API (Application Programming Interface): API is how software programs communicate with each other.
AOV (Average Order Value): AOV this is the mean amount a customer has spent with you on each order.
Autoresponder / Trigger: an email designed to to be sent in direct response to a particular purchase, this email can be a product recommendation, a discount, a thank you email, a hot combo, etc.
Brick & Mortar Store: a company that has a physical building for which customers can enter and purchase goods.
Churning Customers: churning customers are customers who bought frequently but have not purchased an item in a specified period of time
Click & Mortar Store: a company that has both an online store and physical building for which customers can enter and purchase goods
Click to Convert: this is represented by a % Calculation: [# of emails that result in a sale / # of emails actually clicked]
Click-through Rate: this is represented by a % Calculation: [# of times the email is actually clicked] / [# of times the email is sent] Clicked means a customer clicks a link to view a product. Click-through rates are lower than open rates and commonly in the 1-3% area.
CPM (Cost Per Thousand): CPM is a typical pricing unit used by ESPs (email service providers) when pricing email costs.
Conversion Rate: this is represented by a %
Calculation: [# of emails that result in a sale] / [# of emails sent]
Conversion rates are lower than open and click-through rates and commonly in the .01-1% area.
Deliverability: this is the ability of a product to be able to deliver the attributes it specifies in the time frame that was agreed upon by the customer and the seller.
eCommerce Platform: Though the basic definition of an e-commerce platform is ‘a software that enables transaction via the internet’, these platforms have quickly developed into comprehensive, all encompassing online retail solutions. Allowing retailers to target, capture, engage and retain customers, through not just the traditional web store, but also via offline, mobile and social media channels.
Email Marketing List: a customer base that have submitted email addresses to a company that want to receive marketing emails from that company. Customer must agree to receive the emails by law. This lists are commonly referred to as 'subscribers'.
Email Marketing Segment: an email marketing segment is a segment of the email marketing list that is populated based on buying, spending, frequency, and location demographics.
Email Marketing Service Provider (ESP): this is a company that provides the platform for you to initiate and distribute all email marketing campaigns
Endpoint: This is a Windsor circle term that was coined to mean the the points which our software connects, for example our software would connect Magento (ecommerce platform) and Mailchimp (ESP).
Extension / Plug-in: an extension/plug-in is very similar to an app for a phone in that is performs a given purpose within the platform and provides some output for the customer.
FTP (File Transfer Protocol): This is an open standard for transferring data files between systems over TCP/IP. It is unencrypted and considered insecure so should not be used for sensitive data.
Gross Margin: is one of the most important revenue indicators for companies on both the product level and the company level. Gross margin is the percentage difference between revenue (sales dollars) and costs. Gross Margin: (Revenue-Costs)/Revenue.
HTML Email: this is a marketing email that contains pictures and links to the site.
KPI: Stands for Key Performance Indicator. An organization may use KPIs to evaluate its success, or to evaluate the success of a particular activity in which it is engaged.
Merchandising: is the way in which retailers package, promote, and market goods to consumer for sale. This can be any of a variety of channels including email marketing.
Merge Tag / Personalization Tag: this tag is used by email marketers to input personalized information into mass emails to their email marketing list. For instance, when sending a thank you email for all purchasers in a certain month, by using a merge tag, the retailer can include each customers first name on the email for a more personalized feel. The merge tag can also be used to put in any special fields that would be customer specific.
Multi-Channel Retailer: a retailer that has more than one method of merchandising, for instance a brick and mortar store as well as an internet site for web customers
On-Premise / In-House / Locally Hosted / Locally Installed / Client Server / Appliance: These words are interchangeable and all mean the same thing. Microsoft word would be an example of locally installed. Meaning you need to have access to your computer to access your word documents. If something is locally hosted the owner is responsible for the upkeep and repair if any issues arise. Windsor Circle is not locally installed, meaning it is SaaS and means that the owner does and is not responsible for the up keep.
Open Rate: Open rate is repesented as a % and is used as a measurement by email marketers to determine the success of a campaign. Calculation: [# of emails opened] / [# of emails sent] An open email is determined by the customer displaying the images with in the email not just clicking on the email in their inbox.
Open to Click: This is represented as a % Calculation: [# of times the email is actually clicked] / [# of emails opened]
POS System (Point of Sale): this is the system that facilitates the purchase of any goods. Historically a cash register or checkout, now a point of sale system can be considered your e-commerce platform which allows you sell products and track them online through their software.
RFM Analysis (Recency, Frequency, Monetary Value): RFM analysis is part of what Windsor Circle software provides our clients. The RFM analysis is an invaluable tool when determining your email marketing segments and how to target them. Recency: how recently a customer purchased from you Frequency: how frequently the customer buys from you Monetary Value: how much the customer has spent
SaaS / Hosted ( Software as a Service ): this is software that is usually hosted over the internet (cloud) and can be accessed through another platform. Windsor Circle is hosted and can be accessed through the customers ESP (email marketing service provider) and internet browsers (WC Web App).
SFTP (Secure FTP): This is an FTP protocol wrapped in an encryption layer for security.