From target costing to traffic: marketing terms and abbreviations with a T
What is targeting, what is a touchpoint and what does the term traffic mean? In our glossary of important marketing terms beginning with the letter T, we explain these and other terms such as thousand-contact price. Take a look and find out quickly and easily what is what:
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- Target Costing/Target Pricing
Target costing, target pricing or target costing is a method of target cost management. It is used to determine the maximum costs that a product or part of a product may generate in order to remain competitive in the market. At the start of the calculation, a price is assumed that results from the comparison of competitor offers and that potential customers are prepared to spend. The permitted costs for the overall product and for each of its individual components are then defined on this price basis.
- Targeting
As part of online marketing, targeting refers to addressing specific target groups. The aim is to align your own advertising as precisely as possible to these target groups. It is essential to define the target group in advance in order to avoid wastage and achieve the highest possible conversion rate.
- Price per thousand contacts (CPM)
The thousand-contact price (CPM ) defines the advertising costs incurred for an advertising measure that reaches 1,000 people from a target group as a visual contact. This metric is used in the print sector as well as in radio, TV and online marketing. Here, visual contacts are also referred to as ad impressions. Regardless of which medium is used for advertising, the decisive factor for the thousand-contact price is always the reach of the measure in the desired target group.
- Touchpoint
In marketing, a touchpoint is a point of contact where a person comes into contact with a company, a brand, a product or a service. This can be, for example, a fixed location, a telephone conversation or a visit to the website. The resulting contacts at each individual touchpoint trigger certain perceptions - for example, a potential customer may feel positive emotions. These perceptions can be deliberately evoked through the targeted alignment of touchpoints, for example through an approach and atmosphere that meets the needs of the target group. A touchpoint is part of the customer journey.
- Traffic
In the field of online marketing,traffic refers to the measurable flow of data or visitors to a website. It is measured using various analysis tools. The amount of traffic provides information about the attractiveness of a website, for example.
Marketing terms T: targeting, touchpoint, traffic
