689 – Be smarter and use these: Tom talks Abbreviations

Episode 689 - Abbreviations
[00:00:08] Welcome to Screw the Commute. The entrepreneurial podcast dedicated to getting you out of the car and into the money, with your host, lifelong entrepreneur and multimillionaire, Tom Antion.

[00:00:24] Hey everybody, it's Tom here with episode 689 of Screw the Commute Podcast. I'm recording this on Christmas Eve morning and it's a little bit late. It's supposed to come out on Friday, but I got called out out of town on a mercy mission to save my childhood home from destruction with frozen pipes. So that was up 40 hours straight to get up there and back when no plumbers are available and save the day. So I had my cap on and it was insulated because it was ten degrees below zero at the coldest up there. So anyway, today we're going to talk about abbreviations. If you know these abbreviations, people will actually think you know what you're talking about. And it's good to have people know that or think that you know what you're talking about because you're less likely to get ripped off on things. So we'll talk about abbreviations today on episode 689, hoping you didn't miss episode 688. I've been doing a lot of copywriting episodes on individual elements that go into sales letters and sales processes. And many of you know that I've claimed that copywriting is a number one skill in my entire 46 year business career. Even when I was a kid doing side hustles, writing flyers and stuff. So so that was episode 688 was about stories and case studies.

[00:01:55] There's a very simple three word formula, so you can crank out stories that will help you in your sales process. All right. Hey, TikTok is going crazy. One of my videos is just past 274,000 views, I think, and many of them are getting some are in the 20,000, some are in the 40 thousands. And the average is much less than that. But I think there's about 160 videos up there with short training sessions for you. So check it out. And hey, please like comment share, save all of that tiktok.com/@digitalmultimillionaire.

[00:02:44] All right. Let's get into some abbreviations. Many of them are e-commerce. Some of them are more general, but I think I've got them pretty much in alphabetical order. A V equals average order value. So, you know, any time you get a customer, that's about the average amount of money they spend. Cltv That's your customer lifetime value. So that's what you try. You can't do that right off the bat if you're brand new. And I haven't been great at it even after all my years, but this gives you an idea of how much any one customer is worth over a period of time to you. So that kind of gives you an idea of how much you can spend to get that customer seems content management system.

[00:03:26] That's where you can keep track of all the content that you have, where it's going, where it's promoted and all that. Cpr Now, this is not the person who does your taxes, right? This is all it's known as two different things cost per acquisition or cost per action. So when it's used cost per acquisition, that means how much did it cost you to get a customer? Cost per action is kind of a subset of that is how much did it cost to get them to do something like, for instance, follow you on Facebook or, or like you or Cher something or do do something like that. It's cost per action. Cpi is cost per lead. It's kind of like a cost per action. But it's it's like if they fill out a form so you can follow up and sell them something, or if they opt into your email list, that's a lead then for your future sales process CPO. Cpm is cost per thousand impressions. M, of course, is the Roman numeral for 1000. I don't know why all of a sudden people decided to do that. But that's cost per thousand impressions. Now, that doesn't mean anybody saw your at all, right? That means that it was shown on a web page. But if people didn't see it or look at it, then you still had to pay for it per thousand.

[00:04:52] So if it shows the 1000 times you pay a certain amount of money, CTA is a call to action. A lot of people don't do this at the bottom of every web page. They should tell people, do something, give them something to do. Cta is click through rate. This is, for instance, if you're if you send an email out and 100 people opened the email, how many people click through to your website? Let's say it was five out of 100 is 5% click through rate CPR. G a is Google Analytics. So you should have it all over the place that's keeping track of what's happening on your websites and it'll tell you where your traffic is coming from and how many people and how long they stayed and all that stuff. I am is simply Internet marketing. Kpi is key performance indicators. Now, this could be different for me and you and you're everybody else. This is what you are specifically looking for and what are your goals are and the indicators of such. So if you wanted opt ins for your email list, well that might be a key performance indicator. How many opt ins did you get for a particular ad you put out or for particular promotion? You did keep KPI, So it's different for everybody.

[00:06:14] L. T. K. W. Is long tail keywords. That's any keyword phrase. That's longer than three words. It's kind of the accepted definition. L. T. K w. All right, map your map marketing automation platform. So in my case, for instance, one of the ones I use is Kickstart Kart, because it has sequential order responders and automatic upselling and things like that. So it's it's a map for that part of my business. Ppc or also known as CPC is pay per click or cost per click. This is when your advertising, every time somebody clicks on something, then you pay. So it could be pay per click or cost per click. And this is how much money per click. All right, PPV or CPV. This is very similar, but it's pay per view or cost per view. Now this actually has a dual meaning. So if you're putting in an ad and you pay each time it's viewed, that's one thing. Now, if you ever do or buy an ad like this, you want to make sure your ad fully loads and is available for viewing. Or you might pay for an ad when someone just scrolled by it really quickly and hadn't even loaded yet. So that's all part of your advertising deal with that particular ad. Now the other side of the pay per view coin is that you might have videos where you charge people before they can view a piece of content or one of your videos.

[00:07:56] So that's you're charging them. All right, ROAS, that's return on advertising spend. So if you spent $1,000 on ads and you got $5,000 back, that was your return on. You got like a five time or five x, They call it ROAS. Roi as everybody everybody's heard of that return on investment that's, you know, online, offline, all over the place. They use that. R. O. P. O. You want to. You want to avoid this if you can. That's research online. Purchase offline. R. O. P. O. Because a lot of people will go to your website, research a product, and then go down to the local store and buy. Right. So that's why you want to give them incentives to buy from you bonuses and things like that, or extra help using the product. All right. Sars equals software as a service. This is why you don't many things you don't have to ask, is that Mac or PC anymore? Because you're just logging in and using it up in the cloud somewhere. Some some type of service. Sam is search engine marketing, which we used to be the best of the best on this or one of the best of the best. And then we quit six, seven years ago because other than the basics, it's just too much trouble to there's all kinds of better ways to market nowadays.

[00:09:27] Seo is search engine optimization. And again, even though we do teach the basics of it, we don't teach the advanced stuff anymore because it's just too much trouble and too much work and it takes too long to get results. And if you get results, Google could turn that one dial and you disappear off the face of the earth. So it's just not worth it anymore. All right. So ERP search engine results page, that's what everybody's trying to get on is the number one page, but that's the SERPs is where do you end up on the results page? Sam is social media marketing. Now for us, we don't look that great on social media. Although TikTok, I'm starting to climb rapidly, but because my whole goal was to get him the heck off of there onto an email list because I control the email list and that's where the money is again. Zuckerberg or somebody can turn one dial and you disappear off the face of the earth in these social media platforms. But I own and control the email list. Taco. That's a total advertising cost of sale. So. You want to know. All right. To get that sale. How much did it cost you? That tells you how much you can afford to spend to get a sale and still make a profit.

[00:10:46] All right, UGC, this is something that I've been talking about for years, but it's taken on a new meaning lately. That's user generated content. Now, some of the biggest sites in the world Twitter, YouTube, LinkedIn are all user generated content. But the latest iteration of that is they're paying people to do advertisements that that are just real people and they're actually getting paid to create user generated content. So it's kind of an advertising deal. And last is VR equals virtual real estate. And that's what I specialize in. I have regular real estate too, but the virtual real estate is a lot less hassle, I can tell you that. So anyway, there's some abbreviations that make it sound really smart when you're dealing with these things and you should know them and pay attention to them. And I wanted to just do a brief thing. I know everybody's busy for the holidays and and I want to wish everybody happy. Holiday Whatever you happen to think about in the holidays, I'm going to say Merry Christmas. But I know there's a whole bunch of other memes out there I can't keep track of. So. So anyway, have a great holiday season and I will catch you on the next episode. See you later.