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FAQ
In today's world it can be confusing to try to gauge what someone means when they use a particular term, everyone seems to have their own definitions for widely used words and industry standard jargon. We want to ensure we speak the same language.
So here is ours...
Neuromarketing
Neuromarketing, also known as consumer neuroscience, is the study of the brain to understand customer behavior and predict buyer decision-making. It uses scientific techniques to measure brainwave activity, eye tracking, and skin response. Neuromarketing can provide a more granular look at human behavior than traditional market research, and this precision insight can help inform marketing areas such as creative advertising campaigns, product packaging and pricing models.
Behavioral Economics
Behavioral economics is the study of how people make judgments and choices. It combines insights from psychology, economics, and judgment and decision making to better understand human behavior. Some concepts in behavioral economics include:
Loss Aversion, the idea that people perceive a real or potential loss as more severe than an equivalent gain; Mental Accounting, the idea that humans place different values on money, which leads to irrational decision making; and Bounded Rationality, the idea that rational individuals will select a decision that is satisfactory rather than optimal.
Ideal Customer Profiling
Ideal Customer Profiling (ICP) is an exercise that models the characteristics of the ideal customer for a company's product or service. It can help define the problems a company is solving for, align product or service capabilities with customers' needs, and deliver faster sales cycles, higher conversion rates, and greater lifetime values through derived personalized experiences. When building an Ideal Customer Profile, one can consider historical sales pipeline and key customer analysis, firmographics and technographics, account qualification and disqualification attributes, account segmentation and tiering techniques, as well as buying committee and decision journey processes.
Ideal Buyer Persona Profiling
Ideal Buyer Persona Profiling seeks to establish a reference model for engaging high intent buyers with personalized experiences. When building an Ideal Buyer Persona, one can consider job title, role, jobs to be done, KPIs, educational level, work experience, prior decision making record, alliances with competitors, attitudes, values, beliefs, challenges, needs, and potential inventory of objections.
Buyer’s Journey
The Buyer's Journey is the process a customer goes through to purchase a product or service, including all the decisions, actions, and interactions from when a prospect identifies their problem to when they actually purchase a solution. Documenting the Buyer’s Journey is important because it enables you to examine your prospects' choices at each stage, thereby improving your customer acquisition process.
Buying Vision
A Buying Vision maps a buyer’s jobs to be done and links this insight to their unmet, unknown and undervalued needs to establish a product’s distinctive strength. It establishes sharp contrast with competitors, details a compelling reason to purchase and creates urgency to avoid buyer inaction and fasttrack immediate adoption.
Map of Information Needs
A Map of Information Need aligns the buyer’s journey with the particular decision assistance content required by the Ideal Buyer to evaluate the purchase of a technology solution, defines the buyer’s preferred channels to engage with this content and details the preferred formats the buyer prefers to absorb this content.
Pattern of Life Analysis
Pattern of Life Analysis is a method of monitoring, modeling and clustering a buyer’s actions, behaviors, and habits. It can be used to predict propensity, intent, and future actions and utilizes open source data such as social footprint and digital body language.
Point of View
A Point of View is a narrative that uses behavioral economics to make the pain of change less than the status quo. It establishes a “from/to” storyline that makes unsafe the conventional approach currently undertaken by a buyer to solve a problem, provides evidence that there is a “new safe” by taking an alternative approach, and provides proof points that this alternative approach will provide economic impact for an organization.
Value Engineering
Value Engineering models the cost of inaction, feasible performance improvement, and potential economic impact of solution adoption so that prospective clients can justify the purchase.
Allbound Marketing
Allbound Marketing is a modern, robust and dynamic marketing approach that merges the strengths of inbound and outbound efforts for demand creation, capture and conversion. In essence, Allbound Marketing is all about orchestrating both inbound strategies (attracting prospects by creating valuable content and experiences tailored to them) and outbound tactics (reaching out to potential customers through various channels).
Dark Funnel Marketing
The dark funnel refers to the untrackable interactions and touchpoints that influence a buyer's decision but are not visible through traditional marketing analytics tools. These can include private conversations, social media mentions in closed groups, and offline interactions. Dark Funnel Marketing is a demand creation, capture and conversion strategy that focuses on the touchpoints and channels that buyers use to research, discover, and evaluate a company's products. It addresses the parts of a buyer's journey that occur before they interact with a company's marketing or sales channels. The dark funnel is "dark" because it's hard to track, and most marketers ignore it.
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