M2.1 Outbound vs Inbound Prospects

Overview

This piece primarily focuses on understanding the concepts of inbound and outbound prospects in a sales context. Inbound prospects are those who actively show interest in a company’s offerings, such as subscribing to a newsletter or interacting with the company’s marketing efforts. Outbound prospects, on the other hand, are individuals or entities identified and contacted proactively by a company, often requiring more effort to convert into customers. The article uses a wedding photographer as an example, highlighting strategies for attracting both inbound and outbound prospects. It concludes that while outbound leads may require more effort to convert due to lack of prior interest, effective sales and relationship building can increase the likelihood of securing bookings.

By The End of This Lesson Students Will Be Able To

1. 1. Define “prospect” in the context of a company’s sales process, signifying a potential customer who has shown interest in a company’s product or service.
   2. Differentiate between inbound and outbound prospects.
      • Inbound prospects actively express interest in a company’s offerings, such as subscribing to a newsletter or interacting with social media content.
      • Outbound prospects are individuals or entities identified and contacted proactively by the company, typically requiring more effort for conversion.
   3. Identify the main sources for inbound prospects for a wedding photographer:
      • Effective use of social media through organic and inorganic growth.
      • Utilization of Search Engine Optimization (SEO) for higher website visibility.
      • Encouragement of online reviews and testimonials.
      • Engagement in blogging and content marketing related to wedding photography.
   4. Describe the flow of outbound prospects for a wedding photographer:
      • Employing cold approaches to potential clients.
      • Utilization of direct mail marketing techniques.
      • Following up with past clients for referrals.
      • Participation in wedding expos and fairs.
      • Building networking and partnerships with other wedding industry professionals.
   5. Understand that outbound leads typically require more effort for conversion, due to the lack of prior interest or familiarity with the photographer’s work. However, effective sales skills and relationship building can establish rapport and trust, increasing the likelihood of securing bookings.

Course Content

Outbound vs. Inbound Prospective Customers

The term “prospect” refers to a potential customer or client who has demonstrated some level of interest in a company’s product or service. They may have interacted with the company in some way, such as by visiting their website, inquiring about their offerings, or engaging with their marketing materials. Businesses often identify and engage with prospects as part of their sales process to convert them into paying customers.

Inbound and outbound prospects differ in how they are identified and engaged by a company:

1. Inbound prospects: These are individuals or organizations that have actively shown interest in a company’s product or service by initiating contact or engaging with the company’s marketing efforts. This can include filling out a form on the company’s website, subscribing to their newsletter, or engaging with their content on social media. Inbound prospects are typically considered more likely to convert into customers because they have already expressed some interest in the company’s offerings. The sales process for inbound prospects usually involves nurturing the relationship and providing additional information to help them make a purchase decision.
2. Outbound prospects: These are potential customers that a company proactively identifies and contacts, usually through cold calling, email campaigns, or other direct outreach efforts. Outbound prospects have not necessarily shown any interest in the company’s products or services before being contacted, so they may require more effort to convert into customers. The sales process for outbound prospects often involves identifying their needs, educating them about the company’s offerings, and persuading them to consider making a purchase.

In summary, the main difference between inbound and outbound prospects lies in how they are identified and engaged. Inbound prospects have already shown interest in a company’s offerings, while outbound prospects are proactively contacted by the company in an attempt to generate interest.

Inbound prospect sources for a wedding photographer:

1. Social media presence: Creating a Strong Brand Presence on Social Media that encourages people to contact your for pricing. Social Media can be done by either (a)Organic growth in social media is fueled by both the creator and clients sharing their work, resulting in increased visibility and engagement. As the creator shares high-quality content and clients share their positive experiences, this combined effort expands reach and attracts new potential clients through word-of-mouth and social proof or  (b)Inorganic growth in social media refers to the use of paid advertising or sponsored content to increase visibility, engagement, and audience size on social media platforms. This approach involves investing in promotional campaigns, such as running ads
2. Search engine optimization (SEO): Optimizing their website for search engines to attract organic search traffic from couples looking for wedding photographers. Or even paying for google keywords to be at the top the search results
3. Online reviews and testimonials: Encouraging satisfied clients to leave reviews or comments on social media if they are pleased with the work 
4. Blogging and content marketing: Creating and sharing informative content related to wedding photography, such as tips for choosing the right photographer, wedding photo ideas, and more.

Outbound prospect flow for a wedding photographer:

1. Cold approach: Making contact and generally being nice and social with couples you notice around.
2. Direct mail marketing: Sending out brochures, postcards, or other promotional materials to a mailboxes of targeted residentials areas or businesses
3. Referrals: Following up with past clients: Reaching out to previous clients to remind them of the photographer’s services and asking them for a list of couples they know will be getting married for you to call
4. Wedding expos and fairs: Participating in industry events where couples can discover the photographer’s services and make inquiries.
5. Networking and partnerships: Collaborating with other wedding industry professionals, such as planners, venues, and florists to incentivise them to refer you to customers or give you the customers phone number. 

Outbound leads are typically colder than inbound leads because they have not actively sought out or shown interest in a wedding photographer’s work prior to being contacted. These potential clients may not be familiar with the photographer’s style, portfolio, or reputation, which can make them more hesitant or cautious during initial interactions. However, if a wedding photographer is skilled in sales and relationship building, they can successfully overcome these initial barriers and win over outbound leads. By effectively showcasing their work, understanding the needs and preferences of the prospect, and demonstrating the value of their services, a talented photographer can establish rapport, trust, and credibility with outbound leads, ultimately increasing the likelihood of securing bookings, regardless of the prospect’s initial familiarity with their work.

Cognitive Engagement Questions