When it comes to marketing your business, your strategy will depend on so many things, but ultimately it can be separated in to two types of strategies – both of which are great for business, but are implemented in different ways and usually at different times in your business.
These strategies are inbound marketing and outbound marketing, and before we go into the benefits of each strategies, we’re going to explain a little about what each is and and overview of how they work.
An inbound strategy is typically what you’d call a long-game strategy in that it can be implemented right at the beginning of your business, but it can take a while to see results and it’s something that’s going to continue to be implemented throughout the duration of you running your business.
Examples of an inbound marketing strategy in action would include things like content marketing, your website and social media – these are all things you have out there that allow people to come to you by finding your marketing material, so it’s obviously something that takes a little time to build up.
An outbound strategy on the other hand is something that tends to see quicker results and is usually not something that will be implemented consistently in your business, but will be something that you’ll do every once in a while or especially at the beginning of your business.
Examples of outbound strategy in action would be something like you’ve just started a service-based company where you provide professional writing services for the medical industry and since your first priority is to get clients then part of your outbound strategy is to create a cold outreach campaign to places like hospitals, medical credentialing companies, and other medical industry companies that you could write for.
As mentioned above, each strategy works great, but they both have their time and place, and each also is better to implemented depending on how much time you have in your business to spend on marketing. Outbound is going to see faster results over a shorter period, but inbound will see consistent results over a longer period and can be a great way to plan your growth in terms of customers and revenue, so below we’re going to list some of the benefits of each strategy to help you see which one is best suited to your needs right now.
Inbound:
Helps you establish trust and credibility with your audience over a longer time;
Is usually great for SEO and organic reach since you’ll be creating a lot of content;
Can be automated to run over longer periods of time, so it doesn’t require so much attention.
Outboud:
Great for getting yourself known quickly;
A great way to build confidence when selling;
One of the fastest and most effective ways to get new clients fast.
Hopefully this post has provided you with a little clarity on the differences between these two strategies and helped you see which one could potentially be best for you depending on your business needs right now.
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We live in an age of unprecedented technological innovation, where simply spending a little bit of time online researching the different tools available for “streamlining” your professional life is enough to make your head spin.
Many an ambitious entrepreneur begins the journey down the self-employment path filled with optimism and inspiration, only to be completely quagmired by the unlimited amount of competing narratives, tips, and strategies out there.
What’s more, many professionals – entrepreneurs and otherwise – come to believe that in such a sophisticated working environment, the key to success is to rely on systems and strategies of the utmost complexity, in order to gain an advantage over the competition.
Yet, many established professionals in many fields still argue the time honoured case that “simplicity is king.”
Here are some reasons why that may just be true.
Simple systems withstand chaos and upheaval
The more complex a system is, the more “working parts” there are that can break or become dysfunctional when placed under abnormal amounts of chaos, upheaval, and stress.
This is true in the case of literal machines, and also in the case of business strategies. And when complex systems do go wrong, they often require a huge amount of work in order to be set back on the right track.
If, for example, you have a large bureaucratic structure within your company which is responsible for signing off on certain agreements, the structure will naturally be vulnerable to disaster when confronted by the loss of a key member of the team, or a circumstance that requires an immediate reaction.
Simple systems are more robust than complex systems, and that’s a point in their favour.
Simplicity reduces confusion and minimises irritation
The former U.S. Navy SEALs Jocko Willink and Leif Babin, who now coach businesses on leadership principles via their company Echelon Front, mention an anecdote in one of their books about a business that employed an incentive scheme so multifaceted that none of the company’s employees understood it in the slightest, or felt motivated by it.
And yet the originators of the scheme were very eager to defend its merits, as it took so many variables into account.
The moral of the story here is that complexity can lead to confusion, and confusion can fundamentally undermine the supposed “good” inherent in that system in the first place.
The same is true with regards to potential clients and customers. If you’re so keen on upselling via the “checkout” screens of your website that you force the visitor to click through five different sales pages to get to the point of payment, they are very likely to lose interest and give up in frustration.
By contrast, the simple add to cart button, prominently displayed, is timeless and gets the job done well.
Simplicity forces you to identify and distill the most important area of focus at any given time
We are all vulnerable to the illusion that we can do an unlimited number of things at once.
In reality, however, time is our most essential resource in life and business alike, and there’s only so much to go around. Not only that, but trying to do too many things is also a great way of squandering more tangible resources, not least of them being money.
Simplicity forces you to identify and distill the most important area of focus at any given time. Instead of trying to finesse 25 different intricate systems to drag the client in, you focus on the one or two that are most likely to yield benefit, and then work hard to excel beyond the competition in those areas.
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If you are starting a new venture, you are entering the heady world of entrepreneurship. Your focus will be on your business’s bottom line, and how you can exploit your chosen market to make it as healthy, buoyant and sustainable as possible.
Being a successful entrepreneur is more than being good with figures, it requires you to sometimes dig deep and challenge the status quo. Here are some key traits that successful entrepreneurs share, have you personally got what it takes?
Passion
This is perhaps the most influential trait of successful entrepreneurs. They live and breathe by their business’s mission statement to provide the products and services that they know the public need. Their success is built on their passion; they love what they do, and their passion is contagious, inspiring and motivating.
Work Ethic
Successful entrepreneurs are the people who have an exceptional work ethic. They are the first ones in the office and the last ones to leave. Even when they are out of the office, and having free time, they will be thinking about how to benefit their business venture, whether expanding their knowledge through research or mentally refining strategies to boost their business – the business is always at the forefront of their mind.
Resilience
During the lifecycle of every business, there will be decisions that paid off, and less fruitful ones. Successful entrepreneurs are not deflated by, what some would consider, failures. Rather they see challenges as a learning opportunity so that the next time the obstacle occurs, they can get over it and conquer.
Risk-taker
Successful entrepreneurs are prepared to take risks where other people may falter. They don’t take the safe and well-worn path. They’ll be the ones that bet on the outsider team rather than the safety of fixed odds sports betting but succeed because they know the market and the risks that they have taken are calculated and not reckless.
People skills
Excellent communication skills are a pre-requisite for the successful entrepreneur. They need to be able to sell their products or services to a target audience who are also in the sights of their competition. Consumers often base their purchasing decisions on the personality of the business that they are dealing with; the products and pricing may be similar to those of competitors.
However, strong people skills are not only important for attracting customers and clients, entrepreneurs also need to be able to surround themselves with a team who share their vision. This means that they need to be able to recruit the right people to drive their business forward and grow.
If you are embarking on the entrepreneurial journey or have already started a venture but have not yet achieved the success that you expected, think about whether you share any of these traits. People often say that entrepreneurs are born and not made, but that is not necessarily true. You have an opportunity to finely tune your character so that you too can adopt these traits so that you can make your business thrive. Good luck!
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Once, online business existed to complement physical stores. A company who went online had the best chance of standing out on the high street. That’s because most customers started heading online to get some idea of what they wanted before heading out.
Unsurprisingly, this trend has seen a real rise in e-commerce only stores in recent years. Many new business owners now choose to scrap physical business altogether. And, it’s easy to see why given how steep rental prices are now. By relying on nothing more than a website, it’s possible to start a business for half the price you’d pay otherwise.
But, we’re seeing something of a shift in the business world right now. Rather than physical stores heading online, we’re seeing e-commerce companies opting for physical spaces. The benefit here, of course, is that they already have an established reputation to go off. In most cases, they also have existing profits to cover those costs.
But, how exactly can a physical store compliment your online efforts, and is it worth your while?
Keeping up with the competition
Remember that physical businesses originally moved online to impress customers over their competitors. Now, though, opting for physical space is the best chance you have of doing that. After all, the online world is saturated with endless stores to choose from. Hence why companies like Amazon are heading to our high streets. This is your best chance to stand out from the online crowd and keep up with what the rest of your industry are doing. And, that’s the only real chance you have at making this last long-term.
Appealing to the masses
We’re told time and again that the majority of customers now come from online sources. And, there’s no denying that most do check out a website before anything else. But, consider that 60% of people who look online still prefer to buy in-store. A lot of the time, they simply check out their options on the computer. If you don’t have a physical store, then, you could lose a load of business this way. But, if you can direct online browsers to your retail space, you could see real success. This is especially the case if you blow them away with features like epoxy flooring and stand out displays for the products that they’ve already checked out. Just like that, you could increase your online conversion rates. All because you got physical.
Making online shopping easier
Returns are the worst part of online shopping. Long-winded methods may even stop customers from bothering. That leaves them unimpressed with your services and unlikely to shop with you again. Which leads us to one of the best ways a physical space could compliment your online efforts. By accepting online returns in your physical store, you can secure many more happy shoppers. That alone can turn an online disaster in a real-life success.
Get your head out of that screen, then, and think about making a REAL difference to your business efforts.
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As a fan of classic films, I am always searching for films that apply to family businesses. I recently viewed the 1936 film, Dodsworth, that stars Walter Houston in the title role, as well as Ruth Chatterton and Mary Astor. Dodsworth, an entrepreneur, owns an automobile manufacturing company, who sells his company and retires without a plan for his future—not unlike many real-life entrepreneurs.
As soon as Dodsworth retires, his wife, Fran, begins to plan their extensive trip to Europe and throughout the process both Dodsworth and Fran encounter differences in their expectations for the trip. Their differences are similar to what my former colleague, Jeff Rothstein, referred to as “What’s the Deal?” Jeff’s assumption was that all couples have an implicit “deal” that is never spoken about and governs how they interact with each other. Jeff posited that when couples move into their 60s, they begin to discuss and question their expectations for their golden years. From Jeff’s perspective, this is an opportunity to dialogue and recalibrate your expectations and come to a common understanding about your future together.
Nearly all couples have implicit, unmentioned, assumptions about their marital relationship. As couples get older and consider retirement or changing their work relationship, many have not considered a plan for the future. They have no resources, no practice, no roadmap, and when they look ahead, they feel adrift.
I help business families address this change using a process I call Life Career Planning. Using Career Life Planning techniques, they realize a sense of fulfillment and purpose. Both the entrepreneur and spouse turn their dreams into reality. The couple enjoys peace of mind about their future. Most importantly, the process helps them devise a common perspective of their values. They can effectively share their goals and dreams with each other in a manner that honors and engages both. They redirect their wisdom and their knowledge of life to produce a realistic, engaging plan for meaningful work and leisure time. They look ahead by looking back.
Nineteenth century Danish philosopher Soren Kierkegaard extolled, “Life can only be understood backwards but it must be lived forwards.” To me that means we recognize, embrace, and celebrate our accomplishments so that we can use them to energize the future.
Life Career Planning unfolds in three simple stages that help draw the entrepreneur and spouse from the past to the future: Harvest the Past, Turn the Soil, and Plant New Seeds.
The couple harvests the past by celebrating the blessing of their life. They own and let go of regrets and hurts of the past. I offer pathways that encourage candid exchanges and mutual encouragement. As the couple harvests their past, they can stand in the present, to make conscious choices about what they want for themselves, their family, and their business.
By turning the soul, the couple speculates on all they might like to do. To get there, they may talk about their personal purpose, what’s meaningful in their lives, and the role that spirituality plays in their work and life. They discuss how to be content by aligning their gifts with all areas of their lives.
As the term implies, planting new seeds puts the couples’ new ideas into a plan for the future. They create a new dream together based on their explicit, shared goals and values—the discussions they have had in harvesting and turning the soil. Many aspects are drawn together: work, relationships, money/wealth, community service, leisure time, health, and spirituality. By recognizing and aligning all of these aspects, the couple builds direction into their future and an enthusiasm to engage in it.
In the case of Dodsworth and Fran, their vastly different expectations were highlighted during their European travel. Fran was youth-obsessed and wanted to embrace a spontaneous and impulsive lifestyle. Dodsworth wanted a more secure lifestyle to enjoy experiences and the wonders of the world like viewing the Northern Lights and appreciating the mysteries of the universe.
Had Dodsworth and Fran realized that entrepreneurs are driven by their dreams they could have anticipated their differences and avoided the tragedy that their relationship would soon befall.
To achieve this new dream for work, our challenge is to understand our purpose and identify what gives heart and meaning in relation to [our] work. That may mean we don’t have to leave our companies, but basically change our job descriptions from day-to-day management to much less demanding daily activities. It also requires us to become the architect and designer, with our families, of the new ownership and management system of our companies.
The new dream for the family is the most important part of Life Career Planning. It is an opportunity to directly confront the question of “What’s the Deal?” and renew your relationship with your spouse and children and redefine your role as grandparents. Related to this is the opportunity to perpetuate your legacy for the benefit of your community and your family.
Likewise, the opportunity to create a new dream for leisure time is the chance to plan, as a couple, to do all those things you have never had the time to do together, but also is an opportunity to plan and do things you have wanted to undertake individually. Recently, while talking with an entrepreneur client who I will call John, who had been exploring his own Life Career Planning, he shared that he has been weighing the possibility of taking a one-month sabbatical to experience what it feels like being away from his company. What John discovered while on sabbatical from his business was that his initial fears of not having a sense of self-worth were not realized. The sabbatical gave him the opportunity to feel good about developing plans to follow up on some of the dreams that he always wanted to explore. In addition, quite to John’s surprise, even though the sabbatical was only one month, his executive team quickly adjusted and began to establish a successful leadership plan to effectively run his company.
To create a new dream for service and philanthropy is an opportunity to reflect on your skills of compassion and sense of gratitude. C. Michael Thompson wrote in The Congruent Life, that “service is on the outside like prayer is on the inside.” Creating a family foundation or donor-advised fund are a few of the ways that are available for you to give back. It is also an opportunity to engage the next generation and your grandchildren in the process of service and philanthropy. Several of my clients engage their entire family in service projects. As grandparents, you can be quite influential with your grandchildren and assist them in establishing gratitude for the blessings of their lives.
If order for you to begin the process of Life Career Planning in your own life, you can reflect on and answer the following seven questions.
What are your seven most important beliefs?
What are the 10 major steppingstones of your life?
How have these events shaped your life and influenced you in regard to your life plan?
What are the major strengths you have developed as a result of your life experiences?
What are your spiritual gifts?
What is your purpose in life?
What are your talents?
What are you most passionate about?
What is the most natural environment for your life?
Identify the most important elements of the three previous questions and combine them into a sentence that goes as follows: “My purpose in life is…”
7. What is my new dream in relation to:
Work (Achievement)
Family (Intimacy)
Leisure (Play and Creativity)
Service (Compassion & Contribution)
Philanthropy (Legacy – Values)
Health
Purpose (Meaning)
Personal Mastery (Know Thyself)
With an appropriate amount of planning and discussion with your spouse, you can avoid the pitfalls that Dodsworth and Fran encountered. Take the time to engage in Life Career Planning with your spouse to ensure that your golden years are truly the best years of your lives.
About the Author
Tom Hubler is the author of THE SOUL OF FAMILY BUSINESS: A Practical Guide to Family Business Success and a Loving Family (2018). He is a family business advisor and President of Hubler for Business Families. When Hubler began working with family-owned business in 1980, there were very few in the field and he has therefore played a major role in this area, from helping colleges and universities establish family business institutes to his work with countless families and their business enterprises.
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When it comes to marketing your business, your strategy will depend on so many things, but ultimately it can be separated in to two types of strategies – both of which are great for business, but are implemented in different ways and usually at different times in your business.
If you are starting a new venture, you are entering the heady world of entrepreneurship. Your focus will be on your business’s bottom line, and how you can exploit your chosen market to make it as healthy, buoyant and sustainable as possible.
As a fan of classic films, I am always searching for films that apply to family businesses. I recently viewed the 1936 film, Dodsworth, that stars Walter Houston in the title role, as well as Ruth Chatterton and Mary Astor. Dodsworth, an entrepreneur, owns an automobile manufacturing company, who sells his company and retires without a plan for his future—not unlike many real-life entrepreneurs.
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