Episode#24: Old Age Vs. New Age Marketing
In this Diving into Digital podcast episode, we compare the differences between old age (outbound) marketing and new age (inbound) marketing. Did you know that the technological advances made in the marketing industry have made old age marketing far less effective, if at all? Consumers expect different marketing tactics, which is why we are giving you all of the information you need to throw out your old age marketing tactics. It’s time to change your marketing tactics, and we’re going to help you do just that!
Check Out The Episode Below!
Top 3 things you’ll learn in today’s episode….
- The difference between old age marketing and new age marketing.
- Why old age tactics aren’t effective anymore.
- The new age tactics that you should be practicing with your business.
Timestamps to Help You Along:
[1:03] Marketing has completely transformed within the last few years
[1:33] What is outbound marketing?
[2:52] What has changed since old age marketing?
[3:18] What it took to build a business a few years ago
[4:04] How easy it is to create a business today
[4:26] The need for differentiation in marketing
[4:44] Old age tactics that don’t work anymore
[5:53] What is inbound marketing?
[6:24] An example of inbound marketing
[7:34] The differences between inbound and outbound marketing
[9:04] A statistic comparing the costs of inbound and outbound marketing
Episode 24. New Age Vs Old Age Marketing
Hey all! Thank you so much for tuning in today, and I hope you guys are having a great week so far!
Now, last week, I ran a live webinar for a bunch of business coaches, and I focused on one particular topic. And I thought it went pretty well, and then at the end of the webinar, the viewers filled out a survey. And, oh my goodness, I got a RIDICULOUS amount of awesome feedback. So, I figured I would take it back to you guys and talk about this topic this week.
Now it is very very basic, so if you are more advanced, prewarning this may not be the podcast for you.
This week, I am going to be talking about the old-age way of marketing vs. the new age way of marketing. And if you didn’t know that they are different, you are probably still in the old age, so listen up.
Marketing has completely transformed over the last decade, even over the last few years.
I mean, we are inundated with all of these new strategies, from social media to websites to ecommerce stores to visual search to virtual realty and chat bots, and so on and so forth.
But if you are still implementing old marketing tactics, it is likely because you don’t know the main premise behind all of these new marketing tactics.
You see, when I say old or traditional marketing tactics, I am talking about something called outbound marketing.
So let’s define it.
Outbound marketing is the marketing that we grew up with. And the premise is this: You are using marketing tactics that are meant to obstruct potential customers. You are taking your product or service’s messages, and you are throwing it out there, far and wide, to as many people as possible in hopes that one of those people will see your message and it will resonate with them. So how are you getting this message out?
Well, you are doing things like:
- Going to trade shows
- Making cold calls
- Paying for radio or television or newspaper ads
- Putting up billboards
- Sending out mass emails to lists you purchased
- Or sending out direct mail to lists of people whose addresses you’ve purchased
So when you do one of the items that I just mentioned, you are using outbound marketing. You are taking your message and trying to put it out to as many people as you can. And then you sit back and you wait for someone to call.
So 10, 15, 20 years ago, outbound marketing was really the only kind of marketing. And it worked well.
But let’s talk about what has changed since then.
Over time, two things have happened.
The first one is that technology has come into play. They have introduced things like social media and websites and mobile phones and smart devices and all of these different things.
And the second thing is that, because of this technology, more people are creating businesses than ever before. So back in the day, if you wanted to create a business, you had to have thousands of dollars to invest. You had to buy or rent a location. You had to build up a team. You had to invest in equipment like cash registers, furniture, and so on. You had to invest in your product or service itself. And then, you had to invest in all of the marketing to go with it.
So it was safe to say that, if there were already a few mechanics in your town, it was unlikely that anyone else was going to spend all of that time and money just to open up another car repair place a half a mile away. Because what if there was too competition and they couldn’t make their money back? It was extremely extremely risky to start a business.
But today, any Joe Schmoe out there can throw up a bad website, register there business name, and declare, “I am in business.”
So with the ease of starting a business today, there is more competition than ever before.
Whatever you do, there are likely 50 other people that do it just within 10 miles of you. So, because of all of this competition, there is a serious need to differentiate and compete.
People are inundated every single day with emails, texts, ads, popups on their computer, messages on social media, comments, like, and so on and so on. So, back in the day, an email or cold call to a random person that has never met you before may have worked. Today, that email is just one of the dozens in their inbox that they won’t even open.
And aside from all of that, technology has made it easier than ever to ignore ads.
Think of TV ads. Back in the day, you had to sit through and watch them. Today, programs like DVR or Netflix have made it so that you can just skip right past them.
Don’t like listening to ads on the radio? No problem. Get Spotify or Pandora.
Thinking of cold-calling? Well, now there is Called ID and Do Not Call lists.
People get all of their news on the internet so putting an ad in the newspaper won’t do you any good.
And ask yourself seriously, when is the last time somebody that you didn’t know sent you a piece of mail asking you to buy something or call them and that piece of mail didn’t go straight into the shredder?
So, all of those methods that used to be so so effective get less and less effective AND more and more expensive every since year that goes by.
So, if all of this outbound stuff ISNT working, what is working?
A concept called inbound marketing.
So, while outbound marketing focuses on pushing out to as many people as possible and hoping one bites, inbound marketing focuses on pulling audiences in by providing them some type of value.
So ask yourself: today, when someone is looking for a certain product or service, what do they do?
Well, most people go on the internet and Google it.
So let’s say that someone, lets call him Jim, is looking for a personal TRX trainer.
He might go onto Google and type in “personal TRX trainer near me.” Now it’s very likely that that search will result in a few websites listed, but it will also come up with different blog posts, maybe some videos, or some pages with free guides that he can download.
So let’s take “Beth’s TRX Training Company.”
Maybe Beth makes a blog about TRX. What is it, why its great, and how you can get started with it.
Beth publishes it on her website. She makes sure it’s totally optimized for success, and she puts it on her social media platforms to drive some initial traffic to it.
So then, when Jim types that into Google, Beth’s blog comes up. He reads it, he thinks it is awesome, and at the end of the blog, it says, “interested in a free TRX training session? Click here to book.” So Jim goes, “Awesome! Yeah, why not?” He books, he meets Beth, they hit it off, and Beth has just gained a new customer.
So what did Beth do that made this inbound marketing instead of outbound marketing?
Well, instead of Beth making calls or going to trade shows telling people about TRX and why her company is great, she created a piece that provided some real value. She put it online, and then, someone who was already interested in what she was selling, found her because of it.
This is the concept of inbound marketing. Don’t push push push your product or service down people’s throat. Provide people with something truly valuable, and they will come to you.
So let’s compare one more time…
Outbound marketing – you are trying to reach as many people as possible.
Inbound marketing – you are defining a niche and targeting that niche
Outbound – you are advertising your company and your product or service.
Inbound – you are advertising an offer or content that provides them with value FIRST.
Outbound – you are putting in money and time because it is all a numbers game.
Inbound – you are putting in expertise and creativity because you want to help.
And finally, with outbound marketing, you are hoping that is works, and if it doesn’t, you try again. Whereas something awesome about inbound is that you have the ability to use analytics that help you to see the exact aspects that are working and which areas need improvement.
Now I just want to end this with one stat from a person in Hubsport, who is actually the creator of the concept of inbound marketing. Inbound leads cost 61% less on average than outbound leads. So think about that.
Inbound marketing can be a ridiculously powerful solution to help you grow your small business, and if you have any questions, I’d love to help you along the way.
Have a wonderful day! Bye!