Let’s elevate your business acumen by making the land (and language) of entrepreneurship more accessible and less intimidating.
Here’s a list of Business Buzzwords, Marketing ABCs, and Private Practice terms and phrases that I’ve redefined for you in an effort to help you feel more confident as you ethically blend your clinical skills with entrepreneurship.
This list will continue to grow over time, so feel free to bookmark this page!
Above the Fold
This is a term that was born out of the traditional newspaper days, you know when ppl used to have the news delivered to their doorstep. Above the Fold references all the articles, headlines, and details that the newspaper wanted their readers to pay attention to first.
If you’re a journalist, having your article featured above the fold was a big deal bc it increased the likelihood that it would be seen and read. Nowadays you hear the term “Above the Fold” referenced as the space on your computer, phone, or tv screen before you scroll.
Back End Offer
A Back End Offer is a paid or complimentary service that is available to current clients. Once you are a paying customer, you have access to services and resources that new customers don’t have.
For example, if you only offer weekend availability to established clients and you do not offer weekend availability for new clients, weekend availability is a back-end offer.
Call-to-Action
A call-to-action or CTA, is what you say to a browser, or buyer to encourage them to take the next step in your marketing and sales process. “Schedule a Therapy Consultation Today” is a call-to-action. You’re calling out to your target audience and asking them to take an action.
There are a variety of strategies you can use to increase the likelihood that your target audience will take the action you’re encouraging them to take. A Call-to-Action could be a verbal or written cue that you make, and once your audience member takes the action, they typically receive something in return.
When a TikToker says, “Like and Follow”, that’s a call-to-action, if you take the action of liking their content, the action is there will be more content created in that category. If you take the action of following their account, you’ll receive updates on when their next piece of content is published.
Copy
Copy is literally a fancy word for words. You’ll usually hear someone use the word copy when referencing words on a website, advertisement, or any marketing material, like a social media caption or description on a book jacket. You’re not going to hear someone reference the words they wrote in their journal as copy.
Front End Offer
A Front-End Offer is a paid or complimentary service that is available or limited to new clients. For example, if you only offer 75-minute intake appointments to new clients, technically that’s a front-end offer. And that makes sense, right?
You’re not going to offer an intake appointment to an established client, because they’re beyond that point in their work with you.
Another example of a front-end offer is when a retail store offers an in-store coupon for “new customers only”, that’s a front end offer because people who are existing customers are not eligible to receive a new customer promotion.
Know, Like, and Trust Factor
You’ll often hear me refer to this term as KLT Factor. Why? Bc it’s shorter. [laugh emoji]. Know, Like, and Trust refers to the intangible essence that a business has that is bestowed up on them by their target audience.
How do you build your KLT Factor?
Most people are effective in doing this by connecting their business to a value system. Another way is to be consistent (and there are various ways to be consistent without having to show up daily) and building the T in your KLT can happen when a reliable referral source recommends you to a potential client.
Lead Magnet aka Opt-in or Freebie
You may have heard a lot of people talk about building an email list, and may have wondered, “well how do you build an email list”. You build an email list with a lead magnet, opt-in, or freebie.
This is a resource that you share with your target audience in exchange for their email address. These can come in different formats, a checklist, e-newsletter, podcast, workbook, the list goes on and on but more or less it’s a resource that you’ve created for your ideal client population to help them gain clarity about a challenge, aspiration, or goal they have.
Profit v. Revenue
Revenue is the total amount of money a company earns from sales or other sources. Profit, on the other hand, is the income a company makes after deducting all expenses from the revenue. In simpler terms, revenue is the money a company earns, and profit is what's left after all the bills are paid.
Take-home Pay
Take-home pay refers to the amount of money an employee earns after taxes and other deductions are taken out of their gross pay. In simpler terms, revenue is what a company earns before deducting expenses, while take-home pay is what an employee earns after all deductions are taken out. The founder of an LLC may pay themselves through a combination of salary and profit distributions. They can set their own salary, which is subject to payroll taxes, and can also receive a share of the company's profits as a distribution. The amount of pay will depend on the company's financial success and the founder's contribution to its success.
If there are any words that you’ve heard lately, that you’d like to be demystified, redefined, and added to the this list, just let me know in the comments section below.
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