Understand Online Business Terms That Can Help Transaction Growth
For those of you who have just started a new business or are starting an online business, you need to know various online business terms. Because the terms in online business are very useful to facilitate you in the transaction. Maybe you already know some of them, but some of you don’t. Like seller, buyer, supplier, reseller, reject, restock, etc., is a general term that you use every day. But the term online business is not just that. There are a variety of phrases that require a more complete and in-depth explanation for you to understand.
Therefore, this article will discuss a variety of business terms that require a more complete explanation and are required for you to know. The following explanation.
Customer Acquisition Cost (CAC)
Customer Acquisition Cost (CAC) is an explanation for customer costs based on the amount of revenue that has been spent, to obtain new customers. For example, to help get new customers, you use marketing services at a cost of 20 million. Then, through this marketing service, you can get 10 new customers. With that acquisition, the CAC counts for 2 million for your marketing efforts.
In short, the ultimate goal of this process is to get new customers and the income you get. The importance of understanding how much you spend on marketing is the essence of CAC. Thus the evaluation of marketing efforts will be easier for you to do.
Online presence is different ways, and you can use it to represent an online business. The role of an online presence helps you to drive traffic to your business website. Because, without utilizing an online presence, your website might sink among the many websites that exist today. Therefore, to reach the target website, you can use the following ways to increase online presence.
- Setting business goals helps you get a channel that suits your business.
- Build a website with the right content or according to the target market
- You have to make sure the website has a good interface, so that it can increase visitor confidence with your business
- Choose the right CMS and publish useful content consistently. Making it possible for consumers to visit again
- Integrate the website with all business social media
- Monitor online presence to find out what needs to be improved, and measure the extent of its effectiveness
The term remarketing refers to customers who have already made a purchase transaction for your product. Remarketing aims to revive a sense of customer interest in your products. In short, this effort is part of digital marketing that allows you to advertise with the target audience who have visited your business website before.
Customer Lifetime Value (CLTV)
Building long-term relationships with customers in the business world is something you must do. Especially for online businesses, you need to make efforts so that customers do not stop buying your product. In handling this, Customer Lifetime Value (CLTV) is needed. CLTV is a period that measures the time customers will come back, again and again, to buy and use products from your online business.
Therefore, to get repeat transactions you must understand the benefits that you get, as well as what benefits you provide to customers. So, you can establish long-term and deep relationships with customers.
By knowing these online business terms, you will be easier to interact and transact in the online business industry. Besides, through good relations with customers, you can also continue to increase sales.
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