33 terms you need to know if you’re growing your business
February 1, 2021
What is a “growth hacker” anyway? B2B (Business to Business) comes with its own terminology toolkit. If you’re coming from a B2C world (business to customer), or connecting with the B2B network for the first time, these are the key terms that will help.
Key terms in the scale-up world you need to know!
Big hairy audacious goal - Don’t ask us why it’s hairy, the point is a large company wide goal. It should be so audacious that there’s only a 50% chance of making it.
The percentage of customers that stop using a company’s product or service over a certain period of time.
DACH, EMEA, APAC, LATAM, NA/NAFTA
Global marketing regions:
DACH= Germany, Austria, and Switzerland
EMEA= Europe, the Middle East, and Africa
APAC= Asia Pacific
LATAM= Latin America (South America)
NA/NAFTA= North America
Go To Market - Normally used when referring to a company's strategy when launching.
Net Promoter Score / Employer Net Promoter Score - The customer rating of their likelihood to make a recommendation.
Objective Key Results - Used as a measurable target for short term goals.
Software as a Service - To use this in a sentence, “RocketX is the ideal company to help Saas companies grow (if you work for a SaaS company, click here).
User Experience/User Interface - Used when talking about a customer facing product such as an app or a website.
Sales terms in the scale-up world you need to know!
Marketing Qualified Lead - This is a potential customer that is sourced through the marketing operation.
Sales Development Representative - This is a member of your sales team who focuses on inbound leads and moving them through the sales funnel.
Sales Qualified Lead - Similar to a marketing qualified lead but sourced through sales outreach instead.
Sales Qualified Opportunity - This is the stage after MQL/SQL where a member of your sales team has taken the lead to the next stage on the customer journey.
Recruitment terms in the scale-up world you need to know!
There aren’t that many recruitment specific terms. That said, we still have 1 to share:
Recruitment-As-A-Service - A unique offering from RocketPeople that gives your company a multidisciplinary team for less than the price of an internal recruiter (find out more here).
VC/Fundraising terms in the scale-up world you need to know!
A high net worth individual who provides financial backing for a small startup or entrepreneur, usually in exchange for significant equity.
Average Order Value - A useful metric for businesses that sell multiple products.
Average Revenue Per User - A useful metric for businesses with a subscription model or have longer lifetime customers.
An entrepreneur/small business that has no external investment (they’ve pulled themselves up by their bootstraps)
A loan/injection used between funding rounds.
In the investment context, this is the process done to work out the potential value of an investment.
Earnings Before Interest and Taxes.
Ideal Customer Profile.
An incubator helps a startup develop, through training, services, office space or similar. An accelerator is similar but for business at a later stage, providing services such as recruitment or investment. We at RocketX are an accelerator.
Minimum Viable Product - Think of this as a consumer ready prototype, the basics are there but it will develop over time.
This is the financial performance of a company, using the current situation to predict future growth (if all other factors stay the same).
This is the traditionally first stage of fundraising for a business. The company exists, there is at least an MVP, and the company is looking to find investment so it can grow.
Unique Selling Point - Every great company has one of these.
RocketX exists to help scale-ups scale up. Whether it’s with recruitment, venture capital, marketing and sales, or helpful key terms guides.