For a long time now, traditional marketing efforts have become very stale. Take telemarketing, for example. Think of the last time you received a cold call. Did you:
a) screen the phone call and not answer at all;
b) answer and end the call pretty soon after you realised it was a telemarketing call, or;
c) answer the phone, engage in conversation, fall in love with the sales pitch, and make a purchase!
Chances are, you answered a or b. That of course is not to say that answer c is completely ineffective, but it definitely isn’t as effective nowadays as it used to be. The reason for this change in the marketing industry comes down to two things – technology and the internet.
The same can also be said of radio advertisements, which we can now eliminate ourselves of with the bluetooth or iPod/auxiliary connection in our cars. By the same merit, television advertisements are now easily ignored. If it wasn’t enough that we have the technology in our hands at home to fast-forward through our recorded television programs, statistics show that over 50% of people watching television are using their mobile phones at the same time!
Now for the scary part – you might not know it, but by investing in these traditional marketing tactics your average cost per lead is rising at a dramatic rate! According to a statistic from the 2012 State of Inbound Marketing report by HubSpot, companies that utilise an online, inbound based strategy experience an average cost per lead 61% lower than traditional, outbound based marketing tactics.
So what does that mean for you and your company? Well, to start with, you need to discover what your current return on investment is across all of your marketing channels. By doing this, you can estimate your average cost per lead. This is a very important step – by missing all of this information you will never truly know how effective your current marketing efforts have been and how much of an impact your campaigns have had on your business.
The next thing you need to take a look at is what your competitors are doing. Have they employed various online strategies? Are they working with an inbound marketing firm? Have they reduced or eliminated their focus on traditional, interruption-based marketing styles? If you answered yes, yes, and yes, it’s time to catch up.
Finally, it’s time to start taking a look at how inbound marketing can help you. Check out our post on the top three things to try, and take control.