Each year, you can expect many colloquial terms or phrases to make their way into business conversation. But only a few will become buzzwords, going viral via the internet or large company mixers. While most of these haven’t entered Merriam Webster’s updated dictionary, here are 11 that have cemented themselves in our vocabulary:
The -jack suffix
“Newsjack,” “brandjack,” “trendjack” – we could on, but you get the idea. Someone takes advantage of a situation or an idea by appropriating it for personal gain. Put a noun in front of the “-jack” suffix, and you’ve created a verb worthy of lively boardroom discussion or cocktail hour. “Jack” is the new “hack.” Any predictions for a 2016 equivalent?
This is familiar to any EO member. Your “why” statement is your thesis statement, so to speak – the reason WHY you’re doing something. It gets at the very heart of your business model and when you identify it, this can help focus your efforts and save you from steering away from your company’s true mission.
Love it or hate it, this concept has revolutionized the way the world does business. Originally mastered by big-name brands like Google and Pixar, companies of all sizes and specialties are now taking note. It’s also a huge attraction for potential hires and current employees.
“Generation Y” just doesn’t have the same appeal as this buzzword, which is now borderline derogatory, used in tandem with words like “inexperienced,” “demanding” and “technology-driven” to a fault. We hope the term “millennials” regains some of its dignity and appeal in the new year.
The “it” factor
The special quality that will separate successful start-ups from bankrupt businesses in our global economy; a company’s “it” factor defines how it will be branded. What is your business’ “it” factor?
In the weeds
This is another way of describing a CEO or business founder who is caught-up in the daily operations of their organization. At EO, we also say it this way: “Work on your business, not in your business.”
This is the reason you have to click through several screens and advertisements before reading an eye-catching article on your Facebook feed. As profitable as it is annoying, we don’t see this vehicle for revenue going anywhere (any time soon).
As successful entrepreneurs know, customer service and the customer experience is vital to building brand value. Just like many other organizations, we have worked hard to make your online experience more personalized and engaging on eonetwork.org – and we’ll continue to do so! What online design elements have your favorite brands created to make your visit better tailored to you, as an individual?
Also referred to as “conversation marketing,” human-to-human (H2H) marketing is a breath of fresh air in an increasingly automated business landscape. This approach is two-sided and conversational, relating to customers on a human-level, rather than treating them as a number on your business’ dashboard.
Participants in the EO GSEA program know the value of incubator companies, taking start-up companies and helping them grow through training, mentorship and even perks like shared office space! GSEA finalists and winners receive many of these benefits from EO member companies.
While there have been many crowdfunding “wins,” producing videos, sponsoring individuals and creating amazing new technologies, 2015 seemed to be a year of crowdfunding fails; campaigns would surpass their monetary goals, attempt to follow-through with their project and when they didn’t succeed, donors weren’t returned their money. One recent, high-profile example is the Zano drone Kickstarter campaign.
Which business buzzwords from 2015 did we miss? Let us know in the comment section below, and your answer could be featured on EO’s social media channels!
Follow us as #EOlooksback on the calendar year during these 31 days of December. We’ll post new pictures, stories, videos and memes every day on: Octane blog, Facebook, Twitter, LinkedIn and Instagram.