The latest hype when it comes to marketing is Inbound Marketing. Inbound marketing is "IN." And while outbound marketing hasn't been kicked to the curb entirely, it's definitely fading into the background for savvy marketers and business owners. So what is the difference between the two and which strategy is right for your business? Well, read on my friend!
Inbound marketing is the practice of bringing warm, qualified leads into your sales funnel rather than reaching outward to cold, questionable targets. Inbound marketing focuses on creating valuable content, promoting your marketable content, building customer relationships, and overall "pulling" the customer toward you. Some popular types of inbound marketing are:
As consumers become increasing tired of "interruption" marketing, inbound marketing becomes an even more integral part of the marketing mix. Instead of interrupting consumers, why not subtly lure them to you. It complements the way buyers are making their purchasing decisions today - through the Internet.
Outbound marketing, also known as traditional marketing, has been the main marketing strategy for the past century. With outbound marketing, you push your message out to customers in mediums like:
- Direct Mail
Unfortunately, for those of you who love your traditional marketing, over time the effectiveness has has been weaning as buyers behaviorally tune these interruptive campaigns out.
In addition to being more effective in grabbing attention, inbound marketing channels typically maintain a low-cost advantage. They are traditionally cheaper campaigns to run and they also typically have a lower cost per lead acquisition. For example, in one recent study, the average cost per lead for outbound-dominated businesses was cited at $346 while inbound businesses reported their cost per lead at $135 on average.
Don't get me wrong, I'm not strictly endorsing inbound marketing as the sole way you want to market your business but what I am suggesting is that you invest your marketing budget into these mediums first as you won't have to invest as much and your cost per lead acquisition will be significantly lower. Invest your budget intelligently.
How has inbound marketing helped your business?
Do you still believe that outbound marketing is a better investment - why or why not?
Leave your thoughts in a comment.
If you liked this article, check out the following articles:
- Welcome to the Pull Era of Marketing
- Hot Internet Marketing Trends for 2012
- 2012 Resolution: Boost Your Business Web Presence
- Where Should You Invest Your Marketing Budget
About TeamBishop: TeamBishop (Dawn Bishop & Leslie Whittaker) are Internet Marketing Consultants with ReachLocal Orlando. Our mission is to help you grow your business by increasing your leads and revenues and decrease unproductive advertising expenses through proven online marketing strategies. TeamBishop manages over $1.6 million annually in local business marketing budgets so when you work with us you know you are in experienced hands. Give us a call at 321.422.6600 to schedule your free consultation.