Deciding on a marketing strategy is one of the most important decisions a business makes. It is also one of the most difficult. The first step of forming a successful plan is choosing which type of marketing you want to utilize: inbound or outbound? Inbound vs outbound marketing is a never-ending, yet essential, debate. In order to make the best decision for your business, you must understand the difference between these two marketing tactics. Keep reading to learn the 6 keys differences of inbound vs outbound marketing!
Inbound vs. Outbound Marketing: 5 Key Differences
Key Difference #1: Tactics
Inbound Marketing: Also known as “new marketing,” inbound marketing uses any marketing tactic that relies on earning people’s interest instead of buying it. Their tactics focus of getting found by customers. Some of the most effective inbound marketing tactics include social media, blogging, e-books, webinars, infographics, podcasts, website design, and search engine optimization (SEO).
Outbound Marketing: Also known as “old marketing,” outbound marketing uses any marketing tactic that pushes products or services on customers. Their tactics focus of buying, begging, or bugging their way in. Some specific outbound marketing tactics include billboards, TV commercials, radio and print ads, direct mail, event sponsorship, and cold calls.
Key Difference #2: Targeting
Inbound Marketing: Inbound marketing is extremely well targeted. It targets people who are receptive to your marketing messages and personalized content. Inbound marketing is able to target people on a wide-range of demographics, previous purchases, and so much more.
Outbound Marketing: Targeting is tough, and sometimes even non-existent, with outbound marketing. The most specific type of targeting this type of marketing is able to achieve is geography and, depending on the specific method, time.
Key Difference #3: Cost
Inbound Marketing: Inbound marketing is relatively inexpensive and extremely affordable. Inbound marketing costs 62% less per lead than outbound marketing.
Outbound Marketing: Outbound marketing is one of the most expensive marketing options. It costs a lot to produce, and even more to host, outbound marketing campaigns. The average cost per lead is a shocking $102.
Key Difference #4: Results
Inbound Marketing: Inbound marketing’s return of investment (ROI) is remarkable. A small investment in this type of marketing brings in a substantial amount of leads. But inbound marketing doesn’t just generate leads, it generates closes and revenue as well. Inbound leads have a 14.6 close rate, which is remarkable when compared to closing rates of other marketing practices. The low cost and high results mean that you get a lot of bang for your buck when it comes to inbound marketing.
Outbound Marketing: Outbound marketing’s ROI is hard to measure. Even worse, what can be measured shows that the results of outbound marketing are getting poorer every year. The small amount of leads that are generated from outbound marketing only have a 1.7% closing rate. The majority of today’s consumers do their best to try to avoid outbound marketing ads with 86% o people skipping commercials and more than 200 million Americans registering their phone numbers to the Federal Trade Commission’s “Do Not Call List.”
Key Difference #5: Future
Inbound Marketing: The evolution and growth of the digital world has transformed the way that consumers find businesses and the way that businesses reach out to consumers. Consumers appreciate the two-way dialogue and added value that comes with inbound marketing tactics. As a result, inbound marketing is becoming the most effective marketing method. It is clear that the future of marketing in inbound.
Outbound Marketing: The Internet is not helping all marketing methods, however. Outbound marketing is declining because of this recent shift. In a conversational medium like the Internet, this traditional model of marketing is losing its efficacy as consumers are becoming increasingly put off by intrusive marketing tactics. The future of marketing is definitely not outbound.
These differences make it clear that in the battle of inbound vs outbound marketing, inbound marketing is the clear winner. If you want your marketing strategy to succeed, you must say goodbye to outbound marketing and hello to inbound marketing! Get the best inbound marketing plan for your business by contacting us! We are a team of digital marketing experts that specialize in helping businesses grow through various inbound marketing tactics! Connect with our Internet marketing company in West Palm Beach online today!