On October 31, 2023, the Reserve Bank of India (RBI) issued a master circular on the import of goods and services titled <a href="https://m.rbi.org.in//Scripts/NotificationUser.aspx?Id=12561&amp;Mode=0">Regulation of Payment Aggregator – Cross Border</a>.&nbsp;&nbsp;

According to the circular, the RBI will regulate all Indian entities facilitating online cross-border payments for the import and export of permissible goods and services. Moreover, these entities will be collectively termed Payment Aggregators Cross Border (PA-CB).

The circular comprises guidelines to streamline the existing cross-border payment framework in India. Previously, cross-border transactions were carried out through Online Payment Gateway Service Providers (<a href="https://www.skydo.com/blog/online-payment-gateway-service-provider-opgsp?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">OPGSPs</a>) as per a circular issued by RBI in 2015.

OPGSPs operate by partnering with an Authorised Dealer (Category I) Bank (AD Bank) and notifying the RBI. According to RBI guidelines, no formal license is needed to function as an OPGSP.

Hence, RBI has issued a circular to establish a concise and clear framework for cross-border payments. RBI will now oversee all cross-border payments in India related to the import and export of goods. The circular applies to PA-CB, PAs, authorised banks and OPGSPs.&nbsp;The PA-CB circular also denotes that there can’t be any new OPGSP.

This blog discusses the key provisions related to the latest RBI circular on the import of goods and services, RBI guidelines for payment gateway, and OPGSP guidelines.

Master Circular on Import of Goods and Services: RBI Bank Guidelines

The following are the key guidelines mentioned in the circular.

The following entities need to adhere to RBI guidelines/instructions provided in the circular.

Here are the key developments included in the new PACB circular.

Categories of Authorisation as per PA-CB Activity&nbsp;

Based on the cross-border payment activity undertaken by the PA-CBs, they can seek authorisation for one of the following three categories.

PA-CB, facilitating cross-border payments for Indian exporters, has to open an Export Collection Account (ECA) with an AD bank.&nbsp;

ECAs can be opened in either Indian currency or foreign currency. In the case of the latter, various ECAs have to be opened for different currencies.

The PA-CBs will credit all export proceeds in the respective ECAs. Additionally, export PA-CBs need to follow the below guidelines:

Similar to export PA-CBs, import PA-CBs have to open an Import Collection Account (ICA) with an AD bank.&nbsp;

They will collect the payment from importers in an escrow account managed by the payment aggregator. It will then be transferred to ICA and will eventually be transferred to the bank account of the foreign merchants.

These entities are allowed to directly onboard foreign merchants, e-commerce marketplaces, or other overseas entities that offer payment aggregation services.&nbsp;

Here are the guidelines Import PA-CBs need to follow.

Those PA-CB who engage in both import and export activities have to comply with the requirements for both Import PA-CB and Export PA-CB.

They also need to ensure that the maximum value per unit of exported or imported goods or services should be ₹25,00,000.

Non-banks who want to provide PA-CB services will have to seek authorisation from RBI. However, before seeking RBI authorisation, it is necessary to register with the Financial Intelligence Unit-India (FIU-IND).&nbsp;

However, RBI has issued the following net-worth criteria for non-banks providing PA-CB services.

The accounts of existing non-bank PA-CB who are unable to meet the net worth requirement will be closed by banks by 31 July 2024.

Snapshot Comparison Between OPGSP Circular (2015) and PA-CB Circular (2023)&nbsp;

Here are the key differences between the OPGSP Circular (2015) and the PA-CB Circular (2023)

Here is the process of seeking approval from RBI for existing or new PA-CBs.

Step 1: Draft the application through Form A, which includes the following parts.

Step 3: The RBI will process the application.

(RBI may raise queries related to various aspects such as shareholding, product processes, etc.)&nbsp;

Step 4: In principle approval from RBI.

Step 5: Filing of system Audit Report

(RBI may raise queries related to SAR audit observations)&nbsp;

Step 6: Final authorisation(state additional conditions that must be complied with)&nbsp;

The evolving cross-border payments environment and the emergence of several OPGSPs and other fintech entities encouraged RBI to issue the circular. Its main purpose is to ensure seamless and more transparent cross-border payment transactions.

Even though regulatory authorities are constantly working on making cross-border payment transactions seamless, transparent, secure, and quicker, businesses often face difficulties in receiving timely payments.&nbsp;

Skydo aims to simplify the cross-border payment landscape for businesses by automating various tasks and helping businesses open foreign bank accounts. <a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Join Skydo today</a> to streamline your invoicing and financial management activities!

Q1. RBI’s master circular on the import of goods and services and cross-border payments applies to which entities?

Ans. AD banks, PAs, and PA-CBs involved in the online processing/settlement of cross-border payment transactions related to the import and export of goods and services have to comply with the guidelines mentioned in the circular.

Q2. What are various compliances according to RBI payment aggregator guidelines for cross-border payments?

Ans. All PA-CBs have to follow the guidelines provided in the circular dated October 31, 2023. Additionally, they also have to follow the various guidelines for payment aggregators mentioned under a circular issued by RBI on March 17, 2020.&nbsp;The circular includes guidelines related to customer grievance redressal and compliance with Baseline Technology Guidelines to ensure fraud prevention and risk management.

Q3. How can PA-CB seek authorisation for facilitating cross-border payment transactions?

Ans. AD banks do not need to seek authorisation to facilitate cross-border payment transactions. However, a non-bank PA-CB can seek authorisation from RBI by sending the application to the Department of Payment and Settlement Systems (DPSS), RBI, Central Office (CO), by April 30, 2024. PA-CB entities must fulfil the minimum net worth criteria before applying to RBI.

 Know more about RBI's circular that mandates payment aggregators to seek authorization for facilitating cross-border transactions by April 30, 2024.

BI’s PACB Circular: Key OPGSP Updates of 2024 to Note 

RBI’s PACB Circular: OPGSP Update 2024 th

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The COVID-19 pandemic is undeniably one of the most memorable events in history, not solely due to the deadly disease that swept across the world but because it ushered in an unprecedented era of remote work. As millions adjusted to life under lockdowns and social distancing, a profound shift occurred.&nbsp;

People discovered more time for hobbies, picked up new skills like cooking, and even ventured into side hustles.&nbsp;

It wasn't just a temporary shift–it was a glimpse into the future of work. Remote work, once seen as a perk, became a lifeline for many, offering benefits such as freedom from commutes, a better work-life balance, and the opportunity to craft careers on their terms.&nbsp;

Remote work has reshaped the worldwide approach to careers, offering unparalleled flexibility and convenience.&nbsp;

In 2023, around <a href="https://www.forbes.com/advisor/business/remote-work-statistics/">12.7% of employees work from home</a>, and 28.2% operate on a hybrid model. 98% of the workers want to work remotely at certain intervals. Currently, 16% of companies all over the world are operating fully remotely.

But it's not just about working in your pyjamas; it's about finding high-paying remote jobs that provide financial security and freedom.&nbsp;

Whether you're a seasoned remote worker looking to level up or someone eager to step into this dynamic realm, this blog will unveil the tools and techniques to navigate this evolving landscape and secure the high-paying remote job of your dreams.

As with any endeavour, the journey of finding high-paying remote positions is both thrilling and challenging. It's a quest that goes deep into the heart of the digital age.

There are industry-specific websites, forums, and social media groups that keep you informed on the latest trends and opportunities in your chosen field. Engaging in the discussion and networking is an excellent idea to help uncover the hidden remote job openings.&nbsp;

Here are the latest remote job trends across various industries and platforms known for offering attractive compensation packages.

The tech industry has long been a leader in remote work adoption. Most companies thrive with remote-friendly roles such as software developers, data scientists, and cybersecurity experts.

High-Paying Roles: Software engineers, DevOps engineers, machine learning engineers, and cloud architects are among the highest-paying roles in this sector.

Where to Look: Job boards like <a href="https://stackoverflow.co/company/work-here/">Stack Overflow Jobs</a>, <a href="https://github.com/about/careers">GitHub Jobs</a>, and industry-specific platforms like <a href="https://www.dice.com/">Dice</a> are excellent resources for tech-related remote jobs.

<a href="https://www.reddit.com/r/cscareerquestions/">Reddit's r/cscareerquestions</a> is a popular subreddit for computer science and tech career advice. It often features discussions on remote work opportunities and job postings.

Additionally, <a href="https://github.com/orgs/community/discussions/">GitHub's community</a> forums can be an excellent place to connect with fellow developers and discover remote coding jobs.

The finance industry has been gradually embracing remote work, particularly in roles that don't require physical presence in the office. Fintech companies are leading the way.

High-Paying Roles: Financial analysts, investment bankers, data analysts, and blockchain developers are examples of high-paying roles in finance.

Where to Look: Job boards like <a href="https://www.efinancialcareers.com/">eFinancialCareers</a>, Remote Finance Jobs, and finance-focused LinkedIn groups can help you discover remote finance positions.

While primarily focused on finance careers, <a href="https://www.wallstreetoasis.com/the-talent-oasis/candidates">Wall Street Oasis</a> often discusses remote positions, especially in the fintech and financial technology sectors. Furthermore, numerous finance-related LinkedIn groups share remote job postings and industry insights.

Telemedicine has surged in popularity, creating a growing demand for remote healthcare professionals. Administrative roles in healthcare settings also increasingly offer remote options.

High-Paying Roles: Telemedicine physicians, nurse practitioners, healthcare data analysts, and healthcare IT specialists can find high-paying remote positions.

Where to Look: Explore platforms like <a href="https://practo.app.param.ai/jobs/">Practo</a>, <a href="https://workat.doximity.com/positions/">Doximity</a>, and specialised telemedicine job boards for opportunities in healthcare.

The <a href="https://www.americantelemed.org/">American Telemedicine Association (ATA)</a> online community includes discussions about telemedicine jobs, regulations, and trends. Additionally, the Telemedicine and Telehealth Professionals LinkedIn Group is a dedicated LinkedIn group for telemedicine professionals, featuring remote job opportunities.

The marketing industry has adapted well to remote work, especially in the digital marketing realm. The shift to online advertising and e-commerce has fueled demand.

High-Paying Roles: Digital marketing managers, content strategists, and data analysts often command high salaries.

Where to Look: Job boards such as <a href="https://www.hubspot.com/careers">HubSpot Careers</a>, <a href="https://contentmarketinginstitute.com/">Content Marketing Institute</a>, and digital marketing-focused LinkedIn groups are great starting points.

Growth.org (known as Inbound.org), a marketing-focused community, often discusses remote marketing roles and strategies. Various digital marketing groups on Facebook and LinkedIn cater to digital marketing professionals, sharing remote job listings and best practices.

Remote learning and the growth of EdTech have created opportunities for educators, instructional designers, and tech professionals in the education sector.

High-Paying Roles: Online course instructors, instructional designers, curriculum developers, and educational technology consultants can find well-compensated remote positions.

Where to Look: Websites like <a href="https://www.higheredjobs.com/">HigherEdJobs</a>, <a href="https://www.coursera.org/">Coursera</a>, and industry-specific education job boards are excellent resources.

<a href="https://www.edsurge.com/">EdSurge's community</a> forums delve into education technology (EdTech) and often share remote job opportunities in the education sector. You can also join LinkedIn groups focused on education and technology to discover remote roles.

With changing trends and job roles, there’s a shift in the skills required to accomplish the job itself. Many companies recognize outstanding talent, which raises the importance of accessing the necessary skills. Some of the most required ones include adaptability, communication skills, self-discipline, and problem-solving. However, there are additional job-specific skills with which you need to acquaint yourself.&nbsp;

To acquire these skills, you can opt for online courses that help you earn certifications. There are open-source projects available that help you build a portfolio.&nbsp;

When applying for remote jobs, your resume is vital in showcasing your qualifications and convincing employers that you're the right fit for a remote work environment.&nbsp;To get started, you can use a professional <a href="https://www.adobe.com/express/templates/resume">resume template.</a> Here are some tips for tailoring your resume to remote job applications effectively.

Considering you are applying for a remote job role, employers and recruiters will look to get to know you online. Therefore, A solid online presence is a valuable asset for remote job seekers. The presence helps you increase visibility and showcase your skills, experience, and expertise to your potential employers.&nbsp;

LinkedIn remains one of the most powerful tools for any professional.&nbsp;

Creating a LinkedIn profile is simple. Ensure you have a professional photo, a compelling headline, a summary of your work, and your work experience. Connect with professionals in your industry, join relevant groups, and actively engage in creating posts and sharing them. LinkedIn has made it easier to create a compelling profile by curating <a href="https://www.linkedin.com/business/sales/blog/profile-best-practices/17-steps-to-a-better-linkedin-profile-in-2017">additional tips in their blog</a>.

You can also showcase your skills and certifications. It's a good idea to ask your fellow mates for a recommendation.&nbsp;

A personal website is another excellent way to present your skills and expertise to the world. Creating an online website allows you to present your work, projects you've worked on, and achievements.&nbsp;

You can add a blog section to your website and have interesting insights, articles, and tutorials related to your field. Doing this helps you establish yourself as an experienced professional in your niche. 

If you are in the tech industry, GitHub is a perfect place to showcase your projects, code samples, and code studies demonstrating your abilities. Being an open-source project, you can collaborate with developers and build a professional profile.&nbsp;

4. Social media groups and online communities

You might land a high-paying remote job by engaging in online communities and social media groups related to your field. You can share your knowledge, ask questions, and build your reputation here. You also connect with professionals and mentors who can help you provide job roles.&nbsp;

Many virtual conferences, webinars, and networking events occur regularly. It is a great idea to attend these events. It helps you connect with professionals and build a network of your own. Conferences are also beneficial for getting industry insight, emerging trends, and other information. 

Once you impress your employer with an outstanding resume and strong online presence, an interview is bound to follow.

Virtual interviews have become a common part of the remote job application process. Preparing for and excelling in these interviews is crucial to securing your desired remote position. Here are some insights and tips to help you navigate remote <a href="https://www.skydo.com/blog/strategies-for-recruiting-top-talent-for-early-stage-startups?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">job interviews</a> effectively.

Research the company, its culture, and the role you're applying for. Familiarise yourself with the company's products/services, mission, and values. Be ready to explain how your skills and experience align with the company's goals.

Ensure your computer, webcam, microphone, and internet connection are working. Test the video conferencing software (e.g., Zoom, Microsoft Teams) to avoid technical issues during the interview.

Choose a quiet, well-lit space for your interview. Make sure the background is clean and uncluttered. Remove potential distractions and inform household members about the interview to minimise interruptions.

Dress as you would for an in-person interview, even though you're at home. Professional attire makes a positive impression and helps you feel confident.

5. Practice Good Eye Contact and Body Language

Look into the camera when speaking, not at your image on the screen. Maintain good posture, sit up straight, and use natural gestures to convey your enthusiasm and engagement.

6. Prepare for Common Interview Questions

Be ready to answer <a href="https://blog.interviewsidekick.com/50-behavioral-interview-questions-2024/">typical interview questions</a>, such as "Tell me about yourself," "Why do you want to work here?" and "What are your strengths and weaknesses?" Tailor your responses to highlight your suitability for remote work.

During the interview, emphasise your skills related to remote work, such as time management, self-discipline, effective communication, and adaptability. Provide specific examples from your previous work experiences. Using<a href="https://in.indeed.com/career-advice/interviewing/how-to-use-the-star-interview-response-technique"> the STAR method</a> is a good idea.

Prepare thoughtful questions to ask the interviewer about the company's remote work policies, team dynamics, and expectations for remote employees. This demonstrates your genuine interest in the role and remote work environment.

Mute your microphone when you're not speaking to minimise background noise. Avoid interrupting the interviewer and wait for them to finish speaking before responding. Use the chat feature for clarification if necessary.

Everyone enjoys working in an environment that offers flexibility and an excellent work-life balance. However, when assessing your remote job, you must read your job offer carefully before jumping the gun. Consider the following parameters.

Is the base pay and performance bonus per your expectations? Will you be happy working on the negotiated amount? What types of compensation are offered?&nbsp;

Does the employer offer health, dental, and retirement benefits?&nbsp;

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"Should I send a payment reminder to the client? It's been 10-15 days past the invoice due date, and the client is yet to process the payment.” This dilemma is not uncommon. But here's what you should know.&nbsp;

According to <a href="https://fedpaymentsimprovement.org/wp-content/uploads/path-to-faster-payments.pdf">Chaser's Delayed Payment Report 2022,</a> around 87% of businesses receive payments after the invoice due date. However, 90% of businesses that follow up on their invoices receive payments within a week.

Yet, once you decide to send a payment reminder, more questions follow - "How to send a polite payment reminder to the client?" "When to send a payment reminder to the customer?" If you have been stressing too much over the pending invoices, you need to have a payment reminder system/process in place.

Instead of writing a follow-up email or text directly and being unsure whether the client has received the reminder, there's a better way to sort this out with Skydo's payment platform.&nbsp;

Let's understand the challenges of late payments further, explore the benefits of sending automated payment reminders with Skydo, and how you can use this payment system to optimise your business activities.

The Causes and Challenges of Late Payments

According to the <a href="https://www.fsb.org.uk/resources-page/time-is-money-late-payments-stifle-small-businesses-report-shows.html">Delayed Payments Report,</a> the major cause of payment delays is the power gap between small sellers and large buyers. This often forces suppliers to agree to more than 45 days of payment cycle. Insufficient funds with the buyers and delays in submitting invoices are the two other significant reasons causing delays.&nbsp;

Interestingly, often there is no particular reason for the delay in payments other than business culture. Clients are unbothered if the payment gets delayed. However, your company may hesitate to chase the payments to protect the relationship with the client. Sending automated payment reminders is one of the best ways to manage such situations as it seems less hostile.

Now even if you decide to send payment reminders, there is another series of challenges like the inability to chase payments because of lack of time and resources and tracking invoice due dates. This is primarily why automated payment reminders are necessary for businesses to overcome the following challenges caused by delayed payments.

A study on nudging for debt collection tells that debtors do not necessarily delay payments because of lack of liquidity or intentionally. Surprisingly, there is a <a href="https://www.researchgate.net/publication/369313471_Increasing_Public_Debt_Collection_with_Nudging">behavioural approach</a> to delay payments. Lack of attention and a tendency to procrastinate is what causes delay. However, people are receptive to simple and polite payment reminders.

Therefore, one of the best ways to make your payment system smooth is to use an automated invoice management and account receivables platform like Skydo that sends quick and polite payment reminders to the client within a few seconds.&nbsp;

According to the <a href="https://www.pymnts.com/study/b2b-payments-innovation-readiness-report-american-express-september-2020/">B2B Payments Innovation Readiness Report</a>, businesses with a manual account receivables process are likely to experience a 30% delay in receiving payments compared to organisations that have an automated process to receive payments.

Hence, the following are the key features and benefits of using Skydo for payment reminders.



1. Sending payment reminders in one click

With Skydo, you do not have to worry about writing, scheduling and tracking payment reminder emails. You can click “Send a Reminder” by opening an unpaid invoice on the dashboard, previewing the reminder email and sending it to the client with minimum manual effort.

2. Check if your client has seen your reminders

Often, when you send reminder emails to clients, you cannot determine whether they have received or read them. With Skydo, A bonus with sending reminders through Skydo is the ability to track its status.&nbsp;

You can view when the client has opened the reminder. It allows you to plan your reminder emails accordingly and take appropriate action in case a payment is overdue for a long time.

Skydo provides a comprehensive overview of all the reminder emails sent to a client and when the emails were viewed. This feature is beneficial in case a client fails to pay the invoice or a client disputes the invoice after sending multiple reminder emails.

Beyond ensuring timely payments, this and various other features on the dashboard help accelerate business growth. Here’s how.

The faster businesses send invoice reminders, the faster they pay. It leads to various benefits and company growth in the following ways.

Time saved from manual follow-ups including stats

Manual payment overdue follow-up is <a href="https://www.pymnts.com/study/b2b-payments-innovation-readiness-report-american-express-september-2020/">67% more time-consuming</a> than automated processes. Instead, you can schedule a reminder on Skydo to follow up with the client every 10 or 15 days or any other period. Thus, Skydo reduces manual efforts and helps boost business productivity.

Streamlined payment tracking and reconciliation

The entries related to sent invoices and account receivables are automatically and accurately stored in <a href="https://www.skydo.com/blog/a-quick-guide-to-using-the-skydo-platform?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Skydo's dashboard</a>. Thus, it not only provides an overview of the revenue generated for your business but also detailed information related to payments. This helps businesses with the reconciliation of their payments and following statutory compliances&nbsp;

Improved focus on core business activities

Skydo enables tech exporters to <a href="https://www.skydo.com/blog/checklist-for-your-accountant-to-get-money-from-us?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">receive payments easily from foreign clients</a>. Thus, it prevents disruption in cash flow and allows businesses to spend their time and resources on core business activities.

Learn more: <a href="https://www.skydo.com/blog/seamless-payment-experience-with-international-bank-accounts?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Enjoy Seamless Payment Experience by Creating International Bank Accounts in Just 5 Minutes</a>

Skydo's dashboard gives a holistic view of the invoices sent, when the payment was received, revenue generated, and payment overdue. You can export the data as an Excel sheet for business reporting and in-depth analytics of the company's financial position.

Tracking customer payment trends to create your cash forecast report

The data captured on the Skydo platform provides the necessary insights to understand customer payment patterns and compare them against prevailing market trends. It helps with strategic financial planning to ensure continuous cash flow and prepare budgets for operations and new initiatives.

Sending several payment reminder emails personally to clients can make you come across as rude and strain your relationships with clients. However, clients are less likely to mind polite automated reminder emails several times. Automated reminders demonstrate professionalism.

Here are a few ways you can receive payments timely and optimise your cash flow.

Learn more: <a href="https://www.skydo.com/blog/monitor-receivable-payments-with-skydo-payment-tracking-feature?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">Monitor Receivable Payments With Skydo’s Payment Tracking Feature</a>

Skydo is a holistic payment solution that provides end-to-end invoicing and payment services for tech exporters. From creating and sending invoices, and receiving foreign payments smoothly, to reconciliation of account receivables, Skydo makes the entire payment process seamless for tech exporters.

Further, it enables businesses to create and send invoices timely, check the status of each invoice, send reminders, track when the reminder was viewed by the client, and view the history of payment reminders sent to a client. All of this is available on a single click on Skydo's platform to save up on manual efforts.&nbsp;

<a href="https://www.skydo.com/?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=demo_click">Request a demo</a> on Skydo today to receive timely payments and boost your business' efficiency.

Receive Timely Payments with Skydo's Automated Reminder Feature

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"Customer service shouldn't just be a department; it should be the entire company", says <a href="https://hbr.org/2010/07/how-i-did-it-zapposs-ceo-on-going-to-extremes-for-customers">Tony Hsieh</a>, the CEO of Zappos, a shoe and clothing retailer company. The quote explains how the customers are the backbone of any business.&nbsp;

But how do you seek customers for your business? Through lead generation. This process involves building brand awareness and attracting potential leads which are then nurtured and converted into customers.

There are two ways: outbound leads and inbound leads.&nbsp;

Inbound leads revolve around creating content and strategies that naturally draw potential customers to your business. This includes methods like content marketing, social media engagement, and Search Engine Optimisation (SEO), which aim to make your business more discoverable to those already interested in your products or services.

Outbound leads involve actively reaching out to potential customers. This is often done through methods like cold calling, email marketing, or targeted advertising. In this case, you're contacting potential leads who may not have previously shown interest in your business.

<a href="https://www.salesmate.io/blog/lead-generation-statistics/">61% of marketers</a> consider lead generation as the most challenging task of growing a business. Therefore, organisations use multiple inbound and outbound lead generation strategies to increase business growth.

Let's delve deeper into how inbound vs. outbound lead generation works and how to optimise the lead generation and conversion process.

The term inbound marketing was introduced in 2005 by Brian Halligan and Dharmesh Shah in their book "<a href="https://www.goodreads.com/book/show/6184071-inbound-marketing">Inbound Marketing</a>". They explained that the way people want to communicate has undergone a massive revolution, and the modern way for businesses to get more customers is "instead of interrupting, work on attracting".

There is no doubt that the Internet has played a major role in transforming the shopping experience for people. However, the book explains that marketing is different because people have learned to block marketing calls and emails. Customers would rather do their research before buying a product instead of listening to a sales rep.&nbsp;

There are three main places people find information before making a purchase - Google search, the blogosphere (informational blogs published on websites), and the social media sphere, which comprises social media platforms like Instagram, Facebook, LinkedIn, YouTube, and X (previously Twitter).&nbsp;

Utilising these and other similar platforms to market your products are services is called inbound marketing. It focuses on marketing products in a way that appeals to potential customers.

Inbound leads meaning is the customers who find you, who are interested in your product and services and who want to buy them. Instead of you reaching out directly to the customers, inbound leads come to you.&nbsp;

But how does that happen? You create value for the customers and help them understand what your product or service can do for them.

According to the author Marcus Sheridan, the mantra to understanding and succeeding in inbound marketing is "<a href="https://www.goodreads.com/en/book/show/30557185">they ask, you answer</a>". She explains this as a business philosophy which encompasses how you communicate with the customers, the company culture, and even how sales are made.

To get inbound leads, businesses have to act as teachers and be obsessed with how their customers are thinking, feeling, fearing, or asking. Essentially, you need to <a href="https://www.skydo.com/blog/customer-journey-mapping-the-secret-sauce-of-global-companies?utm_source=blogs&amp;utm_medium=website&amp;utm_campaign=post_link">step into the shoes of the customer</a> and think of all possible questions you can answer for them so that your business becomes the go-to source for them.&nbsp;

Keeping this philosophy in mind, here are a few practical strategies to get inbound leads.

Now you know what are inbound leads and how to build an inbound lead strategy, how does it impact your business? Let's understand.

As opposed to inbound marketing which uses a passive approach, outbound lead generation is a proactive strategy of reaching out directly to potential customers.

The purpose of outbound lead campaigns is to directly initiate communication with potential customers. It is also a quick way to increase awareness about your product.

Here is how you can leverage the latest technologies to execute successful outbound lead generation campaigns.

Even though outbound leads require more cost and resources compared to inbound leads, they are highly beneficial for businesses in the following ways.

Here are the key differences between inbound vs. outbound leads:

Choosing the Right Approach for Your Business

Businesses need to leverage various channels and platforms to get leads such as content marketing, social media marketing, email marketing, and more. However, the strategies must be tailored to your business needs. Here are a few effective tips to build a lead generation strategy.

Not all qualified leads can be successfully converted. The average lead conversion rate across 14 industries including agency, eCommerce, legal, tech, and finance is merely <a href="https://www.ruleranalytics.com/blog/insight/conversion-rate-by-industry/">2.9%.</a> This means that out of every 100 leads, nearly 3 of them get converted. This explains how challenging lead conversion is.&nbsp;

Here are a few tips to help you maximise lead conversion:

1. Nurture inbound leads through personalised content pathways

To effectively nurture inbound leads, personalised content pathways are key. Personalised communication can increase lead conversion chances by <a href="https://www.salesmate.io/blog/lead-generation-statistics/">63%</a>. Address your prospective customer’s pain points and offer tailored recommendations. Equally crucial is featuring personalised Call to Action (CTA) buttons on your website and social media content.

Utilising heat maps is another valuable tool. They visually show where leads tend to drop off on your web pages, helping you strategically place CTAs in those areas for improved engagement and lead conversion.

2. Implement lead scoring to prioritise outbound leads

Lead scoring is the process of ranking leads according to their characteristics, engagement rates such as email clicks or website visits, company size, and other factors.&nbsp;

It helps determine priority leads that have high conversion chances and focus on those leads. For the remaining leads, you can execute lead nurturing campaigns.

3. Continuously optimise and refine lead generation strategies

The most common way to test which strategy works better is A/B testing or split testing, which involves creating two separate versions of content and splitting your target audience into half. Now, display each version to one-half of the target audience. This helps determine which campaign or strategy can get better engagement and boost business growth.&nbsp;

Lead generation is the cornerstone of customer acquisition. Understanding inbound and outbound methods is crucial for tailoring a successful strategy.

Inbound marketing focuses on organic attraction, leveraging content, SEO, and social media. It's cost-effective, with higher conversion rates.

Outbound lead generation is proactive and best for B2B and high-value sales. It offers control, quick results, and efficient engagement.

Combining both strategies maximises impact. To optimise lead conversion, focus on personalised content, lead scoring, and continual strategy improvement through A/B testing. Adapt your approach to align with your audience, business goals, and available resources for lasting growth.

Ans: Inbound leads refer to potential customers who initiate contact with a business through various channels such as websites, social media, or content marketing. They express interest in the products or services offered without direct solicitation.

Q2. What are the key differences between outbound and inbound marketing?

Ans: Outbound marketing involves proactive outreach to potential customers, while inbound marketing focuses on attracting leads through content, SEO, and social media. Inbound is more permission-based, whereas outbound is interruptive.

Q3. What is the difference between inbound and outbound planning?

Ans: Inbound planning centres on creating content to attract leads naturally. Outbound planning involves strategic outreach through methods like cold calling or email campaigns to generate leads actively.

Q4. How quickly should you contact inbound leads?