Is your fear of feeling inadequate in the business world holding you back from starting your own social media marketing business? You have the skills (these 8 “mom” skills you’ve acquired translate well into the professional world!) – so all it takes is a little brushing up your business knowledge. We’re here to help you along the way and empower you!
If you ever feel lost in business conversations when everyone is throwing around acronyms like ROI and B2B, things are about to change.
Sharpen your business knowledge right now by learning these terms, which are terms we use running our own businesses every day:
5 Common Acronyms in Business You Need to Know
B2C and B2B: “Business to Consumer” and “Business to Business”
B2C businesses sell products and services directly between a business and consumers who are the end-users of its products or services. B2C businesses include a toy company, a medical practice, and an Etsy shop owner for example.
A B2B business is where one business makes a commercial transaction with another. Examples of B2B organizations could be commercial real estate companies leasing space to other businesses as well as a manufacturing company who makes a part for another company’s product.
We almost always do social media marketing for B2C businesses because these types of businesses want to reach customers on social networks like Facebook, Instagram and Yelp, for example.
ROI: Return on Investment
This is used in many contexts. To calculate ROI, the benefit (or return) of an investment is divided by the cost of the investment. The result is expressed as a percentage or a ratio.
You are going to hear this one a lot and it’s not at all always measured in the same way for every client.
KPI: Key Performance Indicators
This is a type of performance measurement that directly relates to results, (similar to ROI) and will also differ between clients and/or their industry. For example, a toy maker may have a KPI of the number of board games sold while a dental practice would look at number of appointments scheduled.
Talking to a business about KPIs before you get started managing their social media is really important because it sets a clear goal to work towards and it aligns everyone’s expectations with what is to be delivered.
RFP: Request for Proposal.
This is something you will hear at the beginning of a business’ search for an external partner (like yourself!). This is a good thing to hear because the business is generally in the research and evaluation phase; in other words, you haven’t missed your chance to be considered for the work!
When a prospective client sends out an RFP, you have numerous options for compiling a proposal to present for their consideration. Programs like Word and Powerpoint are common formats; however, you can also build more visually interesting proposals using Canva – and you can even use more robust workflow tools to build proposals like Practice Ignition.
At the end of the day, clarity is the most important goal of a proposal so we recommend proposals use common speak and aren’t stuffed with industry “jargon.” You don’t want to leave a prospective client even more confused than when they first sent out an RFP!
LOA: Letter of Agreement
The LOA follows your RFP when your prospect says “yes” to moving forward with your work, and is your contract with the client. Similar to what was mentioned about KPIs and proposals, the letter of agreement is meant to clearly communicate the expectations of the work engagement. It should also include details about billing, terms and timeframes and confidentiality since there will be sensitive information exchanged.
Letters of agreement are intended to be binding contracts; therefore, it’s best to consult with an attorney for language you need to include to protect yourself and your business.
Ready to Start Your Own Social Media Business?
Now that you’re confident you can talk the talk while understanding the 5 Common Acronyms You Need to Know as a Freelancer, it’s time to consider how YOU can do this work for yourself.
At Hay There Social Media, we offer a robust training designed to empower you to work on YOUR terms and we are helping moms find professional fulfillment working from home (with kids!) everyday. Here’s more information about how it works and how we’ll be there for you every step of the way in Work + Life Integration Nation™.