10 Business Buzzwords That Should Be On Your Radar
Buzzwords: most people either hate them or love them.
In the best case, buzzwords describe new and interesting trends in the way we do business. In neutral cases, they’re just a new way of saying an old concept. In the worst cases, buzzwords are thrown around to disguise the fact that the speaker doesn’t have anything of substance to add to the conversation.
Whatever your personal opinion on buzzwords, you’ll be hearing these ones a lot. It’s time to familiarize yourself!
1. Growth Hacking
Growth hacking is all about ramping up your company’s growth as quickly as possible, experimenting with marketing channels and product lines to identify the most efficient path to growth for your company. This can include things like viral marketing campaigns, tapping into the social media zeitgeist, or innovating with products in such a way that it garners attention.
Disruption is one of those buzzwords that can be a bit overused. Every new startup seems to think they’re “disrupting” their industry, but at its core the word really means re-engineering standard practices, philosophies, and assumptions in order to achieve better results.
An intrapraneur is someone who acts with the mindset of an entrepreneur while working within a larger organization, by taking risks and solving problems in a way normally associated with entrepreneurs. As a management style, intrapraneurship integrates agility and innovation, and rewards employees who are motivated to solve problems on their own.
4. Insight as a Service
It’s been clear for a few years that companies can’t ignore Big Data, but many still lack the expertise and infrastructure to mine data for insights. Enter “Insightasaservice” companies who develop the tools to analyze Big Data, while also providing actionable insights. Companies can work with these services to drill deeper and come up with tangible business solutions.
5. Influencer Marketing
Blanket billboard marketing is less and less viable in today’s noisy market, which is why more brands are trying to find ways to get their message in front of targeted audiences. Influencer marketing refers to a marketing method where a company works with influencers to reach their audience, whether that’s through corporate sponsorship or by simply getting on their radars.
6. Return on Relationship
Unlike a return on a monetary investment, a Return on Relationship (ROR) is the way to measure how well your company is nurturing relationships with customers. ROR is measured in terms of customer loyalty, social shares, reviews, and recommendations.
7. Frictionless Design
Have you finally mastered responsive design for your web presence? Meet frictionless design. It’s a design principle that unites physical, virtual, and electronic environments to give customers a “frictionless” experience no matter where they interact with your brand.
SME is an acronym for “subject matter expert,” and refers to a person who’s considered an expert in their field. You may call a SME from outside your company when you need an introduction to a certain topic, or you may cultivate a SME within your company to create media buzz and lend a sense of authority to your brand.
9. Agile Marketing
Agile development has been around for a few years in the software industry, but we’re starting to see it come to marketing. Agile marketing puts more focus on being responsive to change, and using testing and analytics to rapidly iterate rather than following a set plan.
10. Scrum Methodology
If you’re embracing agile marketing, you need to know about scrum methodology. A term borrowed from rugby, scrum methodology is a framework of sprints and standup meetings designed to foster innovation and iteration.
What buzzwords are you hearing around the office these days? Do you have any favorites? Any you’d like to see the business world leave behind?