Over the past decade, inbound marketing has quickly gained a reputation as an inexpensive, efficient way for your company to draw attention to itself. While having people occasionally glance in your company's direction is great, it does not answer one key question: How does it drive revenue? Knowing the answer to this question is critical before you engage in any endeavors that affect your business, because activities that do not serve to drive revenue in either the long term or the short term are detractors from your company's ability to grow.
One thing that you should know about inbound marketing is that it does drive revenue, but only if you are using it properly. Here are ways for your inbound marketing campaign to contribute to your company's revenue growth:
Making people see your company the way that you want them to
The most powerful generator of consumer goodwill is a positive consumer perception of your brand.
A strongly positive public perception can break down even the strongest individual negative perceptions and organically grow your goodwill; in other words, it can help you regain customers lost due to unintentional errors or mishaps out of your control. Inbound marketing gives you the opportunity to enhance public perception by showing your target market that your company can be compassionate, fun, witty, funny, brilliant, professional, efficient, or all of the above. Since factors such as these are often a primary determining factor when a consumer is deciding between two or more competing products or services, you will want to amplify them as much as possible.
As solid inbound marketing campaign also has a reciprocal effect: as the presence of your inbound marketing campaign continues to grow, so does your goodwill, and vice versa.
You gain the opportunity to attract market segments that you didn't even know were accessible to your company
One of the greatest things about inbound marketing is that everyone will have access to your campaign's content. Since inbound marketing campaigns often consist of informative content, this access means that an entire market segment that you were not even targeting may be drawn to your company by the sheer force of the campaign's beneficial nature.
You will generate more sales leads (if you target the right people)
This is one key benefit that requires a concentrated effort to ensure that you inbound marketing campaign is driving revenue for your company. In order to do this, you must ensure that your company is creating content that actual sales leads will be drawn to. If you are only attracting people without the need or means to invest in your company's product or services, then your inbound marketing campaign is a wasted effort, and more importantly, a revenue detractor.
You get more results for your marketing dollars
One of the biggest problems with outbound marketing is that you have to make massive investments in order for your voice to be heard above the cacophony of countless companies vying for attention. That is because with outbound marketing, you are fighting for an essentially random space to occupy in people's time, so not only fighting with your direct competitors, but also with the juggernauts of industries completely irrelevant to your own.
Inbound marketing, on the other hand, allows you to make a concentrated effort on targeting those consumers with at least a vague interest in your company's product or service offerings. That is because instead of trying to wave your hand in front of people's faces, you place yourself in a position to be there when they are in need of information or entertainment. The people that are attracted to your companies for this reason are more likely to buy; therefore, every marketing dollar contributed to your inbound marketing campaign drives revenue with much more force than outbound marketing.
Inbound marketing is the best way for your company to jumpstart revenue growth. Are you using it right?