It’s easy to get overwhelmed by marketing these days. The internet and digital tools have opened a wide range of new potential strategies and ways to reach potential customers.
But how do you know if the marketing strategies you’re applying are right for your business, or reaching the right leads?
The most commonly utilised marketing concepts, inbound and outbound, have the greatest potential to find your audience. While it’s easy to confuse the two strategies, they each have some key differences in how they work.
What is inbound marketing?
Inbound marketing focuses on attracting visitors through content relevant to their needs and interests, rather than simply promoting products or services. It emphasises content and digital channels for promoting your brand, rather than traditional outbound channels, like print or radio media.
More than half of all businesses now use digital channels as their primary source of lead generation. In addition, they can help you reach your key audience more effectively by targeting them with high-quality content that fulfills their interests and needs.
A recent survey revealed that up to 63% of customers begin their shopping journey online. They start by searching for services, products, or content to fill their needs or solve an issue. Inbound marketing like blogs or articles will explain how your services can answer their needs, and from there, they will turn to your website for more details. Just like that, you’ve converted a new lead.
Examples of inbound marketing include organic search engine optimisation (SEO), content syndication, social media outreach, blog articles, and special offers like free shipping over a certain amount of money spent on the business’ website, or a form of discount code that attracts visitors to the website.
Pros of inbound marketing:
- Low cost
- Non-invasive
- Generates leads organically
- Create one-on-one connection with customers
Cons of inbound marketing:
- Requires continuous maintenance
- Longer time to yield results
Applying inbound marketing strategies to your business
Inbound marketing starts with a customer-centric approach and ends with a customer-centric solution. However, it is not just about attracting customers, but also about creating an experience that will keep them coming back for more.
In order to apply customer-centricity, you need to identify your target market and understand their needs before creating content for them. It’s also important for you to create content that is valuable for your target market so it will be more likely they will engage with it.
What is outbound marketing?
Outbound marketing uses channels such as mass emails, radio or TV ads, and pop-up ads to share a business’ message with the audience and communicate with them.
It is mostly focused on the company’s messaging, which is delivered through various channels and reaches a wide audience. The messaging is written to sell the company’s products or services, rather than address a narrower audience’s interests or needs.
One of the most popular forms of outbound marketing is email prospecting. It is the process of finding, reaching, and converting new customers through the use of email marketing. This has become a popular approach for businesses and organisations as it can be done at scale with little effort and cost.
Billboards, cold calling, mass email campaigns, pop-up ads, tradeshow presentations, and online, radio, TV, and print ads are all other common forms of outbound marketing.
Pros of outbound marketing:
- Promotes brand awareness
- More likely to yield immediate results
- Greater reach to potential customers
Cons of outbound marketing:
- Pushy and invasive
- Easy for consumers to ignore
- More costly than inbound marketing
Applying outbound marketing strategies to your business
Outbound marketing strategies are often used when a company wants to reach customers who have not been targeted before. These marketing strategies are typically used for companies that have an established market presence and want to expand their reach beyond the market they already serve.
In order for outbound marketing strategies to be successful, companies must first create an outline of what they hope to achieve with their campaign, as well as what type of audience they want to target. Once this is done, they must identify the best channels and platforms in which they can promote their product or service.
Which is better for your business?
The key difference between outbound and inbound marketing strategies is the way they approach their target audiences. Outbound marketers focus on traditional advertising that reaches a wider audience, while inbound marketers focus on building a relationship with their audience through content creation and engagement.
Inbound marketing is useful when you have a defined niche or demand for your product. Outbound marketing can work better when you’re creating something new, like a new product or solution that no one knows about.
Inbound marketing is regarded as the best way to generate leads and sales. It’s mainly made up of content creation, social media marketing, content distribution, SEO, and customer service. It’s the most effective way to grow your business as it focuses on organic growth.
Outbound marketing is old-fashioned marketing strategy; the company or brand advertises to the public in order to get new customers. In contrast, inbound is a modern approach that focuses on attracting potential customers who have already expressed interest in the company or brand.
Deciding between the two will largely depend on how competitive your market is. If you’re looking to grow your business, or reach more potential customers, an outbound marketing campaign – like a mass email – is a solid place to start.
Get started on your marketing strategy
Whether you want to use inbound or outbound marketing – or a combination of the two – to grow your business and attract more leads, Left Leads will work with you to understand your business goals and provide you with the expertise you need.
The marketing strategy specialists at Left Leads will help you drive growth in your business. Talk to them today and start working towards a stronger marketing strategy that suits your business model and brings in customers.
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