Marketing in the Virtual World: Class of 17th Oct, Case on Hubspot

 Hello Alice!,

The case on Inbound marketing by Hubspot was taken up today in the Marketing for Virtual world class by Jaydeep Mukherjee Sir.

The key takeaways:

• Was hubspot doing anything different other than traditional marketing in different words? (No)
• The first step in marketing anything - DON'T FORGET - is creating a marketing strategy which would then go on to guide your STP and then GTM
• AIDA Model - Awareness, Interest, Desire, Action - Part of the marketing funnel
• Outbound marketing - Push marketing - Getting more people inside the funnel
• Inbound marketing - Pull marketing - When people are inside the funnel, converting them
• Inherently, you are efficient by design when doing inbound marketing compared to Outbound marketing
• Inbound marketing cannot work without Outbound Marketing because you cannot increase efficiency beyond a certain point, after which you just need more customers entering your funnel.
• Customer self selection means that you are not able to target the customers that you want and hence you end up getting a diverse set of customers with different expectations and requirements
• You cannot serve every type of customer.
• To filter out a certain set of customers in customer self selection environment, few ways are: Unbundle the product and let people choose or Price Discrimination - which creates a barrier that eliminates the unwanted set
• Remember to see the customer lifetime value for different set of customers but also don't forget to take into account the total addressable customer segment size for each of these as in totality the values might indicate a different picture
• Another angle  (Vishwanathan's POV) to look at inbound marketing/ DA portion of AIDA  model - is that it is more of a sales problem than a marketing problem - Getting more customers in the funnel in the first place is more of a marketing problem

Alice, what a learning adventure that this class is...hope I open up my point of view even more and see more than my current narrow POV!