Can a company today survive on inbound marketing alone?

Having recently read about a company called HubSpot in a Harvard Business School article (HubSpot: Inbound Marketing and Web 2.0, dated January 2011) and their philosophies pertaining to marketing, the question arises as to whether or not companies need to continue their traditional forms of outbound marketing.  As direct mail, telemarketing, TV and radio advertising, and traditional advertising in newspapers, journals and magazines has become less effective and more costly, should marketing dollars continue to be spent this way?  Or, can firms refocus their attention and spending on methods that draw leads that will more likely translate into paying customers?

Through the utilization of whitepapers, blogs, webinars, eBooks, videos, podcasts, social media, etc., companies can provide the information customers are looking for in order to make educated buying decisions.  They can illuminate those who wish to know more in an intelligent manner, which in itself will be persuasive in getting someone to go beyond just looking and actually buying.  The concern is whether or not their potential customers are computer savvy enough to ask the right questions and look in the right places for answers.  Has the company properly set up their websites and electronic documentation in such as way as to be easily found through search engines, providing a direct pathway from customer to company?  As there is more and more competition on the web, will the company be crowded out and relegated to positions further down on the list of search results?

I don't believe that most companies could survive on inbound marketing alone.  They need to continue using outbound marketing, depending on the size of their target markets, as well as the uniqueness and value of their products or services.  If there is little differentiation between their product and that of the competition, and there are many of them out there, then they need to bombard potential consumers with reminders that they exist and why customers should consider buying from them.  Perhaps they need just enough advertising to direct customers to inquire for more information and now take advantage of the materials used for inbound marketing.  If nothing else, outbound marketing can concentrate on brand awareness.  It may be product specific or more general, if the company produces many different types of products.

A second purpose for outbound marketing is to show people solutions to problems, especially when the customers don't even know a problem exists.  If you didn't know you had a problem, then what would compel you to search the internet for a solution?  Here inbound marketing does not work at all.  Yet with a little information to get their attention, to make them aware, this potential customer will now have the motivation to consider something that previously would never have crossed their mind.  Consider the new Ford Focus that has active park assist for parallel parking.  Although many people may have difficulty parallel parking, how many would have thought there might actually be an affordable vehicle that would do it for them?  How many would have done an online search to look for such a solution?  With traditional advertising, Ford has just made an entire population aware of this innovative technology.  By the way, did you know it was launched in mid-2009?  Perhaps this was available only on their higher-end vehicles, but it was news to me this year with all of the advertising for the Ford Focus.  Now consumers know it exists and are more likely to search online to see if it is available on their preferred make of car and not just Fords.