A business or company’s growth relies on many factors. One of those factors that must be handled strategically is marketing. A marketing plan is an approach that must be made for the long-term. The marketing approach is meant to be forward-looking with the goal of becoming known by potential customers and have a competitive advantage over other businesses in the same industry. Marketing has three major strategic types namely, outbound marketing, inbound marketing, and account-based marketing.
Every marketing plan needs a strategic ideology and a proper analysis of the company’s situation before any marketing techniques are formulated and deployed. Businesses must evaluate their competitive position and how their marketing goals align with their current business operations. Marketing is the bridge that connects the business and its customers.
A properly developed marketing strategy must have proper fundamentals. It must be rooted in the company’s unique value proposition while it promotes the competitive advantage that the company has over other competitors. Marketing is set to build brand awareness and inform potential customers why they should choose the advertised business over the other. All company marketing strategies are under the umbrella of three types of marketing tracks that a business can utilize to their benefit.
Three Marketing Tracks
Channels Where Outbound Marketing is Used
- Television, Radio
- Newspaper, Magazines
- Classified ads
- Social media paid ads
- Paid marketing on search engines
- Cold calling and cold emailing
Outbound marketing is the most used type of marketing strategy. Outbound marketing reaches potential consumers using general advertising and in-person contact. It has a broad spectrum. This marketing strategy aims to start a communication path with the organization and the customer. It aims to rapidly market the service or product through the use of traditional marketing methods. The most classic type of promotional strategy involves outbound marketing.
Unlike other marketing strategies, outbound marketing places advertisements in front of people, whether they like it or not. It casts a net on a huge market, hoping that it will provide a return of investment by converting people to buying customers. This marketing track advertises on television, radio, newspaper, social media, classified ads, and other general media platforms. Cold calling and cold emailing are both forms of outbound marketing. Paid advertisements on social media and search engines are also a form of outbound marketing.
The advent of mobile advancement and the internet created new creative ways for marketing. Some marketers believe that outbound marketing has lost its appeal. Nonetheless, big and small companies are still utilizing this marketing track. Cold emailing and cold calling are considered some of the most successful ways to market services and even products.
Outbound marketing is vital for companies that are looking to attract new leads or lure new customers. For businesses hoping to gain brand awareness and name recall in front of potential customers, outbound marketing is a very helpful option.
Channels Where Inbound Marketing is used
- Search Engine Optimization (SEO), Backlinking
- Content marketing
- Social media content and management
Inbound marketing is a methodology that works toward enticing visitors and potential clients to come in. Instead of outwardly putting the brand in front of the prospects, inbound marketing lures people through content marketing and SEO strategies.
Inbound marketing is a combination of various factors such as search engine optimization, content marketing, and social media. In this marketing track, the company would create content that is valuable for the public. For example, the company sells skincare products that can be used at night. Aside from paying ads to put their products in front of people, they can create a content titled, “The Best Night-Time Skincare Routines.” This article will give information to the visitors and the business can add the name of their products to the article as an example of a good night-time skincare product. A successful inbound marketing strategy aims to increase a brand’s reach, drive engagement, and bring quality traffic with the goal of converting them into paying customers.
Channels Where Account-Based Marketing is Used
- Target Accounts
- Personalized campaigns and customized for each client·
Account-based marketing or ABM is also called as key account marketing. The major difference between ABM to outbound and inbound marketing is its focus on each client. It is a calculated approach in business marketing where the company communicates to individual prospects.
ABM helps companies to have a concentration of their marketing resources on a defined list of target accounts. When ABM is used, the company will create personalized campaigns and customized programs aimed to address the target account’s needs. When utilizing this marketing track, a company will investigate the target account, including their pain-points and their decision-makers. ABM provides a high return of investment due to its engrossing approach on each client. Since ABM already identified a target account’s needs, it will be easier for the client to be on board and pay for the services of the company.
Whatever marketing track a company uses, the main goal must be grounded on the company’s principles and propositions. There is no guaranteed success in any type of marketing. It all depends on proper implementations and course of action taken for every strategy a business develops.