5 acronyms every franchise owner must know

Let’s be honest – Deciphering acronyms can sometimes feel like decoding ancient text. You’re left scrambling to understand what colleagues are referencing in meetings or where you need to send a specific request. CSD? Who?

As you probably know, the digital marketing sphere is filled with an array of colorful acronyms. Take a deep breath. We’re going to identify the top digital marketing acronyms every franchise owner should know.

Stands for: Customer Relationship Management
CRM refers to software that allows companies to track and manage interactions with prospects and customers. Depending on the system, companies may use CRM to analyze how successful marketing activities are across different channels including a company’s website, social media and events. Additionally, CRM allows departments to find information about consumers quickly and efficiently.

Stands for: International Franchise Association
The IFA is one of the largest organizations that represent franchises across the world. It’s a useful resource to help franchisers connect with other franchises, learn about franchise events and find franchise news.

Stands for: Price per lead
PPL is a key performance indicator that describes the true cost you are paying per each unique contact during a specified time frame. It is calculated by dividing the total advertising dollars spent by the number of unique contacts you received during that specified time frame. Knowing your PPL can help determine your return on investment in marketing efforts, set sales goals and determine your ideal Pay Per Click advertising budget.

Stands for: Real time bidding
RTB is a process that refers to the buying and selling of online ad impressions through real-time auctions. Typically, an advertiser will place a bid on an impression or click. If the bid is won, the advertiser’s ad will show up on the targeted network/s. With RTB, online advertisers have more control over ad spending and frequency.

Stands for: Search engine optimization
SEO is a series of techniques and strategies to ensure your website is listed in organic search results. When used effectively, SEO helps businesses get found and drive leads.

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