As the name suggests, demand generation in marketing is aimed at creating awareness and demand for a product or service. Demand generation is not just about discovering the prospects that already exist. It’s about driving the interest of new people who are not aware of what you have to offer. The most effective demand generation strategies focus on the prospect’s problems and then showcase their service as a solution. Please read the blog till the end as we will unveil the best demand generation strategies that you can implement to magnify your revenue.
What Is Demand Generation Marketing?
Demand generation is creating awareness and developing the interest of people in your product or service. The goal of demand gen is to expand audience reach, build trust, strike people’s interest in your services, and generate high-quality leads.
There are different sorts of marketing activities that come under demand generation. These activities start even before the prospect has been identified. If you think that a series of actions ends once the prospect has converted to a customer, you are mistaken.
Your sales and marketing functions must be aligned to carry out a successful demand generation strategy. You need to identify the bottlenecks that might exist between the departments.
Best 5 Demand Generation Strategies
An effective demand generation program creates good engagement and high-quality leads. Now, let us look at some of the best demand generation strategies that can help you reach your revenue targets.
1. Content Marketing
Most B2B marketers and decision-makers agree that content speaks directly and effectively influences the audiences. You can do content marketing in many different ways on social media. There are various content forms that you can use for the same such as blogs, videos, images, infographics, webinars, ebooks, etc.
When it comes to ‘content’, there are no rules. However, you should make sure that your content is impressive, informative, and answer most of the prospect’s questions. Try to make your content interesting by keeping the current social media trends in mind.
2. Account-Based Marketing
For B2B demand generation, using Account-Based Marketing is a great strategy. It mainly focuses on the prospects that have higher chances of closing deals. According to a survey by ITSMA, “Companies saw 74% improvement in customer relationships using ABM.”
Account-Based Marketing is an approach that lets you drive demand for your business from specific companies and individuals. You can run a mix of marketing activities for ABM campaigns, such as email marketing, direct mail, LinkedIn ads, etc. Ensure that you track the responses you get from the ABM demand generation campaigns.
3. Content Syndication
To create awareness and make your content visible to more people, you should leverage content syndication. Content syndication is posting relevant content on different platforms that have your prospective customers. The content syndication strategy can help you to promote your content in front of your target audience.
Content syndication is effective because it is better than a regular sales pitch and increases awareness. This can be explained by the following example. Suppose a key decision-maker is searching for a solution. Your post shows up on a syndication platform and they find your content interesting and relatable. Most probably the prospect would contact you for more information.
4. Lead Scoring
The main goal of demand generation is to produce demand and make prospects take action. But how can you determine the lead’s readiness for sales? Well, for this you can use the lead scoring method. Lead scoring is a method to measure the lead’s sales-readiness based on their engagement and actions.
In lead scoring, the leads are given points based on their online engagement and behavior. This helps the B2B marketers know where the prospects are in their buying journey. For lead scoring, the sales and marketing teams need to come on common ground. They need to determine how many points a prospect should be given for different activities. For example, for viewing a blog post a prospect can be given 2 points and for responding to an email a prospect will get 10 points.
Lead scoring can help in demand generation campaigns. B2B marketers can determine the high-quality leads based on the lead scores and pass them to the sales team. According to a report, “The companies that use lead scoring have seen a 77% increase in their lead generation ROI.”
5. Utilize Automation software
Just imagine you set up all the above demand generation strategies and it starts driving leads into your sales funnel. After that, you need to nurture those leads to push them ahead in the sales funnel. But supposedly there is too much lead volume. Then, the chances are high that some of them might slip due to delays or cracks in your strategy. If you don’t want this to happen then you can streamline your workflow with automation software.
There are many automation softwares that are available in the market that you can look out for. When selecting a tool or software make sure that it has a real benefit and enhances your business’s productivity, conversion, and efficiency.
Wrapping It Up
For a business, it is important to generate demand for its products or services. If there will be no demand then there won’t be any new customers and new deals. That means no business growth which we don’t want. The key to this is understanding customers’ needs, wants and serving them accordingly. You should plan your demand generation strategy with a clear vision and steps that you will take at each stage of the process.