Effective Lead Generation Strategies: Combining Inbound & Outbound Marketing
To gain new customers, they must first start as a lead. This can be achieved through Inbound and Outbound marketing strategies. Each strategy has its uses and terminology that may blend or align. While inbound strategies are aimed at creating interest by offering information and support, outbound marketing is interruption-based, aiming to initiate contact with potential customers regardless of their prior interest or engagement with the brand. The target of both methods is the same; to generate a lead. In the end, you will have a lead entering your funnel and the work to nurture and convert begin.
Inbound Marketing: Demand Generation & Inbound Lead Generation
Demand Generation is a holistic inbound marketing approach that encompasses a range of strategies aimed at building awareness and interest in a company’s products or services across its target market. It’s focused on generating a broad interest across the market, educating the audience, and establishing a brand as a thought leader in its industry. Demand Generation is about creating a need or desire for your product or service and involves efforts to engage potential customers at every stage of the buyer’s journey, from awareness through to consideration and decision. Demand Generation is the first step in a customer’s journey and placed at the top of the lead funnel. It sets the stage for more targeted strategies to capture details about the lead and support account-based marketing (ABM) methods.
In the Inbound strategy , lead generation focuses on converting the general interest generated through Demand Generation activities into Leads by capturing information about potential customers. This is often achieved through content marketing, SEO, and offering valuable resources in exchange for contact details (such as eBooks, whitepapers, webinars, etc.). Inbound Lead Generation is more targeted and directly contributes to the sales pipeline by identifying individuals who have shown an interest in the product or service and might be ready to consider a purchase.
Outbound Marketing: Awareness Generation and Outbound Lead Generation
The Outbound strategy aims at reaching prospects regardless where they are or if they have a prior interest or interaction with the brand. While outbound strategies proactively reach out to potential customers, they employ precise targeting to ensure relevance and effectiveness. Since broad targeting can be very costly, it is senseless to spend time and resources on audiences that are cleary not suitable. Here, existing segmentation structures can be used to select the industry, application or activity of the ideal customer. So just like in Inbound Marketing, Outbound Campaigns must align with the general interests of the prospects. In this strategy, Lead Generation helps filling the top of the funnel by identifying the suitable target groups and then select a media that may reach them. This may involve using more traditional mass-channels such as Television and Radio Ads, Print Advertising, Direct Mail Campaigns, Cold Calling and Mass Email Blasts to purchased lists from trade magazines and other reputable sources.
Blending Outbound and Inbound into Integrated Marketing
Both methods have its advantages and drawbacks and for best effect, a combination may be considered. The “traditional” outbound strategy can be used to stay top of mind in everyday life. Think of the advertisements at Airports for enterprise level software – hardly a product that a regular consumer would buy on a whim unlike the fast food advertisement next to it. But it helps establish the brand and create a presence that communciates strenght, staying power and scope. And if it is seen by the right person, it could stir an interest that will bleed over into the Inbound campaigns. As these addresses more specific need and educates, they take over and bring the lead deeper into the funnel. Both methods and the various channels used, regardless if they are digital on social media or in-person at a tradshow, become integrated and data can be collected at each touchpoint to support the customer journey. Ultimately, the marketing mix is a result of the desired brand positioning, resources and ability.
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