The arrival of the internet has changed a lot in the decision-making process of the consumers regarding the purchase of any product. Now, they have most of the information about a specific product at their fingertips. Moreover, they can compare the pros and cons of that particular product with the closest competitors.
The consumers nowadays tend to choose the products based on their purchasing capabilities. Thus, if they get a product at a lower price, they can prefer it over the products released by the larger enterprises. Inbound marketing can help large companies by providing more visibility to their product and by convincing the consumers of buying the product.
Want to device a successful marketing strategy of your enterprise with inbound marketing?
Several factors can be taken care of by the companies that use inbound marketing. Inbound marketing by large enterprises is getting much prominence due to the changes in current marketing strategies and the return on investment they can provide. Before pointing out the benefits of inbound marketing, let us understand why large enterprises deter the acceptance of it.
Struggles and Challenges
Though Inbound Marketing can provide immense benefits, large enterprises are quite slow in adapting it. The main reasons for such a stance are:
Scared of Change:
Large companies have a marketing plan already in place. They have been practicing the same strategies which gave them result earlier. Maybe the approach has grown old, but they have not become entirely obsolete. So, usually, they are scared of change, as the former formula is working good enough for them.
More Money to Spend:
Since these companies are giants in their field, they have more money in their wallet than a smaller enterprise. Thus, they can afford to pay more on the conventional marketing methods to bring on more leads.
Slow Structural Change:
Large enterprises have a complex hierarchy. It requires more tedious effort to convince each layer of management about the benefits and advantages of inbound marketing. Thus, the decision-making process gets slowed down.
Inbound Marketing: The Savior
To take care of the challenges and struggles of the large enterprises, inbound marketing could be of much help. The following can be achieved by the implementation of the inbound marketing strategies.
1. Objectives and Goals:
Companies using inbound strategy can achieve their objective and goals easier than those do not use it. It is possible because of the changed perception of people towards the brand due to the constant supply of content describing the products details and the benefits of using them. Inbound marketing can also be used to target a different segment of the incoming traffic and provide them with relevant content for better engagement. The information shared can also help a company to understand the reactions of the visitors, and take appropriate actions against preserving them.
2. Consistent Results:
Inbound marketing can provide consistent results over a more extended period. Most of the tools associated with this marketing style are automated, hence can be used to generate the same kind of engagement across multiple campaigns.
3. High-Quality Leads:
It is easier to generate more number of high-quality leads as inbound marketing gives a deeper insight into the campaigns associated with it. As the targeting is proper, the chances that a better percentage of people coming to the business with genuine interest are quite high, thus generate more lead than conventional marketing techniques.
4. Better ROI:
Since the expenditure behind generating a lead reduces, the cost-per-lead gets quite low. Thus, it can provide with a better ROI. The amount saved could be utilized in something else.
5. Easy to Adept:
Since most of the tools are automated, the people taking care of marketing can learn about it quite quickly. It results in time-saving which the marketers can use in strategizing other campaigns or improving the verticals of the ongoing campaigns.
6. Less Investment:
Studies and comparisons have shown that investing in inbound marketing does not require much investment. In fact, the overall cost reduces by 60% as the processes of retargeting and remarketing are simplified and becomes more targeted.
7. Generate Measurable Metrics:
When a company runs a marketing campaign, nothing can convince the higher management than the hard numbers. Inbound marketing allows you to have better insights on the campaigns it is taking care of. The tools can show measurable metrics, with a detailed analysis of the factors affecting the success of a sales drive. It also allows real-time data generation, so any modification of the marketing strategies can be implemented without much difficulty.
8. Utilize Data Better:
Since it provides hard data, it can be utilized in creating marketing drives depending on the demographics, engagement level, general interest factors and so on. Thus any marketer can develop campaigns with better targeting with an increased chances of achieving success.
9. Better Conversion Rates:
As inbound marketing can generate better-qualified leads, the chances that they will convert are high. The marketing technique takes care of MQLs in a better way, so the sales funnel is appropriately used. Thus, the marketing drives can have a better goal, as they know the buyer’s intention and how to keep him interested in the products.
10. Better Lead Nurturing:
Generating leads and converting them is a process that can help a company grow, but these leads need to be sustained. Inbound marketing strategizes the marketing drives in such a way that these leads are supplied with the information about different related products on a regular basis, so that can buy or add on more such kind of products from the same enterprise.
|Read: Inbound Marketing Fundamentals you should Look Forward to in 2018|
How Can Large Enterprise Start Inbound Marketing
Enterprise companies using inbound marketing can begin their journey with a few steps. These are not complicated to adhere to and can reap enormous benefits.
1. Take Smaller Steps
Any company will have doubts while adding a new strategy to their marketing budget. In order to reduce any risk associated with the task, the enterprises can take small steps towards the new approach. They can use the techniques in smaller areas or selected products and check out how well it performs. After the proper assessment, they can increase the association with the method.
2. Acquisitions and Mergers
Before getting full-fledged inbound marketing solutions to work, enterprises may also get into acquisitions and mergers with the organizations that provide such services. They can even look to build partnerships with someone using inbound marketing and understand the pros and cons before acquiring all the solutions.
If the enterprise is having second thoughts about implementing the technique, they can outsource the task to some third-party service provider who is expert in handling such case. It will allow the more prominent brands to get a full understanding of the features and benefits of the strategy without wasting their own time.
Though a lot has been said, no enterprise will attempt this approach without appropriate inbound marketing examples. Many brands are using these techniques to get more leads, conversions and have increased the number of customers. Some of the famous names which use inbound marketing are Starbucks, American Express blog, Microsoft, Netflix, Taco Bell, and Airbnb. These companies have generated more business by increasing their products and services’ visibility and engaging more with their customers.
It does not matter whether the company is massive or small, but the brands that use inbound marketing are known to improve their profit margin and the overall growth by quite a distance than those who do not use inbound marketing. The strategy is making its mark quite efficiently, and the enterprises should not lose out the opportunity to include it to stay ahead in the race.