Thursday, October 27, 2011

"INBOUND MARKETING" - THE "NEW CONCEPT" IN MARKETING!

QUOTE OF THE DAY!  "Money won't create success, the freedom to make it will."  Nelson Mandela

THE MARKETS"Inbound" Marketing is having the Prospect/Potential Buyer knock on your open door rather than you on there locked door! As opposed to static traditional "Outbound" Marketing, "Inbound" Marketing is evolving with the Power, Breadth and Depth of the Internet, Search Engines, Websites, Blogs and Social media!  This new productive Marketplace is constantly on the move!  Innovation is the constant!  BenefitPlace.biz (BP) and BP Trade Show.com (BPTS) evolved from a Company, Vesta Ltd., that was entrenched in "Outbound" methods and strategies.  BP & BPTS are assisting the Insurance & Benefits Industries make the transition to "Inbound" Marketing to reduce costs, create marketing inefficiencies, and enhance the consumer experience - Individuals and Organizations!

OUR COMPANIESBenefitPlace.biz (BP) and BP Trade Show.com (BPTS) were created after many years of attempting to make our Parent Firm, Vesta Ltd.,  and our Broker Clients more efficient and cost-effective in terms of Client acquisition and retention.  The goal was to "Shorten Selling Cycles", Reduce Marketing Costs, and Increase Revenues!  We had experimented with all forms of traditional "Outbound" Marketing Strategies, ie:
  • Trade Shows
  • Purchasing Lists
  • Cold Calling
  • Call Centers
  • Seminars
  • Mailers
  • Email Campaigns
  • Expensive Advertising
  • etc.
While we were never satisfied with the costs or results, we could not find a viable alternative!  We shared John Wanamaker's frustration: "I know that half of my advertising dollars are wasted; I'm just not sure which half!

In an early iterations of BP and BPTS we experimented with the concept of a permanent Insurance and Benefits related Trade Show in every Metropolitan Area.  These locations were to bring the Providers of Plans, Programs, and Services related to Insurance and Benefits together with Prospects/Potential Buyers.  Rather than utilizing the above "Outbound" strategies in an attempt to generate Clients, the potential Prospects/Potential Buyers would come to the facility to Research and Select the Plans, Programs, and Services to meet their Needs and "Price Points".  This was our first glance at the concept of "Inbound" Marketing!  Unfortunately, this model of physical sites was not feasible given the cost of well located real estate and the crash of the equity and lending markets!

While we were designing our business plan for the physical trade show sites, we had been tracking the maturation of the internet with the capacities to create efficient communications and transactions!  Fortunately for BP and BPTS, the fast moving technologies made it possible to create a virtual Information and Research Center, BeneiftPlace.biz, and a 24/7 virtual trade show, BP Trade Show.com!

As we changed our focus from the physical sites to the virtual sites, we came to realize that a new form of marketing was in its infancy, "Inbound Marketing".  A company named HubSpot in Massachusetts was, and is, a leader in this paradigm shift.  HubSpot, with their constant flow of valuable "free" guidance - combined with their "free" HubSpot Marketing University -  were instrumental in our gaining an understanding of the power of  "Inbound Marketing" and its relationship to the Internet, Websites, Blogs, Social Media, Search Engines, SEO, etc.

We knew we were on the right track when we came upon he following quotes:
  • “If you have more Money than brains, you should focus on Outbound Marketing. If you have more Brains than money, you should focus on Inbound Marketing.” Guy Kawasaki
  • "Rather than interrupt the unqualified masses with traditional marketing strategies such as direct mail, telemarketing and advertising, you can connect with qualified consumers online when they are actively looking for what you offer." PR 20/20
OUR FOCUS - "Inbound " Marketing became the focus of BP and BPTS!  BenefitPlace.biz is an Information and Research Center for the Insurance and Benefits Industries, including: Health& Life (H&L): Voluntary/Worksite; Property & Casualty (P&C) and all of the Service Industries, TPAS, Payroll, Legal, Accounting, etc!  BP Trade Show is a 24/7 Virtual Trade Show bringing the Buyers and Sellers of Insurance and Benefits related Plans, Programs, and Services conveniently together.  At no cost an Individual or Organizations can do their research from the comfort of their home or office and determine who provides the Plans, Programs and/or Services to meet their Needs and "Price Points"!  The Prospect/Potential Buyer knocks on the Providers door - the reverse from traditional "Outbound" Marketing!

THE SHIFTING MARKETS - As Wholesalers, Brokers, Employers, Employees, and Individuals increasingly utilize the internet when researching Insurance and Benefits related Plans, Products, Services, Organizations are shifting budgets away from print advertising, direct mail, cold calling, knocking on doors, traditional trade shows, and seminars toward more measurable and effective "Inbound" marketing strategies.

STATISTICS

  • In 2009 Searches for life insurance information grew to 16.6 million queries, an increase of 15 percent - comScor 2/2010
  • 2009 - 246.8 million internet users in N. America - up 134% - Internet World Stats 
  • 92% shoppers have more confidence in info sought online - WSJ 1/2009
  • Over half (51.0%) of consumers are using the Internet before  making a purchase - Verdict Research 5/2009                                                         
WHAT BP AND BPTS CAN ACCOMPLISH FOR HE INSURANCE AND BENEFITS MARKETPLACE!
 Our Two Main Capacities are: 

  • Delivering Qualified Prospects - Whatever Your Target Markets! 
  • Rolling-Out Existing, New or Updated Plans, Programs and/or Services!
   Our Three Main Goals are:
          "Shortening Selling Cycles" -- Reducing Marketing Costs -- Increasingr Revenues!  
   The Benefits For You are:
• Increased Sales                            • Improved Branding          
• Lower Cost Per Sale                    • Relevant Linking                
• Increased ROI                              • Lead Generation
• Increased Profit Margin                 • Increased Web Traffic 
• Greater Audience                          • Qualified Prospects
• Competitive Advantage                 • Search Engine Optimization
We Provide Affordable Inbound Marketing Strategy!

CONCLUSION - HubSpot notes that "With 'old marketing' techniques, you are trying to reach a broad audience and hope for some small percentage (usually 1-3%) to respond. Looking at this another way, 97% of your marketing is wasted!"

CALL TO ACTION - Allow BenefitPlace.biz and BP Trade Show.com to assist your Organization in reducing wasted marketing and advertising dollars and in building revenues with an "Inbound" Marketing Strategy!  We'll assist your Organization and your Prospect/Potential Buyer in having a more Efficient and Cost-Effective Experience!

PLEASE SHARE YOUR QUESTIONS, THOUGHTS AND IDEAS!  
                      Contact Phil Eide:  Email -  max@benefitplace.biz 
                                                   Phone- 216.921.1583

WELCOME TO BENEFITPLACE!

BenefitPlace hopes you will use this forum to respond to posted comments and share your ideas, questions and expertise related to the overall Employee Benefits and Individual insurance marketplace. Thanks for joining us!