Some people say that business itself is a language, and whether or not that statement is true, there sure is a lot of language in business. Whether you are wheeling and dealing, presenting big data or simply driving home a point - it is effective and beneficial to understand buzzwords. They keep us interested, engaged and informed, and can often aid in brevity. Here are five buzzwords to toss out next time you are in the boardroom.
Bandwidth – This was a term that used to just be reserved to techies, but these days, as industries continue to overlap, it’s a great phrase to have. It means having the resources needed to complete a task or make progress. Ex. Does Marketing have the bandwidth to finish the proposal?
Elevator pitch – Critical for any independent to master. An elevator pitch is the proposal of an idea or strategy that must be clearly outlined and explained within the length of an elevator ride. They are generally thirty seconds to a minute and help get a lot of items on the table, ideas proposed and the ball rolling. Ex. Johnson give me an elevator pitch of the new brand strategy.
Core competency – This business theory, which started out of the tech bubble, has become quite popular and focuses around three major points. The theory states that a product\service should aim to be difficult for competitors to imitate, to be widely reusable for many products and markets, and finally it must contribute to the end consumer's experienced benefits of the product or service. Ex. The new trademarked logo fits well with our core competency.
Microcosm – This is a great SAT word to drop into a presentation, email or proposal. A microcosm is something small that has the characteristics of something much larger or well known. This term is wonderful for describing data behaviors, interoffice workings or financial trends. Ex. Oftentimes sports can be a microcosm for struggles in the world.
Buckets – Categories are dead. That’s right folks, if you’re still saying folder, section or field you need to grab the next taxi out of 2013 and head towards the future. Buckets are the new hip way of sorting people, places, things and concepts. Why buckets? I have no idea, but everyone in the boardroom, the CNN interview booth, and even the nerds/geniuses in Silicon Valley are putting things in buckets. Ex. Well Jason, lead generation tends to fall moreso in marketing’s bucket rather than sales’.