Should I use inbound or outbound marketing? Where do you find that balance between outbound and inbound marketing to maximize and grow the flow of leads? What should you consider when concocting a synergic marketing mix to include both? To answer all these questions, let’s start by understanding each of the marketing techniques, its strengths and weaknesses.What is Outbound Marketing?
Outbound marketing can be simply described as a straightforward business exchange proposition. “Hey there, want to buy my thing?” is your basic message and approach of outbound marketing. It’s the oldest and most fundamental part of any marketing strategy, and is also what non-marketers assume marketing is all about.Examples of outbound marketing include telemarketing (“cold calls”), paid mailings (both electronic and “snail mail”), advertising (banner ads, radio ads, billboards, etc.) and even door-to-door sales. It’s all about reaching out and pulling the prospect in.Strengths of Outbound Marketing
Not only is it the older and better polished set of techniques, outbound marketing generates sales leads almost immediately. It goes beyond saying that it’s no magic wand, but when it comes to “sealing the deal”, your go-to tools are those in your outbound toolbelt.1. Easier to measure ROI2. Quicker to show impact3. Potentially PersonalizedWeaknesses of Outbound Marketing
Many businesses and brands love outbound marketing for its quick and easily measured results. However, they equally hate the cost and too often the reaction of the target audience, which can easily manufacture a negative sentiment toward the brand.1. Intrusive2. Expensive3. Ineffective on its ownWhat is Inbound Marketing?
In short, the idea of inbound marketing is to create a pull effect to bring in pre-qualified leads instead of pushing intrusive messages.Inbound marketing activities include opt-in email marketing, content production and promotion, social media, and search engine optimization efforts (SEO), among other things.Using this method, a type of funnel is created with leads coming in at the top of the funnel (TOFU) and being “nurtured” down the funnel with marketing messages tailored to the stage that the lead is in until they are “ready” to be approached with a message directed to start the purchasing process.Strengths of Inbound Marketing
Though it existed long before social media and even online sales, the inbound methodology has taken over digital advertising by storm in the past decade. With growing banner blindness, do-not-call lists and the rising cost of users’ attention, it’s no wonder so many brands and businesses include inbound marketing in their strategies.1. Cost-effective2. Unintrusive3. BroadWeaknesses of Inbound Marketing
For B2B marketers, it’s often hard to explain the value of inbound marketing to executives who just want to see those leads flowing in and converting. It’s no longer a new approach and methodology, and yet there are reasons brands sometimes hesitate to prioritize inbound marketing activities.1. Slow to show results2. Harder to measure3. ImpersonalBrewing Your Marketing Mix
Let’s go back to the question we started with: which should you be using – inbound or outbound? Understanding the strengths and weaknesses of each, you can see why both are necessary ingredients in your marketing mix. But how much of each, and when?A number of variables affect the inbound to outbound ratio of every brand, product, campaign, and even specific transaction. The impact of some might be less than of others, depending on your unique business and product.Deal SizeProduct TypeFunnel StagesThe Marketing Mix and Match
Combining inbound methodologies and outbound marketing techniques in your marketing mix is not always easy, but is usually worth it. By defining the correct balance between the pull techniques of inbound and the push techniques of outbound, you can combine both to create an optimized lead nurturing and conversion process. It all depends on how well you know your target audience, and how willing you are to make the effort to cater to their needs along the journey down the funnel.
How to Use Inbound Vs Outbound Marketing [Complete Guide]
History of Wireless Technologies
The development of Wireless technology owes it all to Michael Faraday – for discovering the principle of electromagnetic induction, to James Maxwell – for the Maxwell’s equations and to Guglielmo Marconi – for transmitting a wireless signal over one and a half miles. The sole purpose of Wi-Fi technology is wireless communication, through which information can be transferred between two or more points that are not connected by electrical conductors.Wireless technologies were in use since the advent of radios, which use electromagnetic transmissions. Eventually, consumer electronics manufacturers started thinking about the possibilities of automating domestic microcontroller based devices. Timely and reliable relay of sensor data and controller commands were soon achieved, which led to the discovery of Wireless communications that we see everywhere now.HistoryWith the radios being used for wireless communications in the World war era, scientists and inventors started focusing on means to developing wireless phones. The radio soon became available for consumers and by mid 1980s, wireless phones or mobile phones started to appear. In the late 1990s, mobile phones gained huge prominence with over 50 million users worldwide. Then the concept of wireless internet and its possibilities were taken into account. Eventually, the wireless internet technology came into existence. This gave a boost to the growth of wireless technology, which comes in many forms at present.Applications of Wireless TechnologyThe rapid progress of wireless technology led to the invention of mobile phones which uses radio waves to enable communication from different locations around the world. The application of wireless tech now ranges from wireless data communications in various fields including medicine, military etc to wireless energy transfers and wireless interface of computer peripherals. Point to point, point to multipoint, broadcasting etc are all possible and easy now with the use of wireless.The most widely used Wi-Fi tech is the Bluetooth, which uses short wavelength radio transmissions to connect and communicate with other compatible electronic devices. This technology has grown to a phase where wireless keyboards, mouse and other peripherals can be connected to a computer. Wireless technologies are used:· While traveling· In Hotels· In Business· In Mobile and voice communication· In Home networking· In Navigation systems· In Video game consoles· In quality control systemsThe greatest benefit of Wireless like Wi-Fi is the portability. For distances between devices where cabling isn’t an option, technologies like Wi-Fi can be used. Wi-fi communications can also provide as a backup communications link in case of network failures. One can even use wireless technologies to use data services even if he’s stuck in the middle of the ocean. However, Wireless still have slower response times compared to wired communications and interfaces. But this gap is getting narrower with each passing year.Progress of Wireless technologyWireless data communications now come in technologies namely Wi-Fi (a wireless local area network), cellular data services such as GPRS, EDGE and 3G, and mobile satellite communications. Point-to-point communication was a big deal decades ago. But now, point-to-multipoint and wireless data streaming to multiple wirelessly connected devices are possible. Personal network of computers can now be created using Wi-Fi, which also allows data services to be shared by multiple systems connected to the network.Wireless technologies with faster speeds at 5 ghz and transmission capabilities were quite expensive when they were invented. But now, almost all mobile handsets and mini computers come with technologies like Wi-Fi and Bluetooth, although with variable data transfer speeds. Wireless have grown to such a level, where even mobile handsets can act as Wi-Fi hotspots, enabling other handsets or computers connected to a particular Wi-Fi hotspot enabled handset, can share cellular data services and other information. Streaming audio and video data wirelessly from the cell phone to a TV or computer is a walk in the park now.Wireless Technology today, are robust, easy to use, and are portable as there are no cables involved. Apart from local area networks, even Metropolitan Area networks have started using Wi-fi tech (WMAN) and Customer Premises Equipment ( CPE ). Aviation, Transportation and the Military use wireless technologies in the form of Satellite communications. Without using interconnecting wires, wireless technologies are also used in transferring energy from a power source to a load, given that the load doesn’t have a built-in power source.However, the fact that ‘nothing comes without a drawback’ or ‘nothing is perfect’ also applies to Wi-fi technology. Wireless technologies still have limitations, but scientists are currently working on it to remove the drawbacks and add to the benefits. The main limitation is that Wireless technologies such as Bluetooth and Wi-Fi can only be used in a limited area. The wireless signals can be broadcasted only to a particular distance. Devices outside of this range won’t be able to use Wi-Fi or Bluetooth. But the distance limitation is becoming reduced every year. There are also a few security limitations which hackers can exploit to cause harm in a wireless network. But Wireless technologies with better security features have started to come out. So this is not going to be a problem for long.Speaking of progress, Wi-Fi technology is not limited to powerful computers and mobile handsets. The technology has progressed enough that Wi-Fi enabled TVs and microwaves have started appearing in the markets. The latest and the most talked-about wireless technology is the NFC or Near Field Communication, which lets users exchange data by tapping their devices together. Using wireless technologies are not as expensive as it used to be in the last decade. With each passing year, newer and better wireless technologies arrive with greater benefits.
Virtual Are CFOs Taking Charge of Bookkeeping Services for Small Business
Every business entity requires professional guidance at some point of time or the other. There are various nitty gritties in a business for which professional advice becomes necessary. In fact, deciding the next move can also be done only after consulting with an accounting professional. This is particularly true with regard to cash flow. This is one of the key aspects of running a business and hence some amount of expertise is required to provide valuable insights for moving things at a consistent pace beneficial to the business. The Chief Financial Officer or the CFO actually looks after the cash flow in a small or medium business entity. According to Investopedia, the CFO receives more than $346,000 per annum to shoulder such responsibilities throughout the year including bonuses.However, not all small and medium business owners can afford such expenses. This does not mean that they have no hope. There are virtual CFOs helping the medium and small business organizations in this respect. This is a recent practice and is anticipated to be continued over years. This practice is quite beneficial for the medium and small-sized organizations because they will not have to pay a chunky amount to the in house CFO. Small businesses with the assistance of virtual CFO can scale heights and reap benefits quite prominent to the business and conspicuous for the world.Impressive Future ProspectThere are many ways in which a virtual CFO can aid in scaling a small business similar to that of an in-house CFO. In fact, sometimes it can be more beneficial to have an online CFO. The outsourced CFOs work with the help of cloud-based software remotely. This remoteness contributes in better performance delivered on-time. As the CFO does not have to travel, he/she can devote the entire time to improve the performance.Online CFOs can not only provide faster financial reports but also forecast and analyze the condition quickly. There is an overall improvement in the performance. The quick and concise delivery of flawless reports and analysis puts valuable financial data in the hands of leaders to make best possible decisions. Making the most effective strategic decision within a fraction of the time originally required by in-house CFOs is truly beneficial.Key Performance IndicatorsKPI measurement is key to the expansion and development of any business be it small, medium or big. In this respect, an online CFO is extremely helpful in managing the KPIs properly and providing helpful and meaningful insights for the company’s management. One of the most significant mistakes committed by small business houses is the overlapping of “actionable” data and data in general. They think that they are same. However, KPI must be calculated based on long-term goals; the strategies should impact in the long run. The KPIs should give you a clear idea of where your business stands- how close or how far from your long terms goals.For instance, if you are trying to reduce total number of unhappy customers by a certain percentage, the CFO could help you to track customer issues along with favoured reviews for a particular period. You can analyze the data provided by KPI and reduce a certain percentage of the negative points to find out where you stand in your business and how much you have progressed towards the goal. This is only a single instance on how a professional can help small businesses.Improved Cash FlowIncreasing the cash flow into business is another measure of how helpful small business bookkeeping is. Managing cash along with stressing on liquidity to tax planning and way beyond that is looked after by an online CFO. The professionals also bring strategies and provide insights to ensure proper expenditure so that you can end up at exactly the place you wanted to.These are some of the major benefits provided by small business bookkeeping and also by virtual CFOs. The work has become more precise due to the integrated online system which is beneficial for both the professional and for the client. Small and medium-sized business entities have reaped several benefits due to the online medium at low-cost.