As we move closer to 2020, marketing strategies for the jewelry industry are continuing to evolve in order to keep up with consumer needs.In order to do so, you will need to learn about different marketing tactics and how to effectively use them. That is why in this blog post we will go over Inbound Marketing vs Outbound Marketing and which is most effective.
In the past, attracting new customers was as simple as placing an advertisement in the Sunday newspaper or on the radio. However, in this day and age, consumers are responding less and less to these tactics. But, why?
It stems from an evolution in mind set and accessibility. Frankly, consumers know what they want. With the internet at their disposal, not to mention, search engines like Google, they can quickly and easily find it. They no longer depend on companies to tell them what they need. Instead, your customer will seek the best business near them offering the product or service they’re interested in and vet them quickly to find the best value.
With this in mind, jewelers would be wise to implement a marketing strategy that resonates with their target audience. On one hand, you have traditional outbound marketing. On the other, inbound marketing. But, which marketing strategy is right for your jewelry store? Let’s examine them both to provide a better understanding:
What is Outbound Marketing?
As we previously mentioned, outbound marketing is the more traditional way of reaching customers and is still used today (especially in the jewelry industry). With technology and consumers changing so rapidly, many have questioned the effectiveness of outbound marketing techniques, which includes:
- Television commercials
- Radio advertisements
- Newspaper advertisements
- Mailers and physical flyers
- Cold calling and sales pitches
- Banner Ads
- Email Blasts
- Online Advertising
These type of marketing techniques share one common theme. They are all, essentially, a sales tactic presented to the consumer. In other words, companies must seek out their customers with promotions and ads to entice them. Here lies the difficulty.
If you run a business that offers lawn care services and decide to run a radio advertisement not only do you run the risk of it not being heard by many people, but the consumers who do hear it may be made up of apartment renters without a lawn. The same goes for jewelry stores.
Promoting your engagement rings in your local newspaper means you may reach a small percentage of your target audience. However, the bulk of the people reading your ad could be single adults. In other words, outbound marketing is very much a blind marketing strategy,
What’s worse? Measuring the effectiveness of these outbound marketing techniques is next to impossible, unless your only goal is to simply have your advertisement heard or seen by anyone.
Why You Should Use Outbound Marketing
Outbound marketing can be very effective and deliver almost immediate results with the right strategy. This is because with online media and advertising you can set up a campaign in a matter of hours that will deliver results for your business.
It’s Sometimes Measurable
Measuring your marketing ROI is very important to ensure that you are generating a return. With Outbound Marketing this can sometimes be very easy and other times seemingly impossible. This is because with online advertising you will have instant and accurate numbers but if you use something a little more traditional like billboards it is almost impossible to measure. So it all depends on your strategy.
What is Inbound Marketing?
Unlike outbound, inbound marketing provides valuable content to address specific pain points or concerns of customers. This type of quid pro quo strategy is an incredible way to get highly relevant leads into a sales funnel and allows you to tailor further marketing efforts unique to those consumers.
With that being said, inbound marketing is only as effective as the offer (or lead magnet) you create.
What is a Lead Magnet?
The process for creating an enticing lead magnet is simple. You figure out an offer that can help educate or solve a specific problem for your target audience and promote it. One of the best ways to do this is with a landing page on your website.
From here, you simply create a way for your users to opt in — typically through an email sign up form — which will allow you to nurture the leads over a period of time with additional offers and content to entice them into becoming an actual customer.
Driving Traffic to Your Lead Magnet
There are plenty of methods to drive traffic to your specific lead magnet. These include:
Search Engine Optimization (SEO)
Attracting relevant search engine traffic to your business’ website is one of the best (and cost-effective) techniques. With that being said, SEO is not a quick process and requires the expertise of a digital marketing team to yield optimal results.
Posting articles to your website’s blog is a major facet of SEO and driving search engine traffic. Simply posting a 300-500 word article with the proper keywords and internal links can lead to an influx of leads on a consistent basis. Not to mention, blogs are evergreen and can pay off for years to come.
Social media platforms like Facebook and Instagram are an incredible place to share the your lead magnet as it can allow you to reach thousands of consumers in a short period of time.
Why You Should Use Inbound Marketing
It’s More Affordable
Outbound marketing, such as television ads and billboards can be extremely expensive, and (at the end of the day) only reach a small portion of your target audience. With inbound marketing, such as an eBook lead magnet, you can ensure only a specific demographic is targeted, which means your budget will be spent on attracting relevant leads.
As we touched on previously, it is extremely difficult to measure results — and ROI — with outbound marketing strategies. On the other hand, there are multiple ways to precisely track inbound marketing campaigns.
For example, if you place an email list sign up form on a landing page and create a Google Ad to drive traffic to this specific web page, you can track how many users actually filled out the form. You can even expand on this by tracking other conversions such as CTA (call to action) button clicks and phone calls derived from your Google Ad. These granular metrics allow you to determine what campaigns work the most to ensure an ideal ROI.
It’s Easy to Start
Even if you’re not a digital marketing expert, you can partner with an agency who specializes in inbound marketing. At GemFind, we offer multiple inbound marketing strategies specifically for jewelers. Partnering with us means you’ll be implementing the proper lead generation techniques to begin attracting potential customers quickly and on a consistent basis.
It Simply Works for Jewelry Stores
According to the 2018 United States Ecommerce Country Report, 88 percent of consumers do research online prior to deciding to make a purchase in-store or online.
This is important information to consider when it comes to selling products most would consider a “major purchase” such as an engagement ring. Typically, the time it takes a consumer to purchase an engagement ring is three and a half months. With a proper inbound marketing email campaign, you can properly nurture a potential customer for a long period of time before they are ready to buy that engagement ring of their dreams.
Inbound Marketing vs Outbound Marketing: Which Marketing Strategy Do You Choose?
Now that you’re aware of the distinct differences between inbound and outbound marketing, you’re probably wondering which is right for your business. The answer will depend on a few factors, but there’s no denying inbound marketing is the present and future when it comes to increasing business. And that it all comes down to how quick you need results and if you want to invest into the future of your company.
If you want to invest into your company long term, you should be using inbound marketing. But if you need results fast, outbound marketing could be a very effective strategy.
Still Need Help Deciding?
If you are still struggling with deciding on whether to use Inbound Marketing vs Outbound Marketing for your business? Then you need to partner with a digital marketing agency. A marketing agency will be able to strategize and implement any inbound or outbound marketing plan. Get in touch with GemFind for all of your marketing needs!
Inbound Marketing Infographic: