Staying online – is the new trend ahead! How online shopping is changing the business trends can be understood by the emergence and rapid growth of Inbound marketing as a marketing and sales strategy.
How is Inbound Marketing being different from outbound marketing? And why this method of marketing and sales strategy has been adopted more and more?
Traditional methods of marketing often revolve around the idea of interruption – whether it is a television advertisement that cuts into a TV show, or an internet pop-up that interferes with a website.
According to Godin [Godin, S. (1999). Permission marketing. New York: Simon & Schuster.], such methods (often referred to as “interruption marketing”), have become less effective in the modern world, where consumers are overloaded with information.
The term “inbound marketing” was coined by HubSpot CEO Brian Halligan and is synonymous with the concept of Permission Marketing, the 1999 book by Seth Godin.
According to Wikipedia: Inbound marketing provides information, an improved customer experience and builds trust by offering potential customers information they value via company sponsored newsletters, blogs and entries on social media platforms.
What is the definition of Inbound Marketing?
Inbound marketing is focused on attracting customers through relevant and helpful content and adding value at every stage in your customer’s buying journey. With inbound marketing, potential customers find you through channels like blogs, search engines, and social media. [HubSpot]
HubSpot clearly defines the Difference between Inbound marketing and Outbound marketing:
Unlike outbound marketing, inbound marketing does not need to fight for potential customers attention. By creating content designed to address the problems and needs of your ideal customers, you attract qualified prospects and build trust and credibility for your business.
Why Inbound Marketing is in Vogue?
In the late 19th century and through the 20th century the productivity capacity visibly grew, accompanied by an increase in intensity of consumption. It was in this moment that the consumer started to be considered as able to make decisions and exercise choice to achieve his / her own interest on the market. [Smart, B. (2010). Consumer Society: Critical issues and environmental Consequences. London: SAGE Publications Ltd.]
According to Bauman, Z. (2000). Liquid Modernity. Cambridge: Polity Press. [p. 82]: In a “society of individualized consumers”, consumer choice was associated with freedom.
Why Inbound Marketing is The Proven Methodology for Growing Your Business?
Inbound Marketing is more important in any kind of business and profession as a marketing and sales strategy than outbound marketing, as consumers are buying more and more online.
According to Megan Prangley, the Inbound Marketing methodology, ‘takes the time to identify your bread and butter clients, also known as your “target personas.” A persona is a fictional representation of your ideal customer. It’s usually recorded in a detailed document that highlights this person’s job, where they spend time online, and what drives their online habits.’
BigCommerce recently teamed up with retail and payment experts Square to dive deep into the shopping habits, behaviour and preferences of thousands of American buyers across multiple generations.
Here are some startling statistics from the blog “Ecommerce Trends: 147 Stats Revealing How Modern Customers Shop in 2018”:
- 51% of Americans prefer to shop online.
- 96% of Americans with internet access have made an online purchase in their life, 80% in the past month alone.
- Ecommerce is growing 23% year-over-year, yet 46% of American small businesses do not have a website.
- Online orders increase 8.9% in Q3 2016, but average order value (AOV) increased only 0.2% — indicating that transactional growth is outpacing total revenue.
Ecommerce trends by generation
- 67% of Millennials and 56% of Gen Xers prefer to shop on online rather than in-store.
- 41% of Baby Boomers and 28% of Seniors will click to purchase.
- Millennials and Gen Xers spend nearly 50% as much time shopping online each week (six hours) than their older counterparts (four hours).
- 48% of millennials have shopped on marketplaces, 76% at large retailer sites, 46% on webstores or independent boutiques, and 29% at category-specific online stores.
- 56% of Gen Xers have shopped on marketplaces, 76% at large retailer sites, 49% on webstores or independent boutiques, and 37% at category-specific online stores.
- 59% of Baby Boomers have shopped on marketplaces, 74% at large retailer sites, 42% on webstores or independent boutiques, and 39% at category-specific online stores.
- 51% of Seniors have shopped on marketplaces, 66% at large retailer sites, 30% on webstores or independent boutiques, and 44% at category-specific online stores.
- Millennials and Gen Xers spend 6 hours per week shopping online
- Baby Boomers spend 4 per week shopping online.
- Seniors spend 2.5 hours per week shopping online.
Now the thousand-dollar question is this, is your website getting enough traffic? Focusing on visits is important if your website is new or if you’re receiving under 10,000 visits a month. According to HubSpot, 70% of companies exceeding their revenue goals report attracting more than 10,000 visitors per month. (HubSpot, 2015)
According to a research report by HubSpot: The Future of Content Marketing: How People Are Changing the Way They Read, Interact, and Engage With Content, points out that;
Technology innovation has enabled incredible changes in the human behaviour. If we look back just 20 years, we recall huge changes that disrupted the status quo:
- In the mid 90’s, access to the internet changed the way people sought and consumed information (and marketers had to grapple with a whole new way of marketing online)
- In the early 2000’s, online social networks allowed millions of people to connect with each other (and marketers had to develop playbooks to best engage with the prospects and customers)
- In the late 2000’s, smartphones gave the public instant access to everything the internet offered, no matter where they are (and marketers had to ensure their content strategies were mobile-friendly)
Today, HubSpot believes we’re in the beginning of another period of major change — where a number of innovations and shifts (to AI, bot platforms, voice based search, and further proliferation of video content, coupled with mobile-first consumers coming of age) will have a big impact on how marketers, and businesses in general, get things done.
The Final Words comes from HubSpot State of Inbound 2017 Report, Looking to the Future:
“If a company is slow to capture a new mode of communication, it might as well stop the business.”
Want to know Why Wocommerce can be a good option for Ecommerce store?
WooCommerce is one of the most popular platforms to host e-commerce store. According to a recent report of BuiltWith, WooComerce has powered more than 1.5 million active stores.
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