I was shopping with my wife recently in a home furnishing store. While my wife was thumbing through every item in the store I had my head buried in my new iPhone 5 pretending like I was listening; however, a catchy poster caught the corner of my eye. It was eye-chart on acronyms – Acronym 101 to be exact.
I couldn’t resist and had to take a picture, which I’ll share with you. It reminded me, maybe people in the marketing industry need some help with new acronyms being introduced to them. This article summarizes a few key acronyms floating around these days:
- MAP = Marketing Automation Platform. Marketing automation is fairly new technology that helps companies improve and automate many aspects of the lead management process including lead generation, lead nurturing, lead distribution, lead qualification, marketing campaign measurement and more. A cornerstone of marketing automation is the ability to do more with less.
- LMA = Lead Management Automation. The process of streamlining every aspect of lead management including how leads are sourced, how they are qualified, how they are handed off to sales and how return on investment is measured.
- RGS = Revenue Generation Software. Software such as that from Lead Liaison that provides a set of features and capabilities for sales, marketing and executives to help drive revenue faster for their business. RGS typically includes sales prospecting, marketing automation and lead generation components.
- CRM = Customer Relationship Management. CRMs have often been thought of as an accounting system for leads, contacts, accounts and opportunities. Many businesses use a CRM to keep track of sales activity. Popular CRMs include Salesforce.com, SAP, Oracle and others. MAPs and CRMs are complementary and not competitive in nature – don’t confuse the two. They are very different technologies.
- SaaS = Software as a Service. Software that is accessible via a web browser vs. installed on a desktop computer. The majority of CRMs and MAPs are SaaS-based. SaaS software is attractive to many businesses because zero installation is required and software updates are transparent to end users.
- ROI = Return on Investment. A measure of the return based on what’s invested. If marketers are not measuring ROI of their campaigns then they’re not proving their worth and identifying where they can improve their campaigns. It’s essential marketers know which lead sources, programs and campaigns are effective and which are not.
- RPM = Revenue Performance Management. A systematic approach to identifying and measuring the drivers and impediments to revenue.
Here’s another good post that covers some basic marketing acronyms.
What modern day marketing acronyms can you think of?