As the Ivany report highlights, in order for the Nova Scotian economy to succeed, to grow, to prosper, our small businesses need to thrive. For many that will mean looking to new markets beyond our province’s borders, both nationally and internationally.
Often times when organizations are considering expanding into new geographic markets they have the capacity produce additional product or fulfill more services, but they struggle to find cost effective ways to scale their sales and marketing efforts. The struggle to find new buyers, in new markets is often the biggest barrier to business growth.
The inbound marketing approach to business development addresses this challenge in a number of ways, empowering entrepreneurs and inside sales teams to live and grow businesses here in Nova Scotia while selling to prospects all over the world.
In this post we will address three advantages of inbound marketing and how inbound methodology can help companies attract more customers, expand into new geographic markets, all while remaining here in Nova Scotia.
1. Inbound marketing sees no boundaries
With most forms of traditional outbound marketing, reach is limited to a small geographic area. For instance, the potential reach of a billboard, a radio spot, or a print ad is limited to a relatively small local market. Even if these activities were measurable, they sure aren’t cost effective at scale.
Inbound marketing as a business development strategy shifts the focus away from traditional marketing, making cold calls, purchasing email lists, and attending trade shows, to an assortment of tactics that are largely online. As a result, inbound marketing investments have the potential to reach a much larger, more targeted, geographically distributed audience, in a measurable and scalable manner.
For companies looking to expand into new markets, or to simply strengthen their sales and marketing efforts, inbound marketing presents an opportunity to accelerate growth and expansion plans by re-imagining what it means to expand geographically.
2. The way customers make purchase decisions is changing and so should your marketing strategy
Research has shown that B2B buyers are 60% of the way to a purchase decision before they ever talk to a sales rep. It is an Inbound Marketer’s job to attract these potential customers attention during the initial 60% of the evaluation process.
Organizations of all shapes and sizes have taken note of the changes in the way buyers are conducting research and as a result inbound marketing now touches nearly every major industry. Marketers, business development reps and sales leaders need to be thinking about how inbound marketing can attract more traffic, convert more website visitors into leads, and ultimately close more customers. The longer you wait to adopt inbound, the harder it will be to catch up to your competition.
3. Decisions that used to be based on intuition are now based on data
One clear advantage digital marketing has over traditional marketing is its measurability. Thanks to powerful analytics platforms like HubSpot and Google Analytics the return on investment in inbound marketing can be easily measured and performance can be optimized. Instead of making decisions based on intuition or mere assumptions, marketers can now let data guide their decision making process.
Data driven marketers are able to calculate things like the cost of a lead, the lifetime value of a customer and lead to customer conversion rates. Armed with this information marketers are able to make much more informed decisions about how much to invest in each marketing tactic or channel.
Practice what you preach
At Kula Partners we try to be our own case study. We don’t do any traditional marketing, we don’t have any outside sales reps, we operate from a small marketing budget, and we keep our team very lean.
As a result of our investments in inbound marketing we are continuously attracting new business from both here in Atlantic Canada and all across North America. Prior to focusing on inbound marketing this simply wouldn’t have been the case.
It works for us, and it can work for you too.
Want to find out what it would take to put inbound marketing to work for your organization?
Join us on Thursday, March 5th at the Halifax Citadel National Historic Site for Inbound Marketing Week. We will discuss what exactly Inbound Marketing is and how it is helping companies of all shapes and sizes grow their bottom line. Register now! Tickets are free but are very limited.