Inbound Marketing and Outbound Marketing today have become not too strange terms for marketing people around the world in general and Vietnam in particular. However, applying both methods to create an effective strategy is not easy. In this article, we will together list 5 notes to create an effective Inbound Outbound Marketing strategy.
Don’t rely on a Channel
The very common question today when it comes to Marketing Online is which channel is effective? Which channel should focus on? However, you need to know that Channel is not the deciding factor and should not rely on just one channel or just one Inbound Outbound Marketing method.
Relying on a single channel (or even one method) to grow your business is risky. Especially only relying on Inbound Marketing because it is a long-term game. Something incredibly powerful, but long to achieve.
You will always need some traction at first, which is why Outbound Marketing activities such as running ads, calling offers, or posting advertisements are still effective.
Reach customers from both sides
The most difference between Inbound and Outbound Marketing is the way each method applies to reach customers. A real-world example of this difference is that you own a Library and are looking for ways to attract more visitors.
With the method of Inbound Marketing, you will: add more and more new titles, arrange the library to make it easier to find books, hire staff to greet, smile with guests all day, guide visitors to the right area of the book. Find.
With Outbound Marketing’s approach, you will: call every newspaper in town, promote your library, contact all the universities and recommend libraries, buy radio and radio ads. TV.
As you can see, you will need both of these approaches to generate guest and sustain it. If you just do it outbound, you will have a spike in visitors in a short time but very difficult to maintain. And if only by Inbound Marketing, you will have to wait a long time for customers to find and a long time to know how to better improve your library.
Improving the entire customer journey funnel (Marketing Funnel)
Today, not only do customers reach you once through a Channel and make a purchase, they go through a journey with different stages before deciding to drop money. We will need to construct this itinerary like a hopper with three main areas namely Top of the funnel (Top) – Center of the hopper (Middle) – Bottom of the hopper (Bottom).
Corresponding to each area there will be different Marketing goals, the top of the funnel will need to focus on how to attract as much as possible, the funnel body will need to create the most conversions and the bottom area. Funnels need to generate the most revenue. You will need to ask the following questions regularly:
Are you generating enough traffic? If you’re happy with your traffic but not converting well, focusing on conversion rate optimization can be a smart choice.
Did you get a high conversion rate in the market? Your traffic may be decent but consider the long-term game. The buying decision will be influenced more by the brand, if the brand is poor, it will be difficult to have a high purchase conversion rate like competitors with better brands.
What if conversions and traffic are okay, what about revenue? What are effective ways to increase sales? Don’t overlook monetization opportunities outside of your current business model: look for additional selling, cross-selling, or affiliate opportunities with other product/service providers.
For example, if you get 5000 Website views per month and 10 of them become customers buying products priced at 500,000 VND, this means that 5 million VND revenue and your conversion rate is 0. ,2%. You can increase sales by increasing your traffic, improving the look and feel for higher conversion rates, or increasing the cost of your product as long as it doesn’t reduce your conversions too much.
This is the benefit of regular measurement, especially when you don’t have too much experience in a new market. If you do not measure well, you will easily overspend the revenue or not know what to focus on improving in your marketing strategy.
Set the correct KPIs
After measuring it regularly, you will know what metrics you need to pay attention to when implementing your marketing activities to achieve the desired results. The following table will provide you with the popular KPIs for each of the main activities in the Inbound Outbound Marketing strategy that a business typically implements. However, you may not need to use all of these metrics, but choose some of the metrics that really have a strong impact on your business.
The Inbound Outbound Marketing strategy is actually the Online Marketing strategy because it will include most of the Online Marketing activities that an SME will deploy. Therefore, if you have an effective Inbound Outbound Marketing strategy, your business will almost certainly have a certain prominence in the online environment.