead to serious misinterpretations and negative propaganda. As they say language helps ‘you’ to provide flesh and bones to your message – if used properly can work wonders for you creating a strong image and if mishandled can lead to drastic consequences.
We would like to throw some light on rare and innovative marketing Lingos that are fast making their presence felt in the world of marketing:
1. Millennial/Echo/Baby Boomers: Millennials are the new target consumers – they are quick, dynamic, fluctuating, different, love brands and have an interest in a wide array of products and services. They are considered as the market changers and special marketing skills and strategies are being employed to lure them and bid for their loyalty. They are Gen Y or Generation Next. Millennials control almost 400 billion dollars market in North America itself and their views, tastes and loyalty will determine the future businesses – Youth Marketing is the need of the hour.
2. Virtual Teams: In this era of ‘ globalization’ it has become a necessity to work across ‘time-space’ and boundaries for a common purpose of organizational growth taking the help of a strengthened web communication network. This has reduced the world into a ‘global village’. There are many benefits of organizing a virtual team – human resource with independent performance goals, skills, talents can be recruited from different spheres . This calls for the best and best in the business to work together for a common purpose. They are also referred to as Geographically Dispersed Team(GDT). Cost savings, time saving and increased productivity are some of the added benefits.
3. Heatmap: Heatmap has become a very essential tool for especially online marketers for showcasing the percentage of interaction of people from different parts of the web. This is basically a graphical representation of data depicting varying degrees of a single metric using different colours. Various Heatmap tools that can be used are : mousetracking, eyetracking, clicktraking, etc.
The red or orange colour symbolizes the most viewed or clicked part while the yellow colour symbolizes more than half viewed or clicked part. There can be more colours and symbols depending upon need and data.
4. A/B Testing: Also known as split testing. It is a marketing research tool or strategy where the variables in a controllable scenario are changed and then alternate strategies are tested - the results are then compared with that from the changed scenario. This starts with controlling an initial marketing circumstance having different testing or controllable factors like shape, colour, fonts, etc.(A). Then one or more factors is/are changed keeping the other factors constant – thus creating a changed scenario(B). This process is generally carried out until all the different permutations and combinations of scenarios are done. The results are then compared and the consistent aspects or factors that improve the marketing of (A) are then incorporated for the marketing success of the product.
5. Extranet: Internet then intranet and now extranet. The world of marketing jargon is going dynamic in all forte. Extranet is a service – two or more sites networking with each other breaking all the privacy and security of in-office ecosystem. Extranets bring external and limited access to data and files of organizations enjoyed by only a few privileged. Extranet comes with many value added services such as efficient management, time management, decreased processing and communication costs and a considerably improved supply chain management. The access is definitely controlled and is very useful in B2B.
6. Indovation: This term is used to refer to the process of altering a particular product or service to suit the Indian market. Examples include the special items introduced my fast food major McDonald’s to introduce McAloo Tikki and other dishes which cater to the Indian palate. Other examples include products like Tata Swach that provides potable water to the rural populace at affordable prices.
7. Surrogate Advertising: Simply put this term is used to refer to the process of advertising a product implicitly as it cannot be done explicitly due to provisions under law which prevent explicit advertising of a certain product. We find many examples of this kind in our daily life, Bacardi Music CD’s, Royal Stag Cricket gear are just some of the examples that come to mind, when one thinks of them. As it is common knowledge that the advertisement are implying liquor brands which cannot be endorsed in the public domain under Indian Law.
8. Forehead Advertising: This is a relatively unknown concept, it was created by an individual called Justin Kapust, through his organization Headvertise. Here people are encouraged to rent out their foreheads to be used as a medium for advertising products. There have been instances of people putting up their foreheads for consideration on e-bay and other e-commerce websites.
9. Undercover Marketing: This form of marketing is used to promote products in a very subtle manner without making it known to the consumer that they are being marketed a product, this is usually done at public places where there is a high concentration of people like shopping malls. This type of marketing involves a new product which is not known to the customer and involves skits that have the product as their theme.
10. Murketing: Murketing has been coined by RobWalker, an American author and a freelance journalist. It can be stated as an advertising strategy that involves indirect or vague approaches towards sales and focuses more on brand identity and publicity and venturing capital into other publicity events which do not have a direct relation to the product. Examples can be stated as in the case of Red Bull spending millions of dollars on promoting events(kiteboarding, video-gaming) that had very little to do with its products. Another example can be given that of Toyota’s Y- Gen focused Scion brand, where Toyota held parties for editors of indie magazines.
11. Inbound Marketing: Results showing that traditional marketing losing its flavor among customers led to the birth of inbound marketing. Traditional marketing like billboards, TV commercials, posters are repeatedly being ignored by people and have become less effective. Thus the concept of marketing through blogs, podcasts, videos, ebooks, eletters, whitepapers and other forms of social and media marketing has evolved over the time. Search Engine Optimization (SEO) is a strong tool that can be effectively used for inbound marketing. These inbound strategies will lead to better results and are cost effective. MBASkool is a perfect example of this.
12. SoLoMo: Social Local Mobile is what SoLoMo stands for. It refers to the growing trend of targeting customers based on their demographic locations with content and promotions shared through social networking. It actually brings different sized advertisers into more or less same level field of promotion of their products. The growing number in the sales of smartphones has played a vital role in this particular marketing strategy. Though it is a happening marketing strategy but it has a disadvantage sown with it – harassment of customers and invasion into their privacy. Marketers are constantly trying to come out with ways in proceeding with SoLoMo without causing much inconvenience to customers.
13. Augmented Reality: Relatively new and cool marketing jargon. It is actually a mix of real world environment aspects of marketing and promotion such as window display, billboards, etc. which are augmented by computer generated graphics, imagery and videos. The virtual world actually replaces the real world with a sort of simulated world. It revolves around media reality. Swedish company IKEA is planning to launch an augmented reality catalogue in the year 2013.
Image of the proposed IKEA Catalogue for the year 2013 (Source: Mashable.com)
iPhone uses a lot of Augmented Reality Apps such as Le Bar Guide, Work Snug, Pocket Universe among others.
Image of Le Bar Guide.(source: mashable.com)
The world of marketing lingo is continuously evolving to keep up with the pace of the dynamic marketing that is surfacing all over the world in this era of globalization. We will be back with you all again with all the current happenings in the world of marketing lingos – till then keep evolving.