The fate of every business’s success lies in the hands of a working marketing strategy. Marketing is crucial to spread the word about your products or services and gain potential customers. If you aren’t bringing in new customers, your business isn’t going to be making the profits it needs to stay afloat. Every successful business owner knows the importance of a good marketing method and it’s ability to bring many new customers to the business. This almost always results in driving profits way up and making the business a success. Different Types of MarketingThere are two different common types of marketing that most businesses use in order to share their products and services with the world, called inbound and outbound marketing. In the past, the most common type of marketing strategy used was outbound marketing. Today, the methods we use to market our brands have changed vastly. Inbound marketing is becoming more popular and more business are discovering the success they can have using these marketing tactics. There are different benefits and drawbacks from each type of marketing. Below you will learn more about each type of marketing strategy and which type is right for your business model. Of course, there is no rule that you can use just one. In fact, the majority of companies use a combination of both inbound and outbound marketing techniques to bring customers to their business.
No GMAT or GRE required A Top 100 University for nearly a decade
Outbound MarketingOutbound marketing is a technique where a business advertises to consumers who are not looking for the products or services that the business is offering. Outbound marketing is also known as “interruptive marketing” because of it’s interruptive nature. Outbound marketing can be thought of as annoying by some consumers but it does work for many businesses. A few examples of outbound marketing include television commercials, newspaper ads, advertisement in the mail, commercials on the radio, billboards, and more. Basically, outbound marketing consists of a business providing you with information about their products and services even though you are not looking for them or actively seeking it out.This marketing technique is most commonly used by larger businesses that already have had some success in their business. Outbound marketing brings a greater awareness to the business on a nation-wide scale. For a larger business that can afford this type of advertisement, outbound marketing can work very well. Smaller businesses, on the other hand, may struggle with this form of marketing. It can be very costly and with no guarantee that it will bring in more customers. Outbound marketing is a great way to make your business known, but won’t necessarily drive them into your business right away unless they coincidentally have a need for your product or services at the time.Outbound marketing has been successful for many businesses. Most of the well-known businesses you can think of use this strategy and it certainly does work for many businesses. If you are considering using outbound marketing for your business, look into the cost of purchasing an advertisement spot for a commercial or ad in the paper.Inbound MarketingInbound marketing is on the other side of the spectrum. This is a marketing strategy where the business targets an audience that is already interested in the products or services that they provide by creating content that is helpful to them, making them want to find out more about the business and their products and services. Because consumers already have an interest in huge products or services, it is not seen as an annoyance like outbound marketing can often be seen as.Inbound marketing is similar to a symbiotic relationship in where the result is mutually beneficial to both parties. You are giving the potential customers quality content that is beneficial to them, and they are purchasing your products. This method is commonly used by smaller businesses because it is not only much more affordable, but it also allows business owners to connect with their customers on a more personal level.Inbound marketing can be a very successful marketing strategy. The main benefit lies in the fact that you are targeting an audience that is already interested in the products or services that you are offering, rather than advertising to random people who may or may not need what you are providing. This raises your turn over rate, meaning more of the people you are advertising to are actually turning into your customers and purchasing your product or services. Another benefit is that the consumer is actively engaged in learning about what you are offering. Most people don’t pay much attention to commercials on the television or radio, but when they are reading an article, you have their full attention.If you want to practice inbound marketing with your business, the first step is to get your business online. Social media is a great place to start. Almost all businesses are now on social media networks like Facebook, Instagram, YouTube, and Twitter. These sites allow you to share content like articles and videos related to your brand. The key to a successful inbound marketing strategy is to make sure your content provides value to the consumer and isn’t just advertisement. In addition to getting customers interested in your business, you are also getting them to advertise for you in a way when they share and like your content on Facebook and other social media websites.Choosing a marketing strategy that will work for your business depends on the size of your business and the resources. Inbound marketing is a great technique for every business that wants to gain a more personal connection with their customers and provide value while profiting. Big and small businesses can both benefit immensely from inbound marketing strategies. Outbound marketing techniques should not be forgotten though. As inbound marketing can help you reach out to initial customers, outbound marketing brings your business to a much wider audience and an even higher level of success. It is best to incorporate both of these techniques into your marketing strategy for a successful business.