UTM parameters are variants of URL parameters used by marketers to track the effectiveness of online marketing campaigns. There are five standard UTM parameters - source, medium, campaign, term, and content. They provide information about where a link was shared (source), the channel or type of link (medium), specific campaigns (campaign), search terms (term), and elements clicked (content). GCLID parameters are similarly used by Google Ads to track parameters like ad group, keyword, device, and customer ID for each ad click. Marketers can use UTM, GCLID, or both together depending on whether they are using Google Ads, Google Analytics, and other third-party tools to analyze campaign performance.