Intern Diary: How to understand tech acronyms
Happy Monday! I hope everyone is having a good month of May!
I’m very excited for this month because I will be flying back home to Costa Rica for a couple of weeks! I haven’t been there for a loooooong time, so I’m very excited to see my family and friends again (especially my dog, I am very, very excited to see my dog again, she’s the cutest thing in the entire world)!
For this week, I’m going to do an intern diary that’s a bit different than the rest. I was making my entry for last week, I realized that there are a lot of acronyms and buzzwords that I had no idea about when I started being an intern, especially within this industry, that I had no idea what they meant, and since everybody was so comfortable using them, they didn’t think twice about dropping them in conversation all the time.
So, I thought of making a short list of some of the words that either I had never heard before or had heard but wasn’t fully knowledgeable on what the definition actually was until I started working at Artificial Solutions. Basically, so that all future interns don’t have to go through the same “?” moment that I did on my first couple of weeks here.
This refers to Software as a Service. We’ve all heard of it before, but I wasn’t really sure how to define it, especially when trying to understand SaaS as a business model. But, basically (from what I understand), SaaS is when companies provide you with a software that you can use to the build another thing. For example, with Teneo, you can build conversational solutions, and with Canva, you can create graphic designs.
This one might seem a bit straightforward once you have entered the company, but at first, I wasn’t really sure what it stood for, and it’s that CAI stands for Conversational AI, which is the technology that powers chatbots and voice bots for customer interactions with a business.
MQL and SQL have been some of the words that have been some of the most elusive to me throughout being an intern, with people always talking about them around me, but me not fully getting what they mean. MQL is short for Marketing Qualified Lead, and this is when a person starts to show interested in the product you offer. In our case, this could be determined by having people download our content, a report, or a case study.
An SQL is the next step after that, the SQL has been sent information about the company through a nurturing campaign of emails, has continued to interact with our content, and has the means and decision-making power to be able to decide to work with our product. This lead is classified as “sales-ready” and can be passed on to the sales team.
‘Vertical Markets’ have also been discussed during sales and marketing meetings especially, with this referring to a set of businesses that fall within an industry or category or niche of customer. This is often used to talk about the main industry of customers that we will be targeting and focusing on. For example, all car manufacturing businesses like Ford, Toyota or Skoda would fall into the automotive vertical market.
To automate is to have a machine do it, not a person. When we talk about marketing automation, that means using different tools to be able to send emails to our whole database, or to segment customers into certain categories to provide them with specific content to fit their needs.
This is a measurement of success that can be attributed to a person or even a project, and it stands for Key Performance Indicator. For example, if we would want to increase our Twitter followers by 200 in one month, that would be a KPI for the social media team and at the end of the month, their success could be judged against this. As an intern, I have yet to be given specific KPI’s as I have been balancing work and studies (and now dissertation writing, which is a bit overwhelming, but it is going well!).
This one really had me confused when I walked into that first QBR, when a bunch of sales agents started talking about their logos and giving updates on their logos. I was really confused because why were all of these people that were not graphic designers so worried about logo updates?
Turns out that when they refer to their potential customers, they talk about logos. Logos=companies. Sometimes it can refer to the same company in different locations, but due to the fact that they operate as different entities when making some decisions, they can be targeted as different potential customers.
I hope this little cheat sheet will help any future intern here at Artificial Solutions get a better grip on some of the conversations that are going on around them as they start out, and that this small bit of knowledge makes them feel a little bit more comfortable!