After you have asked the question “What is Inbound Marketing?” most people then want to understand if it is for them. So, what type of companies benefit most from Inbound Marketing?
Well the review of “The Path to 2020” clearly demonstrates that most marketers recognise online methods should or could be a more productive outlet for many business types.
While I could go on and on about the facts and figures which explain the impact of inbound marketing on industrial manufacturing companies, or mining companies or food service companies, or indeed consumer products manufacturers, what is provided below is based on categories with specific buying characteristics. These could be B2B or B2C as it depends less on the product or industry and more on how people buy in that category.
Here are the top five characteristics of businesses that could enjoy attractive benefits from inbound marketing.
1. BUYING IS A CONSIDERED PURCHASE
A pack of mints is not a considered purchase. A lawyer, a warehouse inventory system, or a haul truck are. So are snow boards, boats and holidays. Whether it's B2B or B2C, when it takes research to make the right purchase, and being wrong has serious ramifications, purchases become "considered" and sellers will benefit from inbound by being found by serious buyers. Good indicators of considered purchases are the price of the product or service, the potential negative outcome from a poor purchase (e.g. choose the wrong lawyer, you go to jail) and the approvals required before it can be finalised.
2. already spending big money on lead generation
Businesses that depend on lots of sales funnel activity because they primarily do project work or their industry has high customer turnover often rely on expensive lead generation services that pummel cold prospects. However, research indicates inbound marketing can reduce the average cost of qualified warm leads by 60% compared to traditional methods like direct mail, trade shows, and cold calling.
3. CUSTOMERS ARE LOYAL
The value of a customer is not just what you sell them in one year but what you can sell them over the next five or ten years. If your customers tend to be loyal or are likely to provide revenue for you over a long period of time, for example you get on a preferred suppliers list, then they are worth much more to you than one sale. You need to consider lifetime value of a customer when considering how important it is to get a new customer on board. If the lifetime value is high then it is worth making the effort to get them on board and inbound marketing is a key means to make this happen.
4. meaningful and demonstratable point of difference
To create content that will attract qualified traffic a business should possess real competitive advantage that is relevant and compelling to their target. You need to provide something in your product or delivery that reflects greater value to customers, compared to most alternatives. Your competitive advantage should be the foundation of your content strategy.
5. LACK OF GEOGRAPHIC SALES BOUNDARIES
Specialty manufacturers, technology providers, mining suppliers and the like have long recognised that they have potential customers around the world but some have relied too much on bi-annual trade shows or purchased mailing lists to develop leads. If you sell the best drone with camera, industrial heater, or propane tank base on the planet, your market should be the whole planet, and inbound marketing makes you visible to all potential buyers.
Is your business a prime candidate for the improved performance inbound marketing can deliver?
If you need to know how to get leads online or other lead generation strategies contact Fit 4 Market. We can give you guidance for generating leads in the sales funnel process and can provide tips and tricks as well as best practices for converting that lead you always wanted.
Fit 4 Market are marketing consultants operating in Adelaide, Melbourne, Sydney, Brisbane and Perth