5 Business Terms You Need To Forget

Engagement, big data, ROI: These trendy terms can sometimes pigeonhole you into a certain way of doing business. Marketing expert Marc Gordon offers brokers a way to think beyond terminology.

February 4, 2015

Some business terms evolve from widely established concepts. Others seem to take on a life of their own even though their origins have long been forgotten. The problem is many business owners adopt these latter terms as a philosophy, often resulting in poorly thought-out decisions. So in an effort to help clear the mind and focus on what’s real, here are five terms you need to forget.

  1. ROI. Yes, we all know it stands for return on investment. Yet it seems everything we purchase or do for our business has to have one — specifically one that can be measured. Sometimes a new computer, website, or office décor can make you feel better about yourself and your business without having an ROI. And that could prove to be the wisest investment you ever make.
  2. Web 2.0. A term coined in 2001 after the dot-com crash, it now covers everything from social media to e-commerce. Don’t worry about basing your online strategy on a number. Instead, focus on a strategy that makes it easy for your market to get what it wants.
  3. Engagement. This word has come to mean more than just keeping someone’s interest. Its effectiveness is now measured by “likes,” followers, and tweets. The problem is that a “like” or tweet rarely converts into a sale. The fact is, someone can give you their attention, their approval, and their business without the need to prove it on a social media site. So why not focus on talking to those who want to hear from you instead of yelling at those who don’t.
  4. Big Data. A popular term describing the exponential growth (and study) of available data. For business owners, this can lead to “analysis paralysis” — the inability to make a decision as the result of endless analyzing. Learn to depend less on third-party data and trust yourself. In most cases your experience and intuition will be your best influencers.
  5. Guru. This has become the generic term for anyone who is perceived to be an expert in just about anything. Don’t be impressed. In most cases the title is self-awarded. If you’re looking for someone who can provide valuable, relevant advice, let their experience be the most important title.

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Marc Gordon

Marc Gordon is a marketing expert, speaker, and strategist. Marc is often featured on television, radio, and in newspapers as a marketing expert. His syndicated articles appear in over 200 business publications in four countries. Marc has also been listed as one of the Top 100 Marketing Experts to Follow on Twitter. And his YouTube channel, marctv.net, has also been rated as one of the top 50 channels for small business. Learn more about Marc Gordon by visiting marcgordon.ca.