by Fronetics | Feb 4, 2015 | Blog, Data/Analytics, Marketing, Social Media, Strategy
Inbound marketing costs less than outbound marketing. And it works.
The internet has empowered customers. It has provided customers with new methods for finding and researching companies. It has also provided customers with new methods for finding, researching, and buying products.
The internet has changed marketing from a one way street to a two way street.
Customers no longer rely solely on TV/newspaper/magazine ads, billboards, direct mail, email, banner ads, and other traditional outbound marketing channels to learn about new products. These methods are now viewed as too intrusive, especially among younger consumers who regularly tune out the tactics.
Customers want to find YOU (not the other way around)
A study conducted by the Corporate Executive Board’s (CEB) Marketing Leadership Council found that the average customer progresses nearly 60 percent of the way through the purchase decision-making process before engaging with a sales rep. How are they able to do this? By going online. Customers are using websites, blogs, and social media.
A study by Pardot found that 72 percent of B2B buyers begin their research with Google. Other starting points for research: personal networks (15.58%), Yahoo (5.53%), Bing (2.76%), LinkedIn (2.51%) and social networks (2.01%).
What is inbound marketing?
Inbound marketing focuses on consumers finding you.
Inbound marketing meets your customers and prospects where they are, with the information for which they are looking, and at the right moment. Inbound marketing provides value, builds trust and authority, which ultimately result in increased leads and higher conversion rates.
The components of inbound marketing are pretty simple: Create and distribute fresh, relevant, targeted content specifically designed to reach a target audience.
Strategies include:
- Social media marketing
- Blogging and content marketing
- Podcasts
- White papers
- ebooks
- Infographics
- Search engine optimization (SEO)
- Case studies
What is outbound marketing?
In contrast, outbound marketing focuses on paying to broadcast your message to find consumers who will listen to you.
Outbound marketing is a value-driven numbers game. The more banner ads, print ads, and direct mailings you pay for, the more people see your product, and the more sales you’ll make. However, it is costly. Outbound marketing costs 38% more than inbound marketing. The average cost per lead using outbound marketing is $373. The average cost per lead using inbound marketing is $143.
Outbound marketing strategies include:
- Print ads
- TV ads
- Banner ads
- Telemarketing
- Cold calling
- Press releases
- Trade shows
- Email marketing
- Direct mail
Inbound marketing makes sense
Inbound marketing just makes sense. It is a proven methodology and it costs less. Isn’t it time to meet your customers where they are? Get online. Create content. Distribute content. Engage with customers. Optimize your website.
Fronetics Strategic Advisors is a management consulting firm focused on strategy and inbound marketing. When it comes to inbound marketing we take a different approach than other firms. This is because of our business experience and background. We know ROI is important, so our approach is data driven and produces results.
We understand that developing and implementing an inbound marketing strategy can seem daunting. We are here to help. We are happy to take a few minutes and look at your current strategy and give you ideas on how to start, or suggestions on what you can do to make your current strategy more successful. We are also happy to talk with you about what we can do.
We’d love to talk with you about how you can grow your business through inbound marketing.
by Fronetics | Jan 29, 2015 | Blog, Supply Chain, Talent
Millennials are Poised to Change the Supply Chain Industry
This is part two in a two-part series examining the role of Millennials in the supply chain industry. Part one highlights strategies for attracting and retaining top Millennial talent.
With supply chain industry leaders lamenting a growing talent gap, tapping the Millennial generation may be key to filling that gap. But how, exactly? A closer look at the generational characteristics emerging from the influence of digital technology and pervasive interconnectedness allows us to draw inferences about the potential Millennial contributions to the supply chain industry.
Here are four areas where Millennials are poised to change the supply chain industry.
Internet of Things (IoT)
The Internet of Things (IoT), loosely defined as the growing and pervasive use of interconnected devices, is rising concurrently with Millennials entering the workforce. Born and raised during the digital revolution, they’re accustomed to products and processes that are highly integrated and interconnected. Supply chain companies should tap Millennials to leverage their unique perspective by engaging them in creative and strategic thinking about optimizing operational processes using interconnected devices, sensors, and tracking tools and soliciting ideas to grow revenue through the production of devices.
Marketing and Sales Approaches
Targeted for advertisements from an earlier age than their parents and grandparents, Millennials have been desensitized to overt branding messages. Instead, they respond to more organic marketing and sales approaches – strategies that can be expected to carry over into their work. Further, following current trends that deploy digital and social media, Millennials will seek to shift sales and marketing activities online to develop more meaningful, solutions-based relationships with buyers.
Global Partnerships
Ubiquitous and immediate virtual access to resources, information, networks, and people make Millennials the most interconnected generation. That unencumbered access, coupled with a tendency to favor collaborative decision-making in their work, creates opportunities for global work spaces and more complex industry partnerships – particularly relevant and significant advantages to companies within the supply chain industry.
Big Data
Similar to the way Millennials relate to the Internet of Things, so too will big data emerge as a tool Millennials will use to transform the supply chain industry. Their digital confidence and understanding of the types of information and data being collected and analyzed by companies will lead to gains in supply chain operational efficiency as Millennials seek to analyze robust data and apply their findings in practical ways.
With Millennials positioned to outnumber Baby Boomers in the workplace by 2020, shifts in ideas and processes are inevitable. What other supply chain elements do you see as ripe for transformation by Millennials?
by Fronetics | Jan 29, 2015 | Blog, Supply Chain, Talent
Millennials are Poised to Change the Supply Chain Industry
This is part two in a two-part series examining the role of Millennials in the supply chain industry. Part one highlights strategies for attracting and retaining top Millennial talent.
With supply chain industry leaders lamenting a growing talent gap, tapping the Millennial generation may be key to filling that gap. But how, exactly? A closer look at the generational characteristics emerging from the influence of digital technology and pervasive interconnectedness allows us to draw inferences about the potential Millennial contributions to the supply chain industry.
Here are four areas where Millennials are poised to change the supply chain industry.
Internet of Things (IoT)
The Internet of Things (IoT), loosely defined as the growing and pervasive use of interconnected devices, is rising concurrently with Millennials entering the workforce. Born and raised during the digital revolution, they’re accustomed to products and processes that are highly integrated and interconnected. Supply chain companies should tap Millennials to leverage their unique perspective by engaging them in creative and strategic thinking about optimizing operational processes using interconnected devices, sensors, and tracking tools and soliciting ideas to grow revenue through the production of devices.
Marketing and Sales Approaches
Targeted for advertisements from an earlier age than their parents and grandparents, Millennials have been desensitized to overt branding messages. Instead, they respond to more organic marketing and sales approaches – strategies that can be expected to carry over into their work. Further, following current trends that deploy digital and social media, Millennials will seek to shift sales and marketing activities online to develop more meaningful, solutions-based relationships with buyers.
Global Partnerships
Ubiquitous and immediate virtual access to resources, information, networks, and people make Millennials the most interconnected generation. That unencumbered access, coupled with a tendency to favor collaborative decision-making in their work, creates opportunities for global work spaces and more complex industry partnerships – particularly relevant and significant advantages to companies within the supply chain industry.
Big Data
Similar to the way Millennials relate to the Internet of Things, so too will big data emerge as a tool Millennials will use to transform the supply chain industry. Their digital confidence and understanding of the types of information and data being collected and analyzed by companies will lead to gains in supply chain operational efficiency as Millennials seek to analyze robust data and apply their findings in practical ways.
With Millennials positioned to outnumber Baby Boomers in the workplace by 2020, shifts in ideas and processes are inevitable. What other supply chain elements do you see as ripe for transformation by Millennials?
by Fronetics | Jan 28, 2015 | Blog, Marketing, Social Media, Supply Chain, Talent
Strategies for attracting and retaining Millennials for the supply chain industry.
This is part one of two in a series examining the role of Millennials in the supply chain industry. Part one highlights strategies for attracting and retaining top Millennial talent.
For the college graduating class of 2015, Jimmy Carter has always been a smiling elderly man who shows up on TV to promote fair elections and disaster relief. Electric cars have always been humming in relative silence on the road. American tax forms have always been available in Spanish. There has always been an Internet ramp onto the information highway.
Since 1998 Beloit College has released its ‘Mindset List’, giving us a look at the “cultural touchstones that shape the lives of students entering college.” The List for this year’s graduating class represents a singular profile of students born in 1993 who are part of a larger, increasingly more influential generation – Millennials. With supply chain industry leaders lamenting a growing talent gap, tapping the Millennial generation may be key to filling that gap.
Who are Millennials?
To help us understand how to attract Millennials and why they could give new life to a graying profession, let’s examine who they are and what motivates them. Millennials, those born after 1981, are generally highly educated – though often saddled with debt and underemployed – digital natives who are decidedly collaborative by nature. They’re delaying marriage and parenthood and instead engaging in pursuits of higher education and travel, fueling their strong sense of optimism. Supply chain companies should be actively seeking to attract these Millennials and leverage their strengths to build a strong supply chain industry outlook.
Attracting Millennials
A growing number of university program offerings reflects a strengthening partnership between academia and the supply chain industry, a strategy many companies are relying on to attract and recruit top candidates. Joining existing programs and supporting the establishment of new programs, such as smaller supply chain certification programs, are effective ways to draw top talent. Further support of academic programs through joint curriculum building and offering internship opportunities help to build strong early relationships with students and will have a positive effect on recruitment efforts come graduation time.
Consider non-traditional channels to promote job openings. The frequent use of social media by Millennials has been well documented. Social media can be used to attract great supply chain talent. Furthermore, using social media for the promotion of job announcements establishes brand awareness and allows for more informal candidate engagement, something Millennials find particularly attractive. Similarly, creating visually appealing job descriptions will help to get more out of job postings.
Compensation plans should reflect motivations by which Millennials are incentivized. Different from their older counterparts, Millennials prioritize flexibility and work mobility over salary when considering a job offer. And, with total outstanding student loan debt topping $1 trillion in 2014, Millennials are favoring companies who offer tuition reimbursement programs.
On-Boarding and Retaining Millennials
Of importance to Millennials are an employer’s social values. They seek employers who they believe are endeavoring to accomplish meaningful work. The ability of a company to articulate, promote, and authentically operate by its core values will determine its success in retaining Millennials.
Millennials seek work environments that foster professional development and growth. In fact, according to the Young Entrepreneurs Council, almost a quarter of Millennials believe training and development to be the most valued benefit from an employer. Creating and implementing mentoring programs for Millennials allows companies to leverage the experience of more seasoned employees while creating growth opportunities for Millennials.
When asked about traditionally structured performance reviews, 80% of Millennials said they would rather receive feedback in real-time, making it clear they desire immediate feedback on job performance. Structuring projects in smaller portions and planning frequent check-ins on progress will keep Millennials on task and allow for more nimble operations.
The high percentage of Millennials reporting their desires to work abroad presents a notable advantage for international supply chain companies. Actively promoting and encouraging international work opportunities ensure the protection of human capital investments long after training ends.
The second part of this series will move beyond attracting and retaining Millennials to examining the supply chain application of Millennial skill sets and will paint the landscape for future significant Millennial contributions within the supply chain industry.
by Fronetics | Jan 28, 2015 | Blog, Marketing, Social Media, Supply Chain, Talent
Strategies for attracting and retaining Millennials for the supply chain industry.
This is part one of two in a series examining the role of Millennials in the supply chain industry. Part one highlights strategies for attracting and retaining top Millennial talent.
For the college graduating class of 2015, Jimmy Carter has always been a smiling elderly man who shows up on TV to promote fair elections and disaster relief. Electric cars have always been humming in relative silence on the road. American tax forms have always been available in Spanish. There has always been an Internet ramp onto the information highway.
Since 1998 Beloit College has released its ‘Mindset List’, giving us a look at the “cultural touchstones that shape the lives of students entering college.” The List for this year’s graduating class represents a singular profile of students born in 1993 who are part of a larger, increasingly more influential generation – Millennials. With supply chain industry leaders lamenting a growing talent gap, tapping the Millennial generation may be key to filling that gap.
Who are Millennials?
To help us understand how to attract Millennials and why they could give new life to a graying profession, let’s examine who they are and what motivates them. Millennials, those born after 1981, are generally highly educated – though often saddled with debt and underemployed – digital natives who are decidedly collaborative by nature. They’re delaying marriage and parenthood and instead engaging in pursuits of higher education and travel, fueling their strong sense of optimism. Supply chain companies should be actively seeking to attract these Millennials and leverage their strengths to build a strong supply chain industry outlook.
Attracting Millennials
A growing number of university program offerings reflects a strengthening partnership between academia and the supply chain industry, a strategy many companies are relying on to attract and recruit top candidates. Joining existing programs and supporting the establishment of new programs, such as smaller supply chain certification programs, are effective ways to draw top talent. Further support of academic programs through joint curriculum building and offering internship opportunities help to build strong early relationships with students and will have a positive effect on recruitment efforts come graduation time.
Consider non-traditional channels to promote job openings. The frequent use of social media by Millennials has been well documented. Social media can be used to attract great supply chain talent. Furthermore, using social media for the promotion of job announcements establishes brand awareness and allows for more informal candidate engagement, something Millennials find particularly attractive. Similarly, creating visually appealing job descriptions will help to get more out of job postings.
Compensation plans should reflect motivations by which Millennials are incentivized. Different from their older counterparts, Millennials prioritize flexibility and work mobility over salary when considering a job offer. And, with total outstanding student loan debt topping $1 trillion in 2014, Millennials are favoring companies who offer tuition reimbursement programs.
On-Boarding and Retaining Millennials
Of importance to Millennials are an employer’s social values. They seek employers who they believe are endeavoring to accomplish meaningful work. The ability of a company to articulate, promote, and authentically operate by its core values will determine its success in retaining Millennials.
Millennials seek work environments that foster professional development and growth. In fact, according to the Young Entrepreneurs Council, almost a quarter of Millennials believe training and development to be the most valued benefit from an employer. Creating and implementing mentoring programs for Millennials allows companies to leverage the experience of more seasoned employees while creating growth opportunities for Millennials.
When asked about traditionally structured performance reviews, 80% of Millennials said they would rather receive feedback in real-time, making it clear they desire immediate feedback on job performance. Structuring projects in smaller portions and planning frequent check-ins on progress will keep Millennials on task and allow for more nimble operations.
The high percentage of Millennials reporting their desires to work abroad presents a notable advantage for international supply chain companies. Actively promoting and encouraging international work opportunities ensure the protection of human capital investments long after training ends.
The second part of this series will move beyond attracting and retaining Millennials to examining the supply chain application of Millennial skill sets and will paint the landscape for future significant Millennial contributions within the supply chain industry.
