Push or pull,which marketing strategy match your business profile?
One of the most complex issues in every industry, and in the travel industry particularly, is the ability to bring in new customers. Modern life is intense and full of distractions. Therefore, organizations face a huge challenge in getting the attention of potential customers. In essence, there are two main marketing strategies: Push and Pull.
Think about an insurance sales rep. that calls you over the phone and pushes you to purchase a life insurance policy. This is an example of the Push strategy. In contrast, the Pull strategy usually requires you to establish a prior relationship. It establishes trust between the organization and the potential customer. So, the main question is which strategy should you choose? Push or Pull?
Generally speaking, in marketing you need to use both. However, pull strategies are more efficient compared to Push strategies. So, you have a big incentive to consider it. In this article, I will present the inbound marketing strategy, which is an example for the Pull strategy.
Recently I was invited to a Facebook group, Secret Cyprus – a different vacation. The group was created by Overseas, a company that specializes in organizing vacations in Cyprus. The goal of this group is to provide information and recommendations for consumers that want to set their trip in Cyprus. The company provides answers to peoples’ questions for free. Moreover, they generated a document with detailed information for public use.
From a marketing point of view, Overseas position themselves as market experts when it comes to vacations in Cyprus. So the next time consumers think “Cyprus”, they will think “Overseas”. This is exactly the core of inbound marketing strategy – to create a relationship that will establish trust.
How to implement inbound marketing strategy in the travel space:
Stage one: Pull the customer. In this stage you want to attract the prospect’s attention by providing him / her with valuable information in your Blog, Facebook page and more.
Stage two: Convert the prospect. You want to convert the prospect to a qualified lead by using a form, chat, phone or any other digital communication. The main takeaway is to use the most personalized communication channel. For example, if you sell a trip to a private consumer, a chat can be a great tool, while if you are dealing with corporate travel, a chat may not be the best choice.
Stage Three: Close the deal. At this stage you want to build an attractive offer to your qualified lead. This is an iterative process, since the lead wants to make changes; thus, you need to be responsive and move fast. Apex automates this process so that you can win new clients.
Stage Four: Make the customer an ambassador. The biggest asset a business has, is when its customers bring in new customers (Word to Mouth). You can measure viral marketing by K factor. In a nutshell and without discussing academic details, let us assume that the cost of acquiring a new customer (CAC) is $30. Additionally, let us assume that every 5 customers that you acquire, will win you a new customer (due to a recommendation by another client). This means that your customer acquisition cost (CAC) decreased to $25 (from $30). If you succeed in turning your customers into ambassadors, you will completely change the way your business operates and grows.
Do you want to discuss how to implement inbound marketing for your business? Ask us and we will assist you.