Do you know your B2B from your B2C, your ROI from your KPI, your SaaS from your API – today’s most popular Business Acronyms explained.

Do you know your B2B from your B2C, your ROI from your KPI, your SaaS from your API – today’s most popular Business Acronyms explained.

In today’s world of brevity and shortening everything possible, business acronyms have become very popular in all forms of communication. What started out predominantly on social channels, especially Twitter with it’s original limit of 140 characters for communication, has now made its way into broad stream business communications.

 

Here is a list of the most popular business acronyms according to Sprout Social and what they mean:

API: An “application programming interface” is a set of rules for how pieces of different software applications interact and integrate with each other.

B2B: This “business to business” label refers to companies that are selling to other companies.

B2C: Whereas the “business to consumer” outlines a company that is selling to individuals.

CMS: A “content management system” is a tool used for editing, scheduling and publishing any written material for online purposes.

CPC: The “cost per click” is the amount of money an advertiser pays for every person who clicks on their online ad.

CR: The “conversion rate” is a simple equation: the number of people who take an action divided by the number who could have.

CTA: A “call to action” is a statement that asks the reader to do something, e.g. fill out a form to download a whitepaper.

CTR: The “clickthrough rate” is a particular type of conversion rate where the action in question is clicking on a link.

HTML: Stands for “Hypertext Markup Language.” It’s the coding language used to build all webpages.

KPI: A “key performance indicator” is a metric your business uses to measure success in achieving goals.

ISP: Your “Internet service provider” is the company powering your Internet service.

PM: “Private message” is the more general term for any one-on-one communication that’s not visible to the public. It also includes DMs – Direct Messages.

PPC: “Pay per click” is a metric for advertising costs that’s the same as CPC.

ROI: “Return on investment” measures the money you make in relation to the money you spent to make it.

SaaS: This is an abbreviation for “software as a service,” it is where 3rd party providers make their software available to users over the internet. It general works on a ‘pay as you use’ model. Business acronyms using as a service are becoming widespread.

SEM: “Search engine marketing” is how businesses leverage search engines for marketing purposes.

SEO: “Search engine optimization” is a form of SEM. It refers to the choices you make in your written content that are designed to make sure that your creations appear high in the rankings of the correct search terms.

UI: The “user interface” is the display that a person uses to control a software tool.

UX: The “user experience” is a person’s response and reaction to taking actions within a tool.

UGC: The term “user generated content” encompasses any written or visual material that the individuals using a platform create, from comments or blog posts, to photos or video clips.

To avoid FOMO on how your business should be performing IRL please contact RML Marketing & Business Development Solutions today as YOLO!!

Blockchain Marketing – Get Paid to Perform a Search!

Blockchain Marketing – Get Paid to Perform a Search!

Blockchain Marketing

Blockchain described here in a previous post is a data base or ledger that allows information to be stored and distributed, but not to be changed or copied. It is decentralized and is the sole system of record for any given transaction or set of agreed transactions.

Blockchain marketing, though yet in its infancy, has the potential to disrupt the search engine and online advertising industry (PPC, SEM, Banner Ads, etc..) because it will remove the need for third party platforms such as Google or Facebook. Currently businesses use these platforms to place ads and target potential customers. These platforms gain a great amount of personal data from the customer (person who performs the search) plus a huge revenue stream from the businesses that advertise. However, this may all be about to change. Blockchain marketing companies are focusing their efforts on search-data privacy, giving users full control over their data.

Get Paid to Search!

When users perform a search using blockchain marketing technology, they can select the amount of data they want to be released to advertisers. Then, unlike what happens with other digital marketing services, users can be compensated for their data. So, instead of a third party selling your data to advertisers, you’re selling it to them directly – yourself, and being rewarded with cryptocurrency or tokens.

According to Entrepreneur Magazine one such emerging blockchain marketing company is Bitclave. BitClave’s search engine uses Ethereum blockchain technology and eliminates the need for third party online advertising platforms, creating a direct connection between potential customers and businesses. This is the hallmark of blockchain technology, i.e. it eliminates the need for third parties in all transactions.

100% Data Accuracy for Marketer

Another benefit to the marketer/advertiser is that blockchain can verify that every user is genuine with 100 percent accuracy and therefore the advertiser is only charged for genuine clicks through to their site. Blockchain potentially presents a big threat to Google and Facebook’s future advertising revenues.

For help with your marketing or online advertising requirements contact RML Marketing & Business Development Solutions today.

Ask “Siri” and “Alexa”: 4 Things To Prepare For Voice Recognition Marketing.

Ask “Siri” and “Alexa”: 4 Things To Prepare For Voice Recognition Marketing.

A fundamental change is coming in how consumers will engage with content, commerce and advertising, driven largely by the rapid growth in AI-enabled voice recognition devices such as Amazon Echo, Apple HomePod and Google Home. 

The interface is simple, to start you just trigger word – “OK, Google”, “Alexa” (Amazon) or “Siri” (Apple) – ask a question and get a response. Welcome to a future where your voice is the main signal for all your search and shopping functions.

ComScore predicts that 50% of all searches will be done through voice recognition devices by 2020, thus one can see why Marketers are keen to get their products recognized by Alexa or Siri. But how will voice recognition search work on these devices? It is believed that Alexa will query several resources available, including Bing, Yelp and a database of enabled Skills, including WebMD for medical queries. Having your solutions or products promoted/listed in Google Answer Box is also believed to be highly effective for them to be picked up by these voice recognition devices.

What Should Marketers Focus On To Get The Most Out Of Voice Triggered Search?

 

Voice Recognition Language

Using voice only, marketers will not be able to provide mouth watering images of products, environment, promotion models etc., but instead will have to concentrate heavily on script and language to enable these mental images and emotional responses.

Search & Key Words

Again, using voice only search, consumers search queries will be slightly different in conversation than those they would use if they had to type the search into a keyboard. Marketers will need to make sure their key words and key phrases match more closely conversational searches than those which are typed.

Consumer Memory

Research has shown that audio alone is less successful than audio and visual combined. Marketers will need to build in music, sound effects and branded tones to be strategically aligned to help drive lasting memories with consumers.

Structured Data

Structured data from within your website becomes more important because it is one of the signals used to power the search results or direct answers. Using structured data will help voice recognition search engines crawl your data more efficiently.

 

If you would like assistance to help your organization prepare for better search results from voice recognition devices and bots such as Siri and Alexa, contact RML Marketing & Business Development Solutions today.

GDPR is coming May 25th, 2018 – what does your Organization need to know?

GDPR is coming May 25th, 2018 – what does your Organization need to know?

Let’s start at the basics, what is GDPR?

GDPR stands for General Data Protection Regulation, an EU regulation that was approved by the European Parliament in April 2016 to supersede the outdated Data Protection Directive 95/46/EC. GDPR was designed to harmonize data privacy laws throughout Europe, to protect and empower all EU citizens data privacy and to reshape the way organizations across the region approach data privacy. It will introduce tougher fines for non-compliance and breaches and will give people more say about what organizations can do with their data.

Who does GDPR effect?

GDPR applies to any ‘controllers’ and ‘processors’ of data. A data controller states how and why personal data is processed, while a processor is the actual party doing the processing of data. It not only applies to organizations located within the EU but it will also apply to organizations located outside of the EU if they offer goods or services to, or monitor the behaviour of, EU data subjects. It applies to all companies processing and holding the personal data of people (data subjects) residing in the European Union, regardless of the company’s location.

 

What are the key principles of GDPR?

Under the principles of GDPR, organizations must:

  • Collect no more data than is necessary from a data subject for the purpose for which it will be used
  • Obtain personal data fairly from the data subject by giving them notice of the collection and its specific purpose
  • Retain the data for no longer than is necessary for that specified purpose
  • To keep the data safe and secure
  • To provide a data subject with a copy of their personal data should the subject request it

How does this effect Data Subjects (Individuals)?

Under the new regulation, data subjects will have the following rights to:

  • Obtain details about how their information is processed by an organization
  • Obtain copies of personal data that an organization holds on them
  • Have incorrect or incomplete data corrected
  • Have their data erased by an organization, where for example, the organization has no legitimate reason for retaining the data
  • Obtain data from one organization and have that data transmitted to another organization (data portability)
  • Object to the processing of their data by an organization under certain circumstances
  • Not to be subject to automated decision making, including profiling

When will GDPR apply?

It will apply to all EU member states from 25th May, 2018.

 

What constitutes Personal Data?

Any information related to a data subject, that can be used to directly or indirectly identify the person. It can be anything from a name, a photo, an email address, bank details, posts on social networking websites, medical information, or a computer IP address.

 

GDPR is a Regulation replacing a Directive, what’s the difference?

A regulation is a binding legislative act. It must be applied in its entirety across the EU, while a directive is a legislative act that sets out a goal that all EU countries must achieve.

What does your Organization need to do to prepare of May 25th, 2018?

If you are an organization or business, located or operating in the EU, the Irish Data Protection Commissioner has produced a very handy 12 Step Guide on Preparing for GDPR

 

Fines and Penalties?

For organizations who breach the new regulations fines of up to €20m or 4% of global turnover may apply. Data subjects or individuals may also seek compensation through the courts for breaches of their data privacy rights.

What about Brexit?

As it is possible that the UK will still officially be a member of the EU on May 25th, 2018, UK organizations will have to abide by GDPR. However, what happens once the UK officially leaves the EU remains to be seen. The UK Government has indicated it will implement an equivalent or alternative legal mechanism. Our expectation is that any such legislation will largely follow the GDPR, given the support previously provided to the GDPR by the ICO and UK Government as an effective privacy standard, together with the fact that the GDPR provides a clear baseline against which UK business can seek continued access to the EU digital market.

Roger Leyden is CEO of RML Marketing & Business Development Solutions. If you would like to know more about how RML can help your organization’s needs within the EU contact us today for further details

Blockchain (yawn!!) – let’s break it down

Blockchain (yawn!!) – let’s break it down

Blockchain is probably one of the most popular buzz words bandied about over the past couple of years. But what exactly is Blockchain and what should you know about it?

WHAT IS BLOCKCHAIN?

Blockchain is simply a database or ledger that maintains a continuously growing list of data records (blocks) or transactions. Blockchain allows digital information to be distributed but not copied, it is the sole system of record.

A Blockchain transaction will have the following attributes:

It Can Be Shared

Servers or nodes maintain all the entries or transactions (blocks) and every node sees the transaction data stored in the blocks when created.

It is Decentralized

There is no central authority required to approve transactions or set rules.

It is Secure

The database is an immutable and irreversible record. Posts to the Ledger cannot be revised or tampered with – not even by the operators of the database.

It Runs on Trust

The distributed nature of the network requires computer servers to reach a consensus which allows for transactions to occur between unknown parties.

Automation is Key

The software is written so that conflicting or double transactions do not become written in the data set and transactions occur automatically.

WHAT ARE THE STRENGTHS AND WEAKNESSES OF BLOCKCHAIN?

Considering the popularity and potential uses of Blockchain over many sectors and industries, Gartner has developed the following SWOT Analysis

WHEN CAN I EXPECT TO SEE BLOCKCHAIN EFFECT MY BUSINESS?

According to a Gartner Hype Cycle Graph for emerging technologies, it will take at least 5 to 10 years before Blockchain Technology is widely adopted by mainstream industries.

WHERE WILL BLOCKCHAIN TECHNOLOGY MOSTLY BE USED?

Cryptocurrencies

Cryptocurrencies are a type of alternative and virtual currency that are decentralized and built on Blockchain technology. Bitcoin would be a very popular example of this.

Smart Contracts

These are legally binding programmable digitized contracts entered on the blockchain. Giving computers control over contracts will make business more efficient and the legal system more equitable.

Banking and Finance

All the world’s major banks are currently investing heavily in Blockchain Technology as it offers many advantages, especially in the areas of audit and regulation.

Property

By placing all property records on the chain, prospective buyers will be able to immediately verify all requirements including ownership, title, land registry, insurance, etc..

Healthcare

This technology should become incredibly appealing to the healthcare profession as it could allow doctors and hospitals secure access to a patient’s entire health history there and then.

Supply Chain

The supply of goods or services blockchain ledger can be updated and validated in realtime by each participant in the supply chain. It enables equal visibility of activities and reveals where an asset is at any point in time, who owns it and what condition it’s in.

The above is only a small selection of where blockchain technology may apply in the future.

If you would like to know more about Blockchain and how it may affect your industry in the coming years contact RML Marketing & Business Development Solutions today

12 Golden Rules of SOS (Safe Online Shopping)

12 Golden Rules of SOS (Safe Online Shopping)

As we approach the Retail Mecca of Black Friday/Cyber Monday/Christmas, Retail Excellence, the Banking & Payments Federation of Ireland and An Garda Siochana (Irish Police Force) have produced a SOS (Safe Online Shopping) campaign for online shoppers.

According to the BBC there were 3.6 million cases of fraud and 2 million computer misuse offences in the UK in 2016, showing an 8% increase in the YoY figures. According to the BBC article there are two broad categories of ‘computer misuse’ crimes:

i.                     Unauthorized access to personal information including hacking.

ii.                   Computer virus, malware or other incidents such as DDoS attacks aimed at Online Services.

On a global scale it is forecast that the cost of cybercrime will reach $2 Trillion by 2019 which will be more than a threefold increase on the 2015 estimated figures of $500 Billion.

In partnership with Europol, An Garda Siochana have produced the following 12 Golden Rules for Safe Online Shopping (SOS):

DO’s of SOS

  • Only buy from trusted sources, shops or brands that you are familiar with. Make sure to check the ratings of individual sellers on sites such as Amazon and eBay.
  • Be aware how to control the recurring charge if paying for a continuous service online.
  • Think twice before allowing e-merchant stores to store your payment details online.
  • Use credit cards when purchasing things online. Most credit cards have a strong customer protection policy.
  • Make sure the data transfer is appropriately protected. Look for the padlock symbol on the URL bar and use HTTPS and SSL protocols when browsing.
  • Always save all documents related to your online purchases, these can act as proof you have paid for the goods plus the terms and conditions that may have applied.

DON’T’s of SOS

  • If you are not buying a specific product or service, don’t submit your card details.
  • When purchasing something online from another person, do not send money up front, try to reserve the right to receive the goods first.
  • Don’t send money to anyone you don’t know online.
  • Never send your Card number, PIN or any other card information to anyone by email.
  • Avoid doing your online shopping at sites that don’t use full authentication (Verified by Mastercard/Visa Secure Code).
  • Never send your card details in an unencrypted email.

RML Marketing & Business Development Solutions wish you a very happy & safe online shopping season and hope that the above pointers will help in some way to combat fraud and cyber crime over the coming months.

Pin It on Pinterest