This was a recent conversation between two people in a Whatsapp group. One of them listed several names of service providers in the space of CRM and asked people to vote for their preferred service provider.
The other person pointed out what he felt was an obvious miss in the list. According to him, the largest service provider in the space of CRM was left out from the list of options.
The response from the person who created the poll, led to a certain amount of embarrassment for the latter who pointed out the gap in the questionnaire.
He said that the poll was intended to capture the leaders in the space of ‘customer retention management’ (the new face of CRM), while the latter was confusing it with customer relationship management (CRM in its original form). And yes, there was a difference in what each did.
CRM is not the only term where marketing is redefining its meaning.
If one closely aligned themselves with the area of advertising and media TAM meant ‘television audience measurement’ while SOM stood for the ‘share of mind’ that a brand could capture with its advertising. In marketing, TAM now increasingly stands for ‘total addressable market’ or the monetary value of the entire market that one’s product or service offering is targeted at.
On the other hand, SOM stands for ‘serviceable obtainable market’, the space that one can realistically capture.
As we speak, there are more acronyms being created to further add to the marketing clutter or confusion. One marketer, through a column for this publication, recently coined the term ‘universal sore point’, which according to her was USP 2.0.
USP in classical marketing definition has always stood for ‘unique selling proposition’ or the brand’s ability to clearly differentiate itself from its competitors in the marketplace. However, USP 2.0 intends to be an effort to identify and cure the exact pain point that most of the brand’s TG identifies with (by TG, we mean ‘target group’, and not the term used for measuring glass transition temperature or transformational grammar).
Whoever said that marketing was a simple sport.
(The author is the editor of ETBrandEquity.com. This weekly column offers a sneak peek into the discussions, debates and introspection in our editorial team.)