Are you often confused about where to start marketing and where to invest your marketing budgets in order to succeed? Then, this AVCOE blog is just for you.
Technopreneurs spend a lot of quality time discovering new product ideas, identifying the right market, researching and analyzing the best possible solution plans, developing a world-class product, and getting it market-ready. Even after crossing all these hurdles, many startups are finding it tough to create traction in the market and find themselves doomed to fail. To decide the best-suited marketing strategy, you should decide between inbound and outbound marketing.
What’s inbound and outbound marketing?
Inbound: Drawing or attracting a potential buyer by avoiding interruption in the prospects’ daily lives is the essence of Inbound marketing. You should establish yourself as leaders in your own domain by creating quality content through blogging, sharing useful information in online forums, publishing solutions to address the problems of the industry, and carrying out SEO to publicize this quality content. This will eventually create followers for your startup, which in turn would be converted to lead and nurtured into becoming sales.
Outbound: It’s an aggressive way of reaching potential buyers through cold-calling, traditional face-to-face meetings, and exhibiting in trade fairs. Through the emergence of technology, outbound processes have also evolved through processes like Email and SMS campaigning.
- Which one should you choose?
There are many factors to be considered when deciding between inbound and outbound marketing. Before deciding, you need to ask yourself these questions:
- Are your potential buyers active on social media?
This is the key for most inbound initiatives as inbound marketing revolves around social media. If you want to target teens or the age group 18-35 Inbound could easily be your best option.
- What’s your target market size?
A startup that intends to sell to a mass customer base will find outbound marketing hard. It’s highly unlikely that an online retail company would carry out sales all across the country through cold-calling. The obvious option is to opt for inbound strategies. If your target market size is relatively small, then you should go for outbound marketing.
- How soon do you want to penetrate the market?
Most technopreneurs do not have the luxury of time to go to market. If the initial time to market and budget is not a constraint for startups, then inbound could be the best option.
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