THIS DICTIONARY WILL GROW AS CONTENT GROWS
Associative Marketing -
is a term first used by David Giannetto in Big Social Mobile to describe the technique of associating a brand with something outside of its core products or services (as is done in traditional marketing) in order to attract a tertiary group of consumers to the brand and convert them into viable prospects. This technique is used to open up new markets or segments and is particularly effective in fully saturated industries. Big Social Mobile shows how Proctor & Gamble has done this effectively. This technique runs counter to the common belief that appealing to consumers who are not in the primary or secondary markets is not cost effective.
Bridging Data -
is a term first used by David Giannetto in Big Social Mobile to describe data elements that allow companies to connect a consumer's digital profile (contained in any platform across the digital landscape, such as a social platform, a smartphone or company website) with their physical profile (contained in any platform across the physical landscape or within traditional enterprise applications, such as RAS, ERP or CRM). The most common bridging data are email addresses or phone numbers.
Budget, Planning & Forecasting (BP&F) -
the process that results in the documented or visual representation of an organization's financial goals for an upcoming period of time (typically in one-year increments). It is often considered a three step process where a base-line budget, based upon historical information, is first created, followed by the creation of a plan, to bring historic values into the current period, and then the plan is projected into future period (the forecast) to create the goals which are the meaningful output of the process. It may be top-down (dictated by top management) or bottom-up (goals created by each department or process owner and then rolled up to the enterprise level). In practical application the base-line budget is typically created by Finance, modified by senior management, validated by departmental owners and then again modified or accepted by senior management--while this version is often consider a bottom-up planning process in truth it is not since senior management is in essence overriding the departmental projections.
Contextual Marketing -
is a marketing technique that serves targeted content (typically internet advertisements) to the users in side bars or banners based upon their previous search terms or online behaviors. It is considered a personalized form of (content) marketing, but often used when the individual user cannot be uniquely identified.
Corporate-Consumer Relationship -
is a term first used by David Giannetto in Big Social Mobile to describe the ongoing battle for power between consumers and for-profit companies. Giannetto breaks down the relationship into three main stages: 1) pre-capitalism where consumers dominated due to the inability of most companies to operate in areas that exceeded the 'word of mouth' that their reputation created, 2) capitalism, beginning with the creation of a wage-labor economy, where corporations gained dominance and could (eventually) utilize marketing methods that drown out their local reputation, forcing consumers to make a buying decision based upon perceived value and not true value, and 3) social economy, where the market dynamics of capitalism still exist but are counterbalanced by consumers having an independent voice (via social media) that allows them to share information outside of corporate controlled platforms, forcing companies to consider the true value they deliver and shying away from marketing based solely upon the use of perception to increase their (nonexistent or lacking) value proposition. See graphic 3.1 in Big Social Mobile.
Financial Line Item -
a line item is a unit of information, typically the lowest level of detail contained within that type of information. For example, line item detail on an invoice would be one line of the transaction or the details associated with one item in the market basket. A financial line item is the lowest level that revenue and expense items are budgeted at and recorded at. This will vary from one organization to another, some will maintain line item accounts in a group (miscellaneous travel expenses for example) while others will have a separate line item for each common type of travel expense (in this example).
- Synonyms: Line Item
- Synonyms: Line Item
Information, the five types -
the information derived from big data, or all data, can be broken down into five groups. Information from these five groups can then be combined in different types of analysis. It is important to not confuse base information and the use of information in an analysis. A marketers goal is to collect an much meaningful information within each of these types of information as possible. Marketing technology, business intelligence technology or data scientists then combine and use this information to perform analysis analysis.
The five types of information as described within Big Social Mobile (Chapter 5-Understanding Digital Relationships):
- Explicit Information – information the consumer has specifically provided, such as their email address, phone number, name, date of birth or other information solicited through direct (although sometimes creative) methods.
- Implicit Information – things that can be inferred about the consumer based upon other information (of different types) gathered, such as their propensity to buy or product of interest. Implicit information is often confirmed through the use of explicit methods.
- Derived Information – what can be determined to be factual based upon other information provided, such as calculating age based upon date of birth or determining products of interest by combining explicit information with social and behavioral information to derive an appropriate list of products for a specific consumer.
- Social Information – reveals the relationship between the consumer and other consumers, their interests, activities and hobbies, the locations at which these occur, and often the nature of their relationships, such as peer-to-peer or consumer-to-influencer.
- Behavioral Information – the factual activities in which a consumer engages, such as the websites they visit, the terms they search, the links they click on, the position and duration of their mouse on the page or those activities which occur in the physical world, such as where they go, who they call or meet with and what stores they frequent.
Omni-Experience -
is a term first used by David Giannetto in his book Big Social Mobile to describe an approach that creates a consistent experience for all consumers every time they interact with an organization via any channel or medium. This is in sharp contrast to the more popularized "omni-channel," that is designed to create a consistent experience for customers and prospects (in contrast to all consumers) while interacting with a company via digital channels or mediums. Creating an omni-channel experience requires the integration of digital initiatives, such as social media, mobile technology, big data, websites and eCommerce, into processes that occur in the physical world.
Performance Driver -
an activity or action that directly influences the success of the business or the achievement of an organizational goal. They can influence the ongoing success of the business for those objectives which are constant (such as are common in Sales, Operations or Customer Service to maintain the long-term success of the organization), or the achievement of specific objectives (such as those associated with new initiatives, projects or objectives). The term Performance Driver was made common and further described within the book: The Performance Power Grid.
Perpetual Budget -
is a budget process that continuosly extends as each period in the budget process ends. This type of budgeting process is considered to be more reactive to the changing needs of the business because it is not restricted to an annual process--the organization creates a budget for each upcoming period as that period is approached. In practical application future periods are planned (as in the Budget, Planning & Forecasting process) on a rolling basis (for example, 6 future periods could be planned and "locked down" and the following 6 months are planned but then adjusted as they near. This type of budgeting process is considered superior because it makes the budget process more relevant to the business than a once per year effort.
Reach -
is a term used to define the number of viewers of content posted online. It is the digital equivalent to the traditional media measurement called "impressions." It is important to note that reach does not factor in either the impact that the content has had on the viewer or the quality of the viewer reached--it is only a raw count of the number of times the given content was served to any user/user.
Social Consumer -
is a term first used by David Giannetto in Big Social Mobile to label those consumers that, regardless of demographics such as age, race, geography, etc., utilize social platforms, mobile technology, and the information that these technologies and the internet makes available, during the buying process. This allows these consumers to interact with companies from a position of power, and changes the basic nature of what companies must do to effectively convert them from consumer to customer. These consumers are different in more ways than just the information they use. They desire to purchase from companies that are aligned with their beliefs and values, and companies that operate in a more transparent and consistent manner stressing true value, not perceived value. See graphic 8.2 in Big Social Mobile.
In short, Social Consumers use information not provided by a company to make a buying decision about that company’s products or services—3rd party reviews, social recommendations, competitive information, or just educational information.
Social Economy -
is a term first used by David Giannetto in Big Social Mobile to show the influence of social media and mobile technology on the buying behavior of a growing segment of consumers (called social consumers in Big Social Mobile) that collectively are counterbalancing the corporate-consumer relationship for the first time in over 500 years. The social economy has all of the market dynamics created by capitalism, but because of the power of social consumers (made possible by social and mobile) and their desire to purchase from companies that are aligned with their beliefs and values, companies are forced to operate in a more transparent, consistent manner that stresses true value and not perceived value in order to earn revenue and maximize customer lifetime value (CLV). See graphic 3.1 in Big Social Mobile.