Marketing Terms and Definitions

A/B Testing and Analytics

• A/B testing: A method of testing where two versions of content with a single differing variable are compared to determine which yields better results
• Area chart: Represents data in the same way as a line chart, but with the space under the line filled in to form a visual area
• Artificial intelligence (AI): A field developing intelligent machines and software that simulate human thought or work
• Attribution: Assigns credit for conversions from ads, last clicks, or other touch points along a user's path to conversion completion

Business and Marketing

• Average order value (AOV): The sum of individual order amounts divided by the number of orders
• Business goal: A desired aim, achievement, or outcome for a business
• Customer acquisition cost (CAC): The average cost of acquiring a paying customer
• Customer lifetime value (LTV or CLV): The average revenue generated per customer over a certain period of time

Data and Analytics

• Big data: A field in analytics that systematically mines and extracts information from very large datasets for insights
• Bucket testing: (refer to A/B testing)
• Confidence interval: The range of possible values after accounting for the margin of error
• Data-driven attribution: A model in Google Analytics that uses an account's historical data to calculate the percentage of a conversion to attribute to each channel
• Dimensions: Attributes or characteristics of an event that determine the metrics collected in Google Analytics

Marketing and Advertising

• Cross-channel attribution: A model in Google Analytics that attributes a percentage of a conversion to all advertising channels with touchpoints
• Cost per acquisition (CPA): The average cost of acquiring a potential customer
• Cost per click (CPC): The amount a marketer pays when someone clicks on their ad
• Influence: The degree to which a stakeholder can convince people to take certain actions
• Marketing goal: An objective in a marketing plan or strategy that supports a business goal

Google Analytics

• Conversion paths: A feature in Google Analytics that enables a marketer to view the first and last touchpoints before conversion and touchpoints in between
• Event: An activity that causes data collection to occur in Google Analytics
• Property: A website, mobile application, or web page that is associated with a unique measurement ID in Google Analytics to enable metrics collection
• Segment: A subset of analytics data that features a common characteristic; examples are a user segment, an event segment, or a session segment

Test your knowledge of various marketing terms and definitions, including A/B testing, area charts, artificial intelligence, and attribution.