Inbound vs Outbound Marketing: Which Strategy is Right for You?
Even if you’re not new to marketing, this inbound vs outbound marketing business might be confusing. Here are 5 comparisons that will help you decipher what’s what so you can decide what kind of marketing mix is right for you:
1. Inbound Marketing vs Outbound Marketing in a Nutshell
Marketing used to be all about demographics and psychographics. That changed when digital marketing came on the scene.
Pulls customers to companies through digital media and online engagement while taking a flexible, consumer-focused approach.
Pushes companies onto customers through traditional marketing and advertising strategies that seek to reach as many people as possible.
Spending on marketing analytics is expected to increase 60% by 2015.
2. Examples of Inbound Marketing vs Outbound Marketing
Inbound Marketing is all about online engagement while Outbound Marketing focuses on tried-and-true old school tactics.
Quality web content, infographics, podcasts, white papers, e-books, and social media marketing.
Billboards, direct mail, television ads, radio spots, banner ads, cold-calls, and telemarketing.
By 2014, over 40% of large complex marketing organizations will have developed a pace-layered application approach to integrated marketing. ~Gartner Research
3. Pros of Inbound Marketing vs Outbound Marketing
While it’s easy to tell businesses to adapt to the new ways and have a digital plan, both platforms have merit.
Is cheaper, adaptable, and less intrusive on the world while it’s better at matching products with consumers and is easy to track its effectiveness.
Is less work with high payoff, it can be forced onto greater numbers of people, and is particularly suitable for high and low end products like Jaguar and Coke.
64% of CMOs have either an informal or no process to manage their marketing automation. Businesses that use marketing automation to nurture prospects experience a 451% increase in qualified leads. ~The Annuitas Group
4. Cons of Inbound vs Outbound Marketing
Marketing professionals have tried to nail down exactly what works, but when it comes to consumer behavior, nothing is ever certain.
Takes a lot of work and is dependent a number of X factors like the moods of consumers, attention from influencers, dumb luck, and changes in technology.
Is expensive and intrusive with little regard for consumer needs and a high failure-to-success rate that’s hard to turn around if it’s not working.
Auto-posting to Facebook decreases likes and comments by 70%.
~Digital Buzz Blog
5. The Bottom Line of Inbound vs Outbound Marketing
In the end, Inbound Marketing is less expensive and more effective than Outbound Marketing. While it might be easier to shell out some money and slap up a billboard, taking time to cultivate an online presence, interact, and adapt to what your customers want will ultimately bring you higher gains. Sure, it’s more work, but the good news is that you can likely hire a professional to handle it for you for less than that billboard costs.
In 2014, email marketing was cited as the most effective digital marketing channel for customer retention in the United States. ~eMarketer