There is a place for both inbound and outbound marketing for any business. Both methods work, but inbound marketing can be more cost effective, as it has a higher ROI.
Not sure what inbound marketing is or how to run a successful campaign for your business? Our friends and digital marketing experts at WSI are sharing everything you need to know below.
What is Inbound Marketing?
Inbound marketing is a marketing methodology that highlights the importance of content creation to attract customers and move them through your sales funnel. Essentially, it involves building customer relationships through relevant social media posts, email campaigns, or mobile-friendly ads.
Plenty of marketers have emphasized the importance of inbound marketing, and for a good reason. Here’s why:
- 41% of marketers say inbound marketing leads to measurable ROI.
- 82% of marketers observe positive ROI for their inbound marketing efforts.
- If correctly done, inbound marketing can be 10x more effective in converting leads than outbound.
- Inbound marketing generates 3x more leads per dollar compared to traditional marketing.
- 91% of consumers prefer brands that are authentic in their social media posts.
These numbers prove inbound marketing is a cost-effective tactic that can boost profits and simultaneously ensure your advertising budget is well-spent.
A good inbound marketing strategy will offer quality content like eBooks, case studies, webinars, or email campaigns aligned with consumers’ needs and interests. If you can position your business as a valuable resource, then expect more sign-ups and repeat purchases.
How Does Inbound Marketing Work?
The inbound methodology depends on content creation to build meaningful relationships with leads and consumers. Every stage in the sales funnel is resource-heavy. The more high-quality content you have, the more likely you’ll attract visitors, nurture leads, and close deals.
HubSpot divides this process into four steps: attracting customers, converting customers, closing deals, and delighting customers. Each stage has various forms of content to plan for.
Why Use an Inbound Marketing Strategy?
There are three significant reasons why inbound marketing works better than other methods. Here’s a look at some of its distinct advantages, as well as strategies to help you get started.
1. Inbound marketing is a cost-effective strategy
You only need a website and content to get started with inbound marketing.
For small businesses, the start-up costs required to build a following for your blogs and social media accounts may seem intimidating. However, you can start small and scale as your business grows.
You can also modify your campaigns based on the previous campaigns’ results to get the most bang for your buck.
In contrast, traditional tactics like TV advertisements, print, billboards, and posters are a lot more expensive. While these can boost awareness, they’re just not as effective at engaging and retaining customers.
2. Tech-savvy customers prefer inbound marketing
In the age of social distancing, traditional marketing tactics are losing traction with customers.
Search Engine Land reports that since the global pandemic, inbound marketing tactics like paid search and social media increased by up to 26%. In contrast, television, print, and direct mail have declined by up to 46%.
It’s evident that inbound marketing is the future.
As more people opt to stay indoors, they invest more time on digital platforms. As a result, they’re also more likely to use online information to discover brands and guide their purchasing decisions.
3. Inbound marketing has long-term value
Inbound marketing content such as instructional guides, infographics, case studies, or eBooks have a longer lifespan than outbound content. You can increase its usability by updating and republishing your content to keep it relevant and timely.
In comparison, traditional marketing tactics are short and sweet. A salesperson can spend hours cold emailing and calling potential leads in exchange for a handful of sales. But there’s no guarantee that you can build trust and meaningful long-term relationships this way; rather, it’s more of a numbers game.
4. Inbound marketing is authentic
According to the Edelman Trust barometer, 81 percent of respondents consider trust when evaluating their purchase decisions. Unfortunately, they’re also used to ads with big promises which never follow through. That’s why inbound marketing strategies that involve publishing actionable and interesting content seems more authentic in the long-run.
Inbound marketing is the future in a tech-savvy world. Launching an inbound marketing strategy is a worthwhile investment that can help your business attract customers, build trust, and foster loyalty in the long-term. As you plan your promotions, focusing on an inbound methodology is a wise choice that will positively impact your customers and your business.
If you have any questions or would like to find out how Famous WSI Results can help your business claim its share of the marketplace, contact us today!