Inbound Is the Preferred Marketing Strategy for Companies With Less Than $5 Million Budgets
I recently had the opportunity to review the latest "State of Inbound Marketing 2015" research report by Hubspot. Each year, HubSpot surveys thousands of marketers and sales professionals including customers of HubSpot and non-customers. They are questioned on their goals and priorities, their business challenges, and the methods that they employ to meet goals and address their challenges. The result is a master report called the State of Inbound. This report included data from more than 150 countries. The majority of over 4,000 respondents were marketers who work for B2B SMBs, and only one-third had an affiliation with HubSpot. Fifty percent of the companies generated under $1M a year in revenue.
One of the main conclusions of the report is that the inbound methodology is the preferred marketing strategy for companies with under $5M annual budget. In fact, if the company spends less than $100,000 on marketing annually, they are 4x more likely to employ inbound tactics than outbound. And all surveyed companies were 3x as likely to see a higher ROI on inbound marketing campaigns than on outbound campaigns. It’s no surprise then that the companies with the highest return on their marketing budgets have the following in common:
- Inbound efforts achieve higher ROI than outbound regardless of company size or total marketing spend.
- Leading marketers resist the allure of paid campaigns and recognize outbound as being overrated.
- Best-in-class marketers track ROI, prove it’s growing each year, and secure increased budget as a result.
- Past success with inbound is the single-biggest factor that drives budget increases.
- Both staff and guest contributors write marketing content.
- The best marketers check their marketing analytics 3+ times per week.
Inbound versus Outbound by Marketing Spend
Inbound vs. Outbound ROI by Marketing Spend - Big budget or small - everyone gets big returns from inbound
So now that we know that the inbound methodology is the preferred marketing strategy for companies with under $5M annual budget, 83% use inbound with annual marketing budgets under $25,000, and all companies see higher ROI using inbound methodology, let’s explore why this is the case. The inbound methodology is all about delivering valuable content, which will not only attract qualified leads but it will keep your prospects coming back for more while promoting your business.
Right person. Right place. Right time. This is the main concept of what inbound is all about - you don't even have to go looking because your prospective customers will find you. Inbound strategies create an effective system that provides quality content tailored to attracting the right people towards your business.
Gone are the days of push or outbound marketing with a "one size fits all" strategy. Inbound marketing is a two-way dialogue and it’s inherently permission-based – you need to get permission to market to your prospects. It generates interest and attracts the right traffic, initiates online engagement, provides qualified leads to help your sales team close the deal, and facilitates an ongoing relationship to foster customer loyalty.
By leveraging inbound methodology, you can create and manage an online campaign that's been adapted to the very needs of your target audience. Create a positive connection with consumers, thus making them more likely to engage with your brand and make the decision to buy.
Inbound strategies include:
- Thorough market research into your ideal buyer personas
- Creation of targeted and optimized content like blogs, landing pages, email campaigns and more
- Effective distribution and full syndication of content to promote online sharing
- Audience-tailored content throughout all phases of the buying cycle
- Multi-channel strategy that optimizes every online touch point
- Campaign analytics providing actionable insights into consumer behavior
- Ongoing education for your staff to endorse a cohesive inbound approach between your marketing and sales teams
Traditional outbound marketing strategies are a thing of the past as is evident by this survey. Stop pushing and start pulling in high quality leads. Work your way towards conversion that turns prospects into returning customers and generates referral business. Please contact us to find out how we can help you with your entire inbound marketing strategy and implementation.
Inbound marketing methodology is proven to:
- Attract the right people at precisely the right time in the buying cycle
- Build your brand authority as a credible resource
- Usher your audience through the sales funnel, transforming them from strangers to visitors, leads, customers and ultimately, promoters
- Nurture customer relationships and encourage repeat business opportunities and referrals
- Streamline content marketing tasks across multiple online channels
- Boost revenues and maximize ROI through easier, faster and better lead conversions
Interested in reading the entire State of Inbound report?