The rate of development of the internet and the digital age has been extreme. It is hard to believe that little more than 20 years ago, Google had only just been founded. Now it is one of the biggest companies in the world, influencing decisions and policies across the globe and seemingly ubiquitous in our daily lives.
The same applies to mobile telephony. It was hardly 20 years ago that the mobile phone was a luxury, the property of well-to-do business people but an item that was still out of reach of the average person in the street.
Now everybody has one and the fixed-line phone is all but a thing of the past. The rapid development of digital technology has seen a whole new lexicon of language and acronyms spring up.
So, if you are new to this space, here are a few critical digital acronyms that you absolutely must know.
Search and you will find
One of the most commonly heard acronyms in any digital conversation is SEO.
This stands for ‘search engine optimization’ and it is the strategy and technology that goes into ensuring that a website is easily found by search engines.
In short, the better a website is optimized, the easier it will be for potential users to find it.
Digital advertising is sold in a very different way to traditional print or television advertising.
This is partly because digital is so easily measurable, so it is possible to tell exactly how a user is engaging with an advertising unit.
Digital advertising is sold in several different ways, but the acronyms that you are likely to hear will be CPM (cost per thousand), CPA (cost per acquisition), CPC (cost per click) or CPL (cost per lead).
These are all different ways of measuring the charge to the advertiser and they are all based on slightly different goals.
In the digital age, data is very much about information and particularly information about the audience that engage on specific platforms.
The more data that there is on users, the better it is for marketing to them.
There are many platforms that are used to manage, store and interpret data and the term that is used to describe them is DMP, which stands for Data Management Platform.
The world of programmatic
Not too long ago, advertising was sold by people. These people (sales) met with other people (media buyers) and they negotiated rates and agreed on deliverables.
The end result was something called an IO or insertion order. Now the whole process tends to happen automatically via a digital exchange with buyers and sellers setting floor and ceiling prices and delivering on contracts on the fly.
Platforms to facilitate these trades are the likes of Google’s DFP (Double-click for Publishers) and DBM (Double-click Bid Manager).
IO’s might still be issued but it all happens now via digital handshakes with the market ensuring that both publishers and advertisers get the best return possible.