The emergence of social media marketing, blogging, and all of the rapid changes the internet and digital marketing bring have disrupted both the way we communicate and market in many earth-shaking ways. Therefore we have to acclimate, or our marketing falls behind, a fate no business can afford. So then the question is, which do you focus on; inbound or outbound marketing? The answer is both.
Let’s start quickly with some definitions for what outbound and inbound marketing are:
Outbound Marketing
What most people think of as traditional marketing; TV, cold-calling, radio, newspaper ads, direct mail, etc. is frequently referred to as outbound marketing. A massively broad reach and impersonal nature or tone are both hallmarks of outbound marketing. Up until the last 5-7 years, it was the primary form of marketing and what most people and companies thought of when “marketing” came up. Outbound or traditional marketing methods focus primarily on volume and expect a small return on investment. We often refer to it as a shotgun approach; “if the word about our new product or service is blasted out there at enough people, then hopefully a few will hear about it enough that they will talk with us or at least be receptive to our sales person.”
Inbound Marketing
Digital marketing is often referred to as inbound marketing and both are a recent form of marketing that leverages online to inform a prospect and provide information they are interested in. By being a resource, companies have the opportunity to establish themselves as experts in the field of interest as well as delight and engage the consumer. Essentially, companies position themselves to be in the right place at the right time. This is done through having a positive and consistent presence on social media, blogging, having helpful and non-sales languaging on websites, email marketing, landing pages and more. Because the consumer is getting information that they are looking for instead of getting hit with what they may or may not want, the value to the company is much higher. The message is getting directly to the ones with interest.
Outbound vs. Inbound
While data has shown that inbound marketing costs 60% less per new lead than outbound marketing, we don’t advise that you jump right into scrapping all of your outbound marketing. Instead, it is the time to take a closer look at who your target audience is and be smart about it. While the 65+ age group is one of the fastest growing groups on Facebook, we still consistently see this group also value some traditional marketing methods like newspaper or magazine ads. Additionally, if your target market is in a highly rural area with little to no internet connection, outbound methods of marketing should still play more heavily into your plan.
However, if you are like a majority of companies, your target audience is online and they are looking to engage there. Anyone aged 18-65 is going to pick up their phone first to Google something or to see what their friends think of a new company.
“67% of the buyers journey is now done digitally.” -Sirus Decisions
So we believe inbound marketing is where the majority of your marketing budget should be going. One of the keys to effective marketing in this digital age is having quality content. You need to be informative and not push your products or services on the consumer. Educate them, engage them, let them know you are the expert and you are here for them. Then when they are ready to make a buying decision they will come to you. With this method, much of your sales process is done for you before the client ever even gives you a call.
“After five months of consistent inbound marketing, the average cost per lead drops 80%.” (Eloqua)
So if you are curious about how inbound marketing can help you, come to the second annual Alaska Inbound Marketing Summit on September 9, 2016, at the Sheraton Hotel & Spa. Click here to register or give us a call at 907-563-6008. We would love to chat about AIMS 2016.