Marketing For Dummies: The No-Nonsense Guide to Marketing Terms!

Are you tired of feeling lost in marketing jargon and worried you might get bamboozled by confusing terms?

We’re simplifying all that confusing marketing jargon you’ve heard but might not fully understand. If you’ve ever found yourself lost when marketers toss around terms like "MQL," "SQL," or "churn rate," don’t worry—we’ve been there too. Today, we’ll walk you through the most important marketing and sales definitions in a way that’s easy to grasp, so you’re never left feeling out of the loop.

We want you to make smart, informed decisions when it comes to growing your business and dealing with marketing agencies. By the end of this episode, you’ll be armed with the knowledge to avoid getting bamboozled by unclear terms or misleading promises. Let’s dive into the key marketing definitions that will help you take your business to the next level.

[00:00] Marketing and Sales Definitions

[08:30] Lead Generation vs. Client Acquisition

[10:14] Churn Rate and Lifetime Value

[20:33] Cost Per Click and Click-Through Rate

[25:30] Client Acquisition Cost (CAC) and Return on Investment (ROI)

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About The Hosts:

• Tim & Cindy Dodd are the Co-founders of PEMA.io, based out of Miami, FL. Connect with Tim and Cindy: Instagram

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• PEMA.io is a Inc 5000 Outbound Marketing Agency specializing in Enterprise Sales & Appointment Setting. With over 7-years and 1,000+ clients served in the industry, PEMA is the leading agency for cold outreach appointments & systems. Learn more about PEMA.io here: www.pema.io/discover

Chapters

• 0:00 Marketing and Sales Definitions
• 8:30 Lead Generation vs. Client Acquisition
• 10:14 Churn Rate and Lifetime Value
• 20:33 Cost Per Click and Click-Through Rate
• 25:30 Client Acquisition Cost (CAC) and Return on Investment (ROI)

Transcript

00:00

I mean, you hear so commonly, know your numbers, know your numbers, but you know, in this case, it's know your definitions, know your marketing and sales definitions. So as Tim says, you don't get bamboozled. What to highlight, one thing that's so important for businesses and marketing and sales professionals to understand is a qualified lead doesn't mean that they are ready to buy right now. So the goal is always to move people through the funnel, right? Whether your funnel.

00:26

looks like a thousand people coming in or it looks like 10 people coming into the top. The goal is always to move those prospects through the funnel to ultimately make a purchase. Welcome to The Takeover with Tim and Cindy where we show you how to dominate every area of life and business. Let's get winning. Welcome back to The Takeover everyone.

00:48

Have you ever been around marketing people and they're talking, throwing off different terms and terminologies that you may or may not understand? That was me not too long ago. And I would hear terms being thrown around in marketing that I had no idea what they meant. So in today's episode, we're going to walk through quote unquote marketing for dummies, where we literally want to walk you all through practical marketing lingo explained so that the next time you are.

01:17

in the room with marketers or you are hiring an agency or even YouTube-ing something around marketing. You understand every single term that is thrown around with clarity. And we're not just going to give it to you at a very high level. We want to distill this down into very basic, very easy definitions so that you can understand all the marketing talk and all the marketing speak.

01:41

And especially when you are making decisions with regards to marketing channels. So I think this is going to be a really fun episode. Let's go along this journey where we're walking through these terms and we hope that they're helpful for you guys. Yeah. And I think one of the biggest things is having been in marketing since really 2010 myself and doing outreach marketing since 2015 is if you do not understand these different terms.

02:06

and have clarity on what they mean, you will get bamboozled. I mean, I'm not even kidding. I will hear, we're in the lead generation space and we're incredibly good at it. And I will tell you right now, there's so many lead generation companies that will say, we're gonna get you a lead. Hey, we're gonna give you 10,000 leads. And all they're doing is they're selling you a list that they've sold to 30 other people of phone numbers. And they might not even be relevant phone numbers. And so you have to understand.

02:33

what the true definitions are as the owner, as the CEO, as a CML or whatever, so that when you are doing the work yourself or you're outsourcing, you're not hearing people say the same, oh, we're going to do leads. We're going to do an MQL and SQL. You have to understand what they mean so that you can hold them accountable. Because I'm telling you right now, if you do not know these terms, you're going to have so many quote unquote marketing professionals that are not good at what they do.

03:00

trick you, fool you, and my favorite word of this episode is bamboozle you. So let's go ahead and jump in. Cindy, what are some of the main points we wanna go into today? Yes, let's talk about really five main topics. The first one is gonna be around lead generation and qualification. So take notes, we're gonna literally walk you through step by step and give you some examples. And I think the best place to start, Tim, is the term MQL, also known as marketing.

03:30

Qualified lead so there's mql and there's sql and what we're going to one at a time in marketing qualified Lead is basically just somebody who's kind of shown some interest. They've been your website Maybe they filled out like a web form Maybe you connect with them on LinkedIn and they're kind of like hey Could you share more information about your business or something? Well, there's like some interest but at this part At this point in time, you don't know if they're qualified to be a customer or to sell them something yet so

03:59

Really simple. There's a lot of different definitions and confusions on MQL versus SQL. But think about a marketing qualified lead is just somebody who's kind of interested. Maybe they're buzzing around your website. They fill out a form or something, but you don't know whether or not they're a fit to be an actual customer at this point. The next thing would be an SQL. And this is going to be where somebody is actually, they maybe they've booked a call with you and they are your kind of customer. Now in SQL,

04:26

Where this can get a little confusing is some people can define an SQL is like they are ready to buy right now. And that is not an SQL. An SQL is going to be somebody that's vetted. They're the right person. They have intent for a service like yours. And there are kind of customer that you could help. And there's different businesses that are going to be different in our situation. We're doing high level appointment setting for enterprise clients or for sales teams or for businesses where we're booking a meeting with somebody that has raised their hand.

04:55

saying, I am interested to talk to your team about your services. They're the right target. They're the right audience. And they've shown intent to say, yes, I want to talk to you about potentially buying your services. So good. And we hear the term qualified, especially in lead generation. We hear that term a lot. Qualified. So for those that don't know, what is the definition of qualified? What does that mean? Qualified. So again, MQL, Marketing Qualified Lead, that means they are

05:24

Qualified in the sense of like they're showing interest. That's the level of qualification. They have a marketing qualification So they're qualified in the sense that they're showing interest and SQL is that they're qualified in the sense that That they are a person that could potentially buy your product there and they're showing interest and saying yes I want to meet with you. I want to talk to you about your potential service So very often we'll hear some of our clients say like hey we tried two or three other lead generation agencies They said that we're gonna give me

05:53

quote unquote, qualified leads, but they didn't. Where do you think the disconnect comes in with regards to that definition of qualified though? There's two ways to look at it. There is where the lead generation company is dropping the ball, and I see this happen a lot, where they are setting up essentially virtual coffees.

06:11

They're setting up these kind of networking meetings. And so this person is not shown intent in buying your service. They might not even be getting on the phone, knowing what they're talking about. And, you know, it's easier to get a meeting, you know, if you're not doing a direct call to action on the other side, it could be somebody that's saying, Hey, it's not qualified because they're not ready to buy. Generally that's kind of a smaller business owner that doesn't understand how sales works as much. Maybe they've been only built on referrals and they're expecting.

06:39

that a qualified lead needs to be like a referral qualified lead, which are referrals. They know you, they like you, they trust you, they have a need right now, they have a budget right now, and they're friends with the person, you know, who sent them in. And so they already have that trust and they're generally going to buy it quickly. Where a true SQL is, is that somebody that is the right person, they've shown intent, but you are going to have to be an expert at making sure that you convert them because that

07:04

SQL, which is a human being looking to buy a service like yours, might be talking to five other people. And if your sales process is not as good as your competitor's sales process, you're going to lose every time. So let's be clear. SQLs, it's the right person. And if you have the right skill set in your sales process, you should be able to convert them, whether immediately or put them in pipeline to convert them eventually. What to highlight, one thing that's so important for

07:31

businesses and marketing and sales professionals to understand is a qualified lead doesn't mean that they are ready to buy right now, which I really want to highlight that you mentioned Tim because that's so important. And we see that mistake made so much in business, in entrepreneurship and marketing and in sales is that people think a qualified lead is ready to buy their service right now. And as Tim is mentioning, you still have to take them through that process, which I think

08:01

our next definitions. So the difference between lead generation, which is the process of attracting strangers into potential customers, and then the process of client acquisition, which is both attracting and converting leads into customers. So when you're talking about a sales qualified lead or qualified lead, that is just one part in client acquisition. Let's talk a little bit more about that, Tim. Yeah. So when I'm thinking of

08:30

any business, any business really is just two departments. It's sales, aka making a promise so enticing that people buy it, and fulfillment, aka delivering and getting them to buy more and more things from you. That's all a business does. Right? And so when I think of the making the promise, lead generation is where you're getting that promise out in front of strangers, you're getting that promise so enticing that they go, Hey,

08:57

I'd like to hear more about this. And then the sales process or the client acquisition process is the full funnel. Client acquisition would include getting that message in front of strangers. Client acquisition includes nurturing and warming up those strangers, which we'll talk about in a second. And it is converting those strangers into paying, buying customers. So when we think about growing a business, we don't think about...

09:21

These in an isolated sense, even though we understand what lead and MQL and SQL, we think about the entire picture of what has to happen from beginning to end to turn a stranger into a paying client that keeps buying more and more things from you and retains. So good. So important ladies and gents to understand the difference between that lead generation.

09:44

What is a qualified lead and what is that process of client acquisition and sales where you are actually converting those leads into paying customers. Let's shift into churn rate. What is that definition? It's the same process, right? You're getting strangers to buy your thing and then churn rate is how many of those people that bought your thing leave. So say I own a gym and I'm getting 100 customers every month but out of those 100 customers every month, I lose five.

10:14

That means I have a 5% churn rate. So you could do your churn rate on month to month. This could be a yearly churn if you're on yearly contracts. But churn is essentially how much hole is in my bucket. Because if client acquisition is about filling up your buckets of customers, then churn is about how much leakage do I have on that bottom of the bucket leaking out. And these are important numbers to know because I think a lot of times people either over obsess with sales and they don't make sure that they're

10:43

the holes that are plugged in their bucket, or they only focus on retention. And so they actually, no matter how much you focus on retention, you're gonna lose customers. Like it's gonna happen and so you gotta fill up both. But churn rate is such an important number, especially if you ever decide to go sell your company, investors are gonna wanna see what is your churn rate, but it's a very healthy number to know. It's a very easy number to track. And yeah, if you can keep your churn rate low,

11:08

and have your client acquisition be at a higher rate than you're losing customers, then you're going to have a very healthy growing business. So churn rate is quite simply the rate at which customers stop using your product or your service. Let's shift into lifetime value, also known as LTV, which is essentially how much revenue you can expect from one customer throughout the relationship that they have with your business. Yeah. So lifetime value is

11:38

one of the, if not the most important metric to know in your business. How much is your client worth to you over 12 months or over the lifetime? Right? People make a mistake thinking too much. How much do I make off of a customer immediately? The best companies obsess over what is the value that I make with my client over a lifetime? Because guess what happens when I know that my customer's worth say,

12:06

million dollars on average over a lifetime or a hundred thousand dollars over my lifetime. Even if my first engagement with them is only five thousand dollars on average, if I know that over my lifetime that client is going to be worth half a million or a million dollars, that changes the way that I think about acquiring clients and what I'm willing to spend, which we're going to talk about here in a second. So good. So think about lifetime value as

12:33

How much revenue can I expect one customer or one client to generate with me throughout our relationship? So that's the total picture of lifetime value. Nurturing is our next term and nurturing is as simple as engaging and developing relationships with leads that are in your sales funnel. How do you get these leads that are potentially marketing qualified leads, right? The MQLs to actually be warmed up to you.

13:03

where they're not cold and maybe just come in from not essentially knowing your business to where they start to learn more about you. Tim, what are some ways that we can nurture leads that are in our funnel? Think about, remember we just said MQL, marketing qualified lead, and then SQL, sales qualified lead. So you want to think of nurturing as, again, don't look at these things too isolated. Think of the whole client acquisition process. So if I'm nurturing,

13:30

an MQL, it's a stranger that maybe they came to our website, maybe they clicked a link. If I can get them into my email funnel or a text message funnel, I can start nurturing them by delivering value, by giving them trainings, by whatever that values you deliver, that's going to be nurturing an MQL. Now as I start getting to an SQL, I want to keep nurturing. So if I've got something that's booked to call with me, I want to now start sending them a different form of nurturing, right? Say they booked to call with their sales team. I want to start.

13:58

giving them more in depth because at this point they want to kind of know what is it like to work with you know at our company Pima what's it like to work with Pima so the nurturing content I'm going to give to that person might be slightly different but think about whether you're nurturing an MQL the goal of that is to what get them to turn into a call or an SQL now if I have somebody an SQL my goal is what it's to get them warmed up to turn into a customer and so the nurturing

14:27

What information, what education, what value can I deliver to a lead at any stage to move them from MQL to SQL to customer? So good. And then the last one in this lead generation qualification stage is CTA, also known as call to action. Call to action is the number one thing that most people are going to miss in your marketing, in your sales, it's asking for the next thing, right? So for instance, a LinkedIn message.

14:56

If I'm just like, hey, I do all these services. Let me know if you have any interest. That's a weak call to action. Let me know if you have any interest. Let me know if you know, that's a weak call to action. A strong call to action would be, hey, I'm happy to carve out some time. When are you available next week to chat? That's a very direct call to action. If I'm on a sales call and I go, what do you think? I'm at the end of the call and I say, what do you think? That's not a call to action. A call to action could be something like asking for the sale.

15:25

What's your billing address? Moving them through. So call to action could be anything where you're calling them to action and understanding what your call to action is going to be at every stage in the funnel and the client acquisition process. What's the call to actions in the MQL to get the booking? What's the call to actions in the sales process? If it's a simple sales process, one call, two call, that's gonna be asking for the sale. If it's a complex sale, an enterprise sale, mid-market sale, the call to action might be

15:54

getting the next decision maker or the next person involved in the cell on the phone. So understanding your clear call to actions at every stage in the client acquisition process is going to be critical. And if you can do this well, it's going to set you apart from a lot of people because if you don't do this well, it's very, very hard to move people through the whole client acquisition journey. Yes. I even think of CTAs or call to action on things like a landing page.

16:22

or a website, or even if you're on Instagram, the link in the bio, these are simple calls to action that if done right, you can attract leads. And if they're done wrong, you're actually missing out on a lot of opportunity, right? Something as simple as making sure there is a button on your landing page, giving people that next step to take. Right? That is a simple call to action, but a very important one. Okay. So all the definitions we've covered so far have been around lead generation and qualification.

16:52

Now we want to shift gears and talk about sales funnels and the buyer's journey. And when we're thinking about a funnel, and I'm sure a lot of us, if you've ever seen like a marketing textbook or even watched a video on marketing, you'll see the funnel is something that's very regularly spoken about where you have the top of the funnel, it's this very wide. You have a lot of people coming through, filtering down to the bottom of the funnel to essentially becoming a paying customer. So Tim, let's talk about.

17:21

what we look at when we're determining kind of a sales funnel, the top of the funnel versus the bottom of the funnel, and what that buyer's journey actually means. Subscribing is the easiest way to support the podcast. Plus you'll never miss an episode. Hit that subscribe button on iTunes, Spotify, Google, or wherever you're listening so that you don't miss a beat.

17:48

When we go over this, let me just qualify that this will look slightly different depending on your industry, the market you're doing, you know, are you doing paid ads? Are you doing LinkedIn? Are you doing cold email? Top of the funnel is essentially like the biggest part of your net, like the broadest category of people. So just imagine if I'm doing some kind of like LinkedIn, the top of funnel could literally just be the people that connected with me on LinkedIn or email could be the people that responded and showed some kind of interest.

18:15

Top of funnel at the very bottom of the funnel is when prospects are there. You've got them on the sales call. You're going through the proposal stage where it's like about taking the next step and really getting them. And then middle of funnel could kind of be like that area where you're transitioning them from top of funnel might be kind of like that MQL. You've got some interest middle of the funnel is kind of like that SQL.

18:37

They are the right person. And then bottom of the funnel is like, you've got the proposal. You've got the decision makers on the table. You're getting, you know, this is where you're working the deal across the line. And it's going to look different for different marketing channels and different companies, but don't get overwhelmed when people talk about like the funnel, top, middle, and bottom, and also don't overthink this. I think when you think top funnel, bottom of funnel, that's actually not where you should really be putting your focus. You should really be thinking about your focus of.

19:06

that client acquisition journey and bringing people from strangers to interested to marketing interested to sales qualified interested to on the call and ultimately making a decision. So good. So the goal is always to move people through the funnel, right? Whether your funnel looks like a thousand people coming in or it looks like 10 people coming into the top. The goal is always to move those prospects through the funnel to ultimately make a purchase. Yeah. And I will say one thing on that.

19:36

The lower cost your product is, if you're selling something that's cheap, that funnel movement is gonna happen very quick. If I'm selling, let's say, a five or $10,000 coaching program or 20, I can generally make that process happen in one or two calls. If I'm selling a big quarter million or a million dollar, two million dollar process, there's gonna be more steps that are generally less engagement, more of a baby step process to get those bigger deals.

20:03

across so it's not always about trying to move them through the funnel as fast as possible but it's just about understanding what are the proper steps from the top of the funnel to the bottom of the funnel to really get them across the line. Awesome. The third area that we're going to look at is performance and metrics. So the definitions we're going to cover here and walk you all through really simply are around things like cost per click, click through rate, ROI. It has to do a lot with performance.

20:33

metrics and how you track how well your marketing and sales is doing. So let's start off at CPC, also known as cost per click. Yeah. And before we go into the definitions, I just want to say this area, the metrics, there's like a million of them. There's so many. And there'll be some people you talk to that are like, they see one of the metrics, like this weird one where it's like, you know, seven letters and it's like, are you on the LTP, AGS, like.

21:01

There's gonna be some people that are diehard and they're gonna make you feel like idiots if you don't know it. Don't worry about that. There is obviously a lot more than what we're gonna give you here today, but these are the core ones that if you can understand this with advertising and with all these pieces, it's gonna give you a good foundation. So if somebody comes in and they try to talk smarter over your head and they add more acronyms to this, it's like fine to like learn those, but these are gonna be the core ones that are really gonna help you. Of course, some people listening are gonna think that there's probably two other core ones that we missed here.

21:30

This is gonna give you a good foundation on which you can add those other ones and all the smart people talk about. Let's start at cost per click CPC. So this is where people are, you know, if you're on, say you're on Google and you click those Google ads, you're paid every time somebody clicks those. So I used to do SEO for lawyers that way back in the day. We were super good. And you know, we were doing SEO for personal injury lawyer. And at the time, I'm sure it's a heck of a lot more expensive now than it was back then, but at the time,

21:59

every one click was $150 per click. So we knew every piece of traffic we got to his website was worth $150. And so when we think about cost per click, this is Google Ads, you can see an estimate. Like if you go to what's called the Google Keyword Planner, you can see traffic, you know, hey, there's a thousand searches that happen for Kansas City bankruptcy lawyer. And you can see the estimated cost per click is...

22:29

50 bucks. And so when we're thinking of cost per click, you're thinking of Google traffic or Bing traffic where you're going to pay every time somebody clicks on that ad. So cost per click is specifically talking about Google and when you are running ads on Google, right? Yeah. Or Bing or any of those other places that throw up ads cost per click. Cause there's other platforms that you could do it, but.

22:53

Yeah, that's the main one is Google for sure. Let's transition into the next one, which is click through rate CTR. Yeah. And I mean, another way you could think of cost per click too, is, you know, say if you're running Facebook ads, you might not be bidding like Google where you're saying, Hey, I'm bidding to pay per click, but you still might understand, Hey,

23:12

I had 100 people clicked, I spent $100. I'm paying $1 per every click I get. So it's an important number to know, even if you're doing Facebook ads or any of those other things. So if I'm on Facebook and my ad shows in front of 1,000 people and 50 people click on that ad, that means my click-through rate is 5%. Why is click-through rate important? Well, this is important, especially on Facebook and on all ad platforms, because it shows the platforms that you're advertising on.

23:40

how interested are people in what you're putting up there? Now this can also be, you know, if you're doing organic YouTube, you're doing YouTube, your click through rate's very important because it's essentially, are people interested enough in the message you're putting out there to click on your ad or on your video or whatever that would be? Yes, so essentially the percentage of people who click on a link after they view your piece of content, that's your click through rate. Okay, the next term is conversion rate. This is the percentage of users

24:09

who take a desired action. Example, they make a purchase or they follow through on your call to action, right? The CTA, which we mentioned earlier. Really simple example, if 500 people visit your online store and 10 of them make a purchase, your conversion rate is 2%. So just think about really simply, how many people take the desired action of your call to action? Right, and that could be...

24:37

sales calls or that could be also be conversion or close rates or win rates. It's all the same thing. And so if I'm on 10 calls and one of them becomes a client, I have a 10% conversion rate or 10% close rate. If I have, like Cindy said, if I have a hundred people visit my website and, and two of them buy my thing, I have a 2% conversion rate. And so this is an important number to know at every point in your funnel.

25:02

And you can definitely put conversion rates at different points in your funnel. But the way I generally think about this is right at the end. The where the sell is happening. What's the conversion rate, meaning converting from interested to an actual buying customer? These next two that we're going to talk about are extremely important, arguably the most important terminology, definitions, metrics you need to know when you're looking at your marketing and sales and they are your client acquisition cost.

25:30

and the return on investment. So let's dive into the two of those. So CAC, Client Acquisition Costs, otherwise known as CAC. I thought it was a funny word, CAC. CAC, what's your CAC? What is CAC? What's your CAC? Excuse you, sir. That's none of your business. But people will do this all the time. So what's your CAC? And if you don't know what this is, it is essentially how much money do you have to spend to get a customer. It's a really good number to know.

25:59

If you don't know it yet, don't worry about it, but definitely start figuring this out. For instance, if I spent $5,000 in marketing and I got one customer, that means my CAC was, how much Cindy? $5,000. Client acquisition cost. My CAC was $5,000. But what happens if I spent $10,000 and I got two customers? What's my client acquisition cost? Still $5,000. Ah, nice. True question.

26:25

It's essentially how much money you have to spend to acquire a client. And what's beautiful about understanding this number in your business is that the moment you understand, hey, if I put $5,000 in on the other side, I can get a customer. Guess what happens when you have a system and processes in place that can predictably scale with a predictable client acquisition cost. Well, guess what? $50,000 will give me 10 clients. $500,000 will get me 100 clients.

26:54

Right? So understanding your client acquisition costs. Now, it doesn't scale up perfectly in the real world, but understanding your client acquisition costs is such an important metric in your business. How does lifetime value, one of the terms you spoke about earlier, LTV, factor into client acquisition costs? Because this is something really important that business owners need to be aware of. Well, that moves us into the next note, the next acronym, which is ROI, return on investment, or ROI. Some people, where's my ROI?

27:24

How long does it take to get... I haven't heard Roy. I've lived a long time ago. I was on a sales call and I was like, Tim, the only thing that matters is how soon do I get to meet Roy. I was like, excuse me, Roy. You know, return on investment ROI. You know, like it's like the first time people learn the language, they like to use it. They want to use it all the time. Oh, you don't know what ROI was. I knew it either did I about two months ago, but I know it now. Right?

27:49

Return on investment is essentially, so say I spent $1,000 to get a customer and that customer is worth $10,000. That would be a 10X ROI because what I spent, $1,000 versus what I made, $10,000 was 10 times, or a 10 to one ROI. So let's think about what's very, very, very important and this is where

28:19

The real businesses win and short-sighted, short-term businesses go through big times of feast, famine, and emotional roller coasters. And that is where you got to understand the lifetime value. Because if you can maximize how much a client is worth over time, you're going to have a much bigger ROI. For instance, so say...

28:46

If you and I are competing, let's make it simple. Say you sell a program that's $10,000 and I sell a program, but my program is only $5,000, but my lifetime value is $100,000. Guess what? The most you could spend to get a client was maybe $5,000 because you're only making $10,000 off of your client because you're only selling them one thing. I might only make $5,000 off that first.

29:12

purchase, it might cost me $5,000 to get that client, which means I'm breaking even on the first sell. But guess what? My client's worth $100,000 over that first year or two, which means I can beat you every single time because I can break even on my first sale and still destroy the competition in the long run. So you really have to obsess.

29:37

How do I maximize lifetime value? Because if you are one of these companies that lives and dies on that first 30 days, cash collected, how much money am I making versus how I spent, you are forever going to be in this up and down roller coaster. And the true players, the true businesses are obsessed and focused on what is the lifetime value. Those who are obsessed with lifetime value can always outspend you because they are willing to even...

30:06

lose money on their first sell because they know they will make it up long term. Whereas people that are fighting to try to make money in that front end sell, the moment ad costs switch, a platform makes a little shift, little thing changes, your business can crash literally overnight. We did an entire episode on how do you increase the lifetime value of your customer. So we'll link that in the show notes for you all to go and listen.

30:32

right after this. Speaking of return on investment, another term that's so commonly thrown out is ROAS. What's your ROAS? ROAS, what's your return on ad spend? It's like very similar. It's like the same thing, but specifically for very in the ad funnel. Like if, so if I'm running an ad funnel and I spent $100 and I made a funnel sell $400, it means I got a four to one ROAS. Or if I have a sales team and I spent...

30:59

$10,000 in ads and I made $40,000 in sales. I had a four to one ROAS. It's the same thing. It's just ROAS is more specific to the ad people, the ad folks that are run Facebook, Google ads or meta ads. Meta. So that was some of the core terms. Obviously there is a 5,000 page book on definitions of marketing. And these are your core ones to make sure that you don't what?

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make sure you don't get bamboozled. Bamboozled. Because when you understand what these things actually mean, I mean, just literally just that one phrase lead, you would not believe how many lead generation companies take that word, we're going to get you leads, and then they end up essentially giving you an email list that we bought for $100 and we're going to sell it to you for $10,000. I mean, there's a whole entire company, I'm not going to name, they start with Z and end with info.

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They make their entire business just off of giving you a leads list and then they're selling it to you like it's some kind of big managed service. But these days, if people are trying to sell you leads as in we're going to give you contact information, be very careful. My opinion, that's one of the biggest kind of scams going on in the marketing and lead generation world is people selling contact information as leads versus actual leads.

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Yes. I mean, you hear so commonly, know your numbers, know your numbers, but you know, in this case, it's know your definitions, know your marketing and sales definitions. So as Tim says, you don't get bamboozled. We do hope that this episode was helpful for you all. If you loved what you listened to, make sure you leave us a five star review. Also ensure that you follow the show so that you don't miss out on other episodes where we show you how to dominate your market.

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So remember ladies and gents, domination is not a destination, it's a way of life. Stay winning.