What do TOFU, MOFU and BOFU have to do with business development?
Ask any sales or business development executive what they would like more of, and chances are they’ll say leads. Go a little deeper and they’ll tell you that all leads are not created equal. So, the challenge for the marketing function of a company is to engage in activities that will generate targeted leads, prospects that have BANT: the Budget, the Authority, the Need and the Timing to make a purchase decision now.
So, how do you generate the right kind of leads for your company? Wouldn’t it be great to pull in leads as if you had a magnet, as opposed to shouting to them with a bullhorn? Well, that’s where inbound marketing comes in.
Using inbound marketing to generate leads and new business affects how you think about business development, and your biz dev strategy in turn will affect how you use inbound marketing. For example:
Are you looking for more leads from your current target?
Are you looking to enter a new market with a new product or service?
Do you want to emphasize new customers, or gaining more revenue from current customers?
Knowing the answer to these types of questions will drive content marketing strategy and development, the types of offers and CTA’s (calls-to-action) that are deployed, etc.
Inbound and Biz Dev
How do inbound marketing techniques affect business development activities? For one thing, inbound prompts companies to develop more complete buyer personas, i.e. comprehensive descriptions of their target audiences. This step is critical to generating content that is relevant to those audiences. Inbound can help pull a prospect through the marketing funnel, so a sales rep can approach a prospect at the point where they’re ready to buy.
And what about TOFU? I think I’ve teased you long enough! Well, we’re not talking about food here. TOFU refers to Top of (marketing) Funnel. And you guessed it, MOFU and BOFU are Middle of Funnel and Bottom of Funnel, respectively. Inbound can help at each stage of the marketing funnel, providing a path for your prospect to travel from stranger, to visitor, to lead, to customer:
TOFU: Offer educational materials – Ebooks, white papers
MOFU : Case studies, testimonials
BOFU: Free trials, free assessments, contacting company
Inbound Marketing can be your 24/7 sales assistant, nurturing your prospects to peak ripeness, ready to be plucked by your sales force!