Life is a never-ending race and all of us are huffing and puffing on our journey to success. COVID-19 is a huge hurdle for all of us right now and enterprises are figuring ways to leap across the setbacks caused by the pandemic.
Managements and market executives are brainstorming for new ways to expand the business and to find ways to adapt conventional marketing strategies to the current trends. Marketing has been the backbone behind every successful product and service and it is what enterprises are relying on to bring them back into the game.
Marketing techniques have evolved with progress in technology and sales executives have access to a wide range of potential customers. All marketing strategies can be broadly classified under two types – Inbound marketing and Outbound marketing. It is essential to find the right balance between these two broad paradigms to maximize efficiency and success.
Outbound Marketing Strategies
Outbound marketing refers to any conversation initiated by the company to the target customers to attract their attention towards the product. It encompasses all of the conventional marketing techniques such as TV advertisements, radio broadcasting, cold calls, email campaigns, etc. These methods are used to charm potential customers with needs for the product or service offered. Marketing firms invest extensively in Outbound marketing to popularize their products and services.
Inbound Marketing Strategies
Inbound marketing strategies are a comparatively recent trend in the marketing industry. Its focuses on enhancing the enterprise’s image and outlook captivating the interests of potential clients without any direct interaction with them. People no longer visit stores and company outlets to buy their products or services. The Internet is the biggest market for most of the leading companies and it opens up them to the whole world. With all major brands competing online, buyers a wide selection of products to compare, evaluate, and choose from, making it preferable to visiting outlets (Flipkart, Amazon).
Inbound marketing comprises of a variety of techniques to enhance the general outlook of companies. This includes the creation of interesting, unique online portals and search engine optimized content to lure online shoppers to find their products. Companies maintain blogs and conduct webinars frequently on the features of the products and services aiming at broadcasting their USP (Unique Selling Proposition) for the world to see.
Fallbacks of Strategies
Inbound and outbound marketing strategies have their pros and cons. Outbound marketing has slowed down with modernization and people don’t put trust in TV advertisements and radio broadcasts due to the sheer volume of many different brands with nearly the same features.
Promotional mails do not reach the customers due to strict privacy regulations, especially with the onset of regulations like GDPR which restrict access to the customer database, protecting their privacy. People neglect information pamphlets and brochures as they lack time to devote attention and thoughts to absorb information from them. Outbound marketing does not produce the expected Return Of Investment (ROI) to rely solely upon for expansion.
Inbound marketing requires less capital input but compensates with excessive time and personnel requirements. It takes a lot of time for a company to build a reputation online and extensive work to create a fresh, engaging digital portal. A team of website designers, content writers, user interface designers, social media managers and search engine optimization experts are required to produce results. Despite requiring comparatively less investment, there is a considerable amount of time and money that needs to be given to inbound marketing.
Amalgamation of Models
Innovation and perseverance are the pillars of the marketing world. Enterprises have started to integrate both models of marketing to explore new horizons and find the right balance in combining them. Inbound marketing gathers traffic to your site and products increasing exposure and reach.
Outbound marketing helps ensure that your particular target base is approached along with the traffic produced by inbound marketing. Inbound marketing is non-invasive and does not face obstacles of communication, providing buyers clarity and infuses a sense of trust. This improves the response to outbound marketing and the two-pronged approach to captivate buyers reaps benefits.
Ways to Merge Efficiently
SEO and pay per click features of inbound marketing along with data acquired from traffic to sites also maps a clear picture of the prime customer base and their varying requirements at a regular basis, creating an opportunity for adapting to changing trends. Outbound marketing ensures continuous reinforcement of sales pitches, keeping the USP’s of companies in the minds of people constantly.
The advent of Customer Relationship Management software has facilitated automated marketing with personalized drip email campaigns (Zoho). Organization of product Expos and sending out invites on digital platforms garner attention helps identify leads and prospects while keeping in regular touch with current clients keeping them engaged and happy.
Low achieving companies and unsuccessful products are not the ones that fail to reach their expected targets. They are the ones that set up small targets and reach them, falling short of the motivation required to achieve more. Reach high and let a correct balance between outbound and inbound marketing work wonders in getting you there.