The current economic climate has forced marketers to rethink their approach to communications. The biggest buzz at the moment is the fundamental shift in marketing techniques.
Some are saying the traditional method of ‘inside-out’ marketing – which involves actively going out to the customers with information about a company and its products – is set to become extinct. ‘Outside-in’ marketing, on the other hand – which starts with the customer first and creates a route back into the company and its products – is being hailed as the new and revolutionary way forward.
The influence of social media
The digital age has played a pertinent hand in the way marketing has evolved and, in recent years, social media has been a major influence. The Internet has become a medium for communicating marketing messages inexpensively.
This is a key point, especially in the current environment. The marketing budget is often the first to get cut.
Furthermore, the argument now is that people do not want to be sold to and they are much more considered about who they do business with. Buyers can find out all they need to know about a business and its products, choose what type of communication they want to receive and from whom, identify what they need and who they want to buy from…all without ever having to encounter a salesperson.
The challenge for businesses is to be present in the relevant communications spaces now being used and begin the long- term process of developing an ongoing relationship, building trust, understanding buyers’ specific needs and educating them on how a business could fulfil their individual needs.
Businesses must consider their clients’ changing behaviours and develop sustainable relationships in order to ride out the recession.
So, does that mean inside-out marketing is failing in the current economic environment?
The inside-out approach no longer works as well as it once did, but completely rejecting a method that has had a degree of success in the past is not good business practice and would limit the results a business could potentially achieve.
The need for introductions
It can be argued that all good marketing starts from the inside-out. Every business is responsible for introducing itself into the marketplace, explaining its benefits, justifying its existence, raising awareness of its products and services to potential clients, stakeholders, trade associations, government bodies and the media. This is the first step in creating awareness around a brand and building reputation. In order to get potential clients to engage with a business, they need to be aware of the business first. Where the capabilities of a business are not well known, a programme of reaching out is needed and this becomes even more significant in an environment where many businesses are expanding into new markets. The key to success is the clever use of data.
Furthermore, many buyers in the B2B world do not have the discretionary time at work to browse for ideas or new products or issues that could affect their business. Without ‘inside-out’ techniques, they may never know about a business and new products that could help them survive the current climate, but more importantly, many are often not even aware of their own changing needs.
Value for money is still very much a key driver, but smaller marketing budgets do not have to mean that marketing ambitions are strangled. While long-term nurturing is important, there is still value in the quick wins that can be achieved by creating awareness through clever inside-out marketing.
The importance of data
Clever use of data is very important at this time. Businesses need to be prepared as the market moves back into recovery and customer acquisition comes back into focus. Effectively reaching new clients relies on the marketer’s ability to identify distinct characteristics, behaviours, attitudes and triggers to engage them.
In fact, clever use of accurate data is key in both inside-out and outside-in marketing – whether it is to be more targeted and effective at raising awareness of a business and its products or to monitor current and future clients to ensure they are still profitable. One size never fits all. Both approaches have great value and the most effective marketing campaigns will be those that combine the two.
