It’s incredible how the internet has revolutionized marketing over the recent years. Today, consumers do not have to depend on TV spots and billboards to get information about newly developed products. The web has empowered the consumer, readily providing a platform for researching before buying a product. Inbound marketing, the modern marketing communication, enhanced by social media, has changed the game.
Inbound marketing tactics, like those used by HubSpot and the Concentric Agency, have also won because it is a cost effective method as compared to the traditional methods of advertising. The conventional techniques all of a sudden have begun losing attention: it has been established that:
- Only 66% of direct mails are opened, a waste of postage, paper and time
- Only 14% of television viewers concentrate on television commercials.
- As many as 85% people aged 25 to 34 have opted out of a website due to annoying/intrusive/irrelevant add.
Cost per lead for inbound marketing is much lower as compared to that of outbound marketing
Inbound marketing does not emphasize buying. Instead, it focuses on earning. This is achieved through engaging content and social media. Engaging content includes white papers, podcast, and blogs. The content created is interesting to the target reader, informative and brings value. The consumer is therefore able to develop positive connections to the product hence increasing the chances of a purchase. This method, therefore, is cheaper as compared to outbound marketing, has a better Return on Investment (ROI).
Outbound marketing comprises of only one way communication. Customers are sought out from radio, TV, cold calls, print and banner advertising. The method of advertising never seeks to entertain the customer or educate consumers.
The fall in outbound marketing can be attributed to the current change in consumer behavior. The companies are in full control of what the consumer gets, but in inbound marketing, the consumer controls the kind of information they retrieve and by which methods. This is evident in the fact that many users are blocking specific call numbers and burning some websites. Others unsubscribe to certain companies email list. Inbound marketing is therefore info-graphics, podcasts, eBooks, white papers, Vlogs, and blog amongst others. Information is obtained, shared and spread through social platforms, for instance, Instagram, Twitter, YouTube among others. The viral growth and spread of information increase visibility of the company. For example, the company information links grow, search engine ranking increases, referral traffic boom leading to sales/leads. This is how the new marketing method generates revenue, not just small leads.