What is the best business strategy?
Well, there could be several definitions of it, but the apt definition is; the strategy that creates wonders for you.
Yes, in the business world, nothing is ruled by the rules. It is a dynamic scenario where the internal and external forces keep on changing.
Consider the example of Inbound and Outbound leads. Which are better? The debate is unending. Marketing management experts can spend the entire day in debating about the value of one over another.
Is it possible to conclude about which one better? Perhaps not.
Before we investigate the positive and negative points of it; let’s understand the concepts in detail.
These are the leads are invited by the business by establishing the market presence. It is usually done by providing material that others found valuable. For example, informative content.
It is the traditional (and the most popular) marketing tactic that reaches the leads by targeted, outstretched efforts.
Both Inbound and Outbound leads have benefits and limitations. Even if both aim to attract more customers, their approach is entirely different.
Pros and cons of Inbound and Outbound
Benefits of Inbound Leads
Cons of Inbound Leads
Benefits of Outbound Leads
Cons of Outbound leads
How will you decide which one is better for YOU?
Well, so far, we understood the benefits and limitations of Inbound and Outbound leads.
However, the question remains unanswered that which strategy is better for you?
On what parameters can you decide the superiority of Inbound and Outbound leads in your case? Here are some deciding factors.
Volume of your business
If the size of your business is enormous, then the choice is obviously one that is sustainable and scalable. Whether it is Inbound or Outbound, the strategy that can support your business is worth choosing.
If both leads are equal otherwise and price is the deciding parameter, you should choose one that is less expensive. It will generate more value to the business.
Which lead is generating business fast for you? Time is another critical element. Choose one that is faster and more efficient.
The probability of generating business
Yes, you need resultsat the end of the day. Which lead has more closing potential? You should choose that path.
Just like cost, when all parameters are equal, you should pick lead that has brighter chances of closing. Thus, you ensure more revenue for the business.
In brief, both strategies have positive and negative aspects. There is no set formula to decide which one is right for you.
Experts say that Inbound is like fishing where you throw the fishing rod and you might or might not get a fish. You don’t have any control on changing the strategy based on the type of fish.
Outbound is like targeting for a specific fish using a profound strategy. You follow different tactics for varied species of fish.
Both inbound and outbound work well for every industry, but not in every situation. You need to analyze the nature of your business, your requirements, and suitability.
When you spend considerable money for it, you must look for incredible results. Don’t go hastily. A systematic approach is always better.