Glossary for Growth
Growth hacking is just like many other fields filled with abbreviations and words you may not know. We have therefore chosen to create this glossary section where we collect and define some of the most important concepts and abbreviations. Feel free to bookmark the page as it will be updated continuously.
A/B Testing
It’s an important process to figure out which version of a website or marketing element (e.g. ads, emails, etc) performs better for your target audience. Typically you will make 2 versions of an ad or page and drive half of your traffic to one version, and the other half to the other version. The version […] Read more
AAARRR
AAARRR is an abbreviation of the most important steps in the customer journey for growth optimization. Awareness, Acquisition, Activation, Revenue, Retention and Referral. However, not always in that order. Curiosity: They are often referred to as pirate metrics based on the fact that it sounds like a pirate’s voice if you try to pronounce the […] Read more
ABM
ABM (Account based Marketing) is when you identify companies that you want to process and create your campaigns accordingly. This approach requires slightly different tools and approaches than ordinary digital marketing. For example. a dimension is needed to sift out the selected account, e.g. IP address or that you can choose a company name. This […] Read more
Adwords
Adwords was Google’s former name for Google Ads. When they gave the advertising tool a new look, they also decided to rename it as over the years it has also included banner advertising on Google Display Network (GDN) and video advertising on Youtube. Adwords core product was keyword advertising and is still the core of […] Read more
Attribution
Attribution in digital marketing, also known as marketing attribution, is the process of evaluating and give credit to the marketing channels that contributed to a customer’s buying decision. This helps marketers to understand how the customer journey looks like and asses the value and ROI of each marketing channel. Read more
CAC
Definition Customer Acquisition Cost (CAC) is the total cost of acquiring a new customer. It measures how much your company spends to attract new customers and includes all expenses related to customer acquisition, such as marketing costs, software, salaries, overheads, and more. Why It’s Important Understanding your CAC is essential for running a profitable business. […] Read more
Churn Rate
Churn Rate is the number of lost customers over a given time period. For example, it is when customers unsubscribe and stop using your service. This is the opposite of Customer Retention and such it is also important to constantly monitor the Churn Rate of your service and quickly take action if your Churn Rate […] Read more
CPA
Cost per Acquisition (CPA) – A payment method in digital marketing where you pay for a specific event such as a lead, registration or a transaction. In order to be able to use CPA effectively in marketing, you need larger amounts of data than in CPC or CPM , which means that it is not […] Read more
CPM
Cost per Mille (CPM) – A common way to charge for digital marketing, especially when it comes to banners or brand advertising. You agree to pay a certain price per 1,000 (mille means thousand) impressions your ad receives. SEM can also use CPM as a payment model for contextual advertising. CPM can sometimes feel a […] Read more
CRM
CRM (Customer Relationship Management) is about streamlining and facilitating companies’ customer relationships and interactions. A well-functioning CRM system helps to handle both new and old customers. The system is designed to gather all customer information in one place and helps companies to automate customer management. In addition, you can also build dashboards and draw reports […] Read more
CRO
CRO (Conversion Rate Optimization) is the process of improving (or optimizing) the percentage of conversions from a website or mobile app. CRO typically starts from generating improvement ideas on your platform and then validating those hypotheses through various A/B testing and analysis. As you exhaust and test every idea and hypothesis for improvement, no matter […] Read more
CTA
CTA (Call-to-Action) is simply the ‘call’ or ‘shout’ that a website or ad shows in order for you to perform an action. A simple example would a button that says “Buy Now” or “Learn More” on any website or ads that you see online. It’s always important to choose the best CTA to improve your […] Read more
EMAIL MARKETING
Email Marketing is easily described as sending advertising and content through email. Email marketing can be used for a variety of purposes, ranging from building brand awareness to finding new leads or education. What you want to achieve is individual, but to be able to measure and analyze the result, it is often wise to […] Read more
GA
Google Analytics (GA) – is a software from Google that is available as both free and paid version. It is one of the most common programs for analyzing the behavior of the visitor to a website. GA has created much of what is today the industry standard in web analytics. Here you can, among other […] Read more
GA4
Google Analytics 4 (GA4) is the latest version of GA that is expected to replace standard GA (universal analytics) in the long run. GA4 has several differences that you should be aware of. It can handle both websites and mobile apps, it offers an API to Google Cloud (which is good because you can only […] Read more
Growth Process
Growth hacking was developed to suit agile businesses that may not always able to afford large initiatives and that require quick results due to hard competition and limited resources. Hence, our Growth Process usually consists of time-restricted ‘sprints’ where we ideate, initiate, and analyze experiments that can reward our company with more growth. These experiments […] Read more
IM
IM (Inbound Marketing) is a digital marketing method that is about attracting the customer to come to you by creating valuable content. You want to generate value that makes the customer actively seek you out, this can happen e.g. through some form of content in everything from a white paper, webinar, film, digital event, etc. Read more
Landing Page
A Landing Page is a unique page where visitors “land” on when they come to your site after clicking an ad, email, or other digital channels. The page is mainly used, among other things, to make the visitor to register for a newsletter, sign-up for an event, or purchasing your product. Landing Page quality is […] Read more
LTV
Life Time Value (LTV) – It is the total value of a customer and an important KPI for subscription services (SaaS), but also e-merchants. Instead of using only one transaction in the calculations for ROI or ROAS, you calculate the sum of the transactions that the customer completes, usually by calculating the average of the […] Read more
MA
Marketing automation (MA) are automated feeds to send the right message to the right person at the right time. Using tools automate activities such as email, SMS, push notifications to both leads and existing customers. It is usually about using scoring model events as triggers to start feeds or campaigns of “if this then that” […] Read more
North Star Metric (NSM)
The North Star Metric (NSM) is a single metric that drives all of the growth team’s activities. It’s the KPI that the company should always focus on and strive for achieving. Optimizing your efforts to grow this metric is key to driving sustainable growth across your full customer base. Once you have set your company’s […] Read more
ROAS
Definition Return on Ad Spend (ROAS) measures the revenue generated for every dollar spent on advertising. It’s a key performance indicator (KPI) that evaluates the efficiency and profitability of your advertising campaigns. ROAS is calculated using the formula: ROAS = Revenue from Ads / Ad Spend For example, if you earn $500 from an ad […] Read more
ROI
Return On Investment (ROI) – The most important KPI for many digitally mature companies. Generates your marketing profit and how much profit given advertising costs and overhead. The difference between ROAS and ROI is that ROI includes (should include) structural costs such as media agency and staff, while ROAS only includes advertising costs. Many people […] Read more
SAAS
Software as a Service (SaaS) – This means that you buy a software as a service on a subscription and that it is provided by the supplier instead of a license and that you yourself need to run the software locally. Usually no client is needed at all but the service runs in the browser, […] Read more
SEM
Search Engine Marketing (SEM) is marketing in search engines that is primarily text-based, but it can also be ads for products. In Google, you can see it as the top search result with the small “ad” text in front of them and also as the shopping ads. The most common is to use CPC / […] Read more
SEO
Search Engine Optimization (SEO) is about optimizing content on the internet to be found and ranked highly by search engines such as Google, Bing or Yahoo. It is located in the borderland between marketing and website maintenance and therefore often falls between the cracks. SEO mainly consists of two parts: 1. On-page SEO On-page is […] Read more
Spider
Spider is a component of the search engines that indexes the internet by “spinning” through the internet. A search engine spider (also called a Crawler or [ro] bot) follows links to various pages on your site and to others. This is why backlinks are so important (see SEO). The spider makes copies of the websites […] Read more
UTM
UTM stands for Urchin Tracking Module. Although it’s not that important to know what it stands for, UTM plays a crucial part in keeping track of the traffic generated by your online marketing channels. It is used by Google Analytics to know where your traffic is coming from and file it in the appropriate category. […] Read more
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