You have probably heard the terms inbound and outbound marketing before, but do you actually know what they mean? There is a LOT of marketing jargon out there, which can be daunting when you’re dipping you feet into the marketing pool for the first time. Never fear! We’ve gone ahead and broken it down for you.
Otherwise known as “push marketing” or “traditional marketing” outbound marketing refers to those marketing messages that are sent out on mass, to a large audiences, usually via TV ads, radio ads, billboards, direct mail drops or online banner ads.
The downside? It is very much a one-way conversation, with a very general audience who may or may not have an active interest in message. As well as being very general, it can also be really expensive! You need a healthy marketing budget to purchase TV and radio spots. Outbound marketing is also disruptive in nature, as in… it interrupts people in the middle of something they enjoy (like watching TV) and generally… people don’t love this. In fact, studies have shown that it can actually have quite a negative effect on your brand!
Here are some more outbound marketing facts to also keep in mind.
- 86% of people skip TV ads
- 44% of direct mail, also known as junk mail, is never opened
- The average banner ad engagement rate is just one-tenth of one percent
These statistics would make any marketer stop and think…
BUT outbound marketing definitely has its place and can work really well if done correctly. It puts your message in front of the people you want to see it, keeping you top of mind when they do decide to search for your products/services. You also don’t have to wait long to know if you have a winning message – people will either like it (and buy it) or they won’t! Used strategically, outbound marketing tactics can be an essential component of a balanced, holistic, and effective marketing strategy.
So if outbound marketing is all about pushing out messages, then what is inbound marketing all about?
In a nutshell, it includes various strategies that pull in customers who already have a problem, and who are actively searching for a solution to it. Instead of sending out a cold message to mass numbers of people not particularly interested in hearing it, you are reaching customers who are very much invested by offering them a solution.
That sounds good, but what does it actually mean? It means having a sleek, robust website with well-written content, engaging blog posts and downloadable content such as tip sheets, guidelines, white papers and other information that offer real value to someone looking for real solutions.
Since inbound marketing is all about drawing customers in, it does cost less than outbound marketing. On average, inbound marketing leads are 61% less expensive than outbound ones!
What some more inbound marketing facts?
- Inbound marketing generates three times more leads per dollar than traditional marketing does
- Seventy percent of people would rather get information about a business from a blog post or an article than from traditional marketing
- Seventy-one percent of consumers say that they reviewed a blog post during their buying process
The world of marketing is changing. Traditional, outbound marketing still has its place, but for more and more companies, inbound marketing has become their go-to. It is more cost-effective and gives consumers the solutions they need when they need them, creating a positive bond with your brand, now and in the future.
If you are ready to up your inbound marketing game, then get in contact with us today. The Oracle Tree team looks forward to working with you.