Inbound & Outbound Marketing - Activate A Balanced Approach To Marketing | Benchmark Search Conference 2016
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The document discusses the changing landscape of marketing, noting that most consumers now begin their buying process online through searches and social media. It advocates using both inbound and outbound marketing tactics in an integrated approach, as data shows these approaches are equally effective at generating leads and revenue. Specifically, it recommends that companies focus on brand building, demand generation, customer experience, and developing advocacy through a balanced mix of online and offline tactics.
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Inbound & Outbound Marketing - Activate A Balanced Approach To Marketing | Benchmark Search Conference 2016
- 1. Inbound & Outbound Marketing Activate A Balanced Approach to Marketing KEVIN BOBOWSKI Chief Marketing Officer
- 2. THE NEW BUYER’S JOURNEY 78% of consumers start the buying process with a web search. 50% turn to social media and peer reviews to influence their buying decisions. Source: Demand Gen Report
- 3. Even Business Buyers are Digitally Savvy 93% prefer to buy online once they decide what they want 74% of B2B buyers find that buying from a website is more convenient. 53% of buyers prefer gathering information online themselves Source: "Death of A (B2B) Salesman", Forrester Research, Inc., April 13, 2015
- 4. New Challenges for Marketers 50% of leads are qualified, but are not yet ready to buy. Companies that excel at lead nurturing generate 50% more sales ready leads at a 33% lower cost. Source: Demand Gen Report Source: Forrester Research
- 5. Is Marketing Still Relevant at Your Company?
- 6. Becoming Relevant Again Brand Building and Social Marketing Getting and Retaining Mindshare BRAND Demand Generation & Lead Acquisition Inbound & Outbound, Working Together DEMAND Customer and Partner Marketing Generating Advocacy and Reducing Churn EXPAND THE CUSTOMER EXPERIENCE
- 7. TOP INBOUND MARKETING TACTICS IN USE • Social media - 82% • SEO (organic) - 82% • Blogging - 60% • PPC - 41% • 3rd Party - 20% • Other tactics - 13% Source: Demand Metric Research Report
- 9. B2B companies market to, sell to, and service, accounts – not leads.
- 10. [B2B] Putting the “B” back into B2B Marketing
- 11. Go old school with your Go-To-Market Strategy 1. 2. 3. 4. How will you win? Where is your target market? What’s your ideal customer profile? Who is your buyer? Influencer?
- 12. TOP OUTBOUND MARKETING TACTICS IN USE • Email Marketing - 90% • Tradeshows/Conferences - 62% • Press Releases/Media Relations 61% • Webinars/Virtual Events - 52% • Direct Mail - 33% • Print/Radio/Billboard Ads - 25% • Other Tactics - 14% Source: Demand Metric Research Report
- 13. What Does the Data Say About Inbound & Outbound Marketing?
- 14. Source: Demand Metric Research Report Most marketers (84%) say both inbound and outbound drive the business.
- 15. Inbound vs. Outbound – Percentage of Budget Allocation The percentage of budget allocated is slightly more for outbound marketing (48%) over inbound marketing (44%) Source: Demand Metric Research Report
- 16. Inbound and outbound tactics are generating almost equal amounts of leads. Source: Demand Metric Research Report
- 17. The percentage of total revenue attributed to inbound (41%) and outbound (43%) is roughly equal Inbound vs. Outbound – Percentage of Revenue Attribution Source: Demand Metric Research Report
- 18. Lifetime Value (LTV) ------------------------- Cost of Acquisition
Editor's Notes
- So a couple of stats to support this shift we are seeing: According to Demand Gen Report - 78% of consumers start the buying process with a web search. 50% turn to social media and peer reviews to influence their buying decisions These directly relate to the first two stages of this new buyer’s journey – attract and capture and this is what Inbound Marketing is, at it’s core. You are generating awareness of your product or service, and you are using the momentum of that awareness to capture these prospects attention and information to turn them into known contacts. And even in these first two stages, modern marketers are using outbound marketing tactics intelligently to get their messages in front of the right buyer with the right content. I love showing this view of the buyer’s journey because it really helps illustrate the point on why you should not choose Inbound or Outbound marketing strategies. Building a relationship with customers should be a two-way street. It should incorporate both push and pull. Imagine a single guy entering the dating scene and just waiting at the bar for the perfect partner to show up. He’s in the right place, he looks nice, he’s attractive. Sure, there’s a chance the perfect partner will materialize in the bar seat next to him, but our single guy or gal has a much better chance at starting a healthy relationship if they are actively seeking out cool people on dating sites and sending messages, socializing, introducing themselves, etc. It’s pretty basic – right? Two ways of communication, twice the opportunity.
- LAURA How this evolved buyer’s journey forced businesses to become customer-centric (or customer obsessed).
- And this is especially true in the later parts of the relationship. Imagine a budding relationship where one partner was always the one to call or text first, and the other just waited to be contacted. That’s not necessarily the best approach. To effectively market to your prospects throughout their journey all the way from attract through expand, you have to adopt outbound strategies to help you move prospects through to the nurture, convert and expand stages. This is where your outbound strategies really come to life. Outbound supports the concept of keeping you top-of-mind throughout their journey, and you will probably amass a very top-heavy funnel if you are focusing on inbound alone and don’t have an outbound strategy to help your prospects progress through their journey. And here are a few more stats that help support that: According to Gleanster research – 50% of leads are qualified, but are not yet ready to buy. And companies that excel at lead nurturing generate 50% more sales/ready leads at a 33% lower cost – according to Forrester Research. So you can see that just because you’ve attracted new prospects, that doesn’t mean they are ready to buy and you have to nurture them with outbound strategies in order to really see the return from your inbound tactics.
- KEVIN
- And you can effectively implement an inbound strategy a number of ways, but here are some of the most effective tools in an inbound strategy – If executed properly, all of these tools will help draw attention to your company, and a little later in the presentation we will dive a bit deeper into the best practices for Blogging, SEO, Social Media and Content Marketing. But whether you are new to inbound or are just looking for ways to improve, most business today see the opportunity in inbound marketing as the role it plays in relation to outbound marketing. But now we can define inbound as activities that are designed to attract the attention of customers and prospects with the purpose of giving them a reason to come to you. In the context of comparing inbound and outbound – inbound is commonly referred to as pull marketing and outbound is push marketing, because you are using a number of tactics and great content to pull the attention of your prospects to your brand. You are essentially giving your prospects the freedom to determine their own path to purchase, but you are leaving bread crumbs or markers along the way that allow them to find you. While many businesses use inbound to build brands and improve customer retention, it’s used most effectively as a top of funnel tactic. And it’s no wonder inbound is one of the hottest trends in business today – it’s a great concept! You create a lot of value around your brand, and compel customers to come to you. What’s not to like? And according to a stat by the Earnest Agency – 9 out of 10 buyers say that when they’re ready to buy, they’ll find you. And Inbound marketing at it’s core is all about making it easier for your prospects to find you.
- Email is by far one of the most effective tools for achieving ROI and the possibilities for connecting with your prospects on a more personal and customized level are endless with email. But some of the other digital outbound tactics are retargeting ads, video, account based marketing, and mobile. And some of the non-digital tactics are direct mail, television, radio and phone. Again, we will cover these tools in more detail later in this presentation and more specifically we will really dive the digital tactics and how they can be used to connect with your prospects using timely, and relevant information. Today we can define outbound marketing as a push of relevant messaging to known personas that address their pain points and interests, so you stay top-of-mind in the decision making process. See the difference? Using behavior profiling and activity history, marketers now, more so than ever have the ability to create personalized messages with relevant information, and can reach their prospects on a more personal level. So let’s give this a little context and use emails as an example. There is nothing more frustrating than receiving an email that doesn’t apply to you. It clogs up your inbox, it sucks up precious seconds of your day having to hit delete, and you become frustrated. But it becomes a completely different story if they are sending you information that is relevant, timely and interesting. For instance, if I download a whitepaper on a website and receive an email from the organization thanking me for the download and suggesting other pieces of content that relate to what I’ve just downloaded, I am much more likely to view the additional content then I would have if I was just getting a blanketed promo message for content that has nothing to do with my interests.
- Study participants: from emerging to mid-sized B2B growth organizations. Over half of the respondents had a marketing job title, and well over half were in organizations that experienced revenue growth in the last fiscal year.