When it comes to marketing your business, there are three approaches you can take; inbound marketing, outbound marketing or a combination of both. While each have their own unique strategies, benefits and results, each can be more suited to a specific business, depending on its marketing needs and the offerings or products that that business is looking to showcase. Let’s take a look at the difference between inbound and outbound marketing, and how each of these strategies can work to bring you additional business revenue.
What Is Inbound VS. Outbound Marketing?
Basically, inbound marketing is a new-age technique for drawing customers to products and services using content marketing, social media and search engine optimization. Other effective forms of inbound marketing also include blogging and pay-per-click advertising based on keywords relevant to your business or products. Unlike its opposition, inbound marketing isn’t designed to create a need or want. In fact, its technique is to satisfy a want or need that already exists. In other words, online users will find your content, and if compelled, will engage. While this type of strategy doesn’t push the idea of your product or service onto people who may or may not be interested, it instead puts the right information out there to hook in people who are directly looking for it.
On the flip side of the coin of inbound marketing, is outbound marketing. Outbound marketing is a tactic that involves a more pushy agenda and uses the means of TV, print, radio, billboards, display ads, video ads, direct mail and/or telemarketing to bring products and customers together. While inbound marketing inspires customers to find a business themselves, outbound marketing seeks out customers, and a data-base of sales leads is usually generated and followed up on by an internal sales representative.
The Benefits of Inbound Marketing
While most would argue that inbound marketing is a much more modern approach, it is also less invasive and forward. As we’ve progressed into a world run by advertising conglomerates and media platforms telling us what we should be using and buying, many find that inbound marketing is a softer approach. So, what are the benefits of inbound marketing? To begin with, inbound marketing is great for companies will smaller budgets. Since television, print and radio advertising can be extremely expensive, using inbound marketing, such as social media, blogging or PPC advertising, is a great way to give companies a solid marketing foundation, without breaking their budget or wasting money on unsuccessful strategies. In fact, on average, in bound marketing costs a company 62% less per lead than outbound marketing.
Secondly, the use of inbound marketing greatly increases your visibility and brand awareness. Let’s look at it this way, if you’re watching television and a commercial comes on for something you’re not in need of or interesting in, chances are your attention will drift away. However, if you were to type a service or product into a search engine and see an advertisement, you’re more likely to engage with it, since your need for it was already established. This type of “work with the existing need” is exactly why inbound marketing is so effective.
Not only does inbound marketing bring you more reach and brand awareness, it always brings in a higher quality of traffic and leads. As we mentioned, since inbound marketing lets customers come to you, you’re more likely to have an online user engage with your website or brand page because they sought you out. This means less accidental browsers and more genuine searchers, which translates into customers and revenue. Makes sense, right?
As for your end of the deal, inbound marketing not only saves you money, but it also saves you time. Unlike outbound marketing’s approach of seeking out customers, letting them come to you allows for your sales and marketing staff to have more energy to focus elsewhere like generating real results for those customers. And since inbound marketing is a two-way street of communication, it allows you to have an up to date play-by-play of your successes and failures, which can quickly be corrected and modified where and when necessary to increase the results you’re looking for.
While every business operates differently and has different customer needs to fulfil, the effectiveness of inbound and outbound marketing can prove to be quite different depending on the industry you are in. If you have any questions about implementing inbound or outbound marketing strategies to fuel your sales in your business plan, feel free to give us a call at 705-252-4180. At 3SIXTY Marketing Solutions, we are always happy to help you better understand your business’s marketing opportunities and tools while providing you with a results-driven approach that shows on your bottom line.