Over the past year, my business has grown over 300%. Much of that success has been attributed to inbound marketing strategies. But before I dig deep into what inbound marketing is, I think it would be great to define what outbound marketing is and how it differs from inbound marketing.
In its simplest definition, outbound marketing is also known as interruption-based marketing. Its intent is to find a channel with a large audience and disrupt that audience with non-targeted advertising. The goal of outbound marketers is to have an understanding of the size and demographics of the audience. If successful, a small percentage of that audience will actually pay attention to that non-targeted ad. That small percentage may be a great return on investment if the audience is in the thousands.
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For example, if the audience’s reach is 100,000 people and the conversion to buyers is 0.5%, then you have 500 buyers. If your product or service is $100, that is $50,000 in sales. If your total marketing spend for that ad is $10,000, then you just profited $40,000 which is a 400% ROI. Wondering if this is hypothetical? These numbers actually do exist with strong brands and campaigns. Some examples of outbound marketing are television, radio, direct mail, newspaper and billboards.
On the other side of the spectrum is inbound marketing which is known as permission-based marketing. Permission based marketing is basically where you have an audience that is giving you the permission to share content or market to them. This type of marketing is most natural to solo-preneurs and micro-businesses. At this stage of your business, you are building trust and credibility and you are the face to that business. We naturally incorporate inbound marketing without being aware of it. Some examples of inbound marketing that I currently use are live streaming, social media, webinars and now blogging.
Which marketing type do you use more of? Outbound or inbound? How has it helped your business. I would love to hear from you.
Check out my Facebook video to hear my take on each one.
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