What is demand generation and ways to build a successful demand generation system
What is demand generation?
According to Hubspot “Demand generation is the marketing system and engine that bridges the gap with your company’s sales and revenue operations. It may include multiple touch points, from blogging, to email list creation, to social media promotion — all inbound marketing tactics that are part of a company’s overall demand generation strategy.”
Let us simplify it – It is generation of demand for a business’ products or services.
Let’s broaden it – It is brand awareness of your products and services through various marketing mediums. It’s about identifying potential prospects and generating promising buyers for your business.
Why demand generation is important?
According to Marketo.com 89% of marketers say that demand generation is either an important or primary focus for them.
Long-term and bigger picture marketing and sales system
Businesses fail to vision a big picture for demand generation. It is not a quick fix method to get customers for business, an email blast doesn’t help businesses in long-term business development and demand generation.
It is gradual, comprehensive and strategic process of creating awareness about your products and services in the market. It’s about creating trust in the market to get more leads and customers.
It is creating magnets to attract and engage future customers through different marketing programs to your product and services. Demand generation programs helps companies to reach new markets, create buzz around your brand to engage prospect and re-engage existing customers.
Benefits of demand generation?
Demand generation helps in qualifying leads and generating highly qualified leads for sales team.
The goal of demand generation is branding, positioning, creating interest and change perspectives and build trust in the market place.
It helps in search engine optimization and audience engagement.
It is proven ways to generate traffic and lead for businesses.
Ways to create demand generation for your business
1 Provide Free Resources Tools, Resources, Reports etc
Demand generation is all about awareness and creating interest in your brand that’s why you provide most of your resources and tools for free which benefits your audience. The process involves sharing your tools and resources with potential customers expecting nothing in return.
Understand what you have and create best service, resource, tool and give it free to your market.
Create free tool, apps, software, resources like “free seo analysis” etc to spread brand awareness. The tools must be relevant to your business and helpful to your targeted audience.
Create free resources like whitepapers, case study reports, templates to share industry knowledge and insights. Give away free stuffs like icon set, PSDs, templates etc.
Creating partnered webinars and whitepapers to fill the gap of what you don’t have for mutual benefit.
Send weekly newsletters to your customers and email list to build trust and give updates on latest industry trends.
Organize meetup events with the help of tele calling and build relationships with your prospective clients.
2 Content Marketing
Demand generation is a mix of inbound and outbound marketing strategies for brand awareness. Content marketing and blogging go hand in hand crafting videos, infographics, whitepapers helps in generating qualified leads for your business.
Consistently update your blog about latest industry trends, case studies, how-to articles on relevant topics, how-to use your software effectively and create awareness about why your business is helpful for your customers.
Align topics according to your sales funnel and nurture leads on various stages with comprehensive articles.
Invest in content creation to take care of search engine optimization and filling your blog with relevant content. Write guest posts on other blogs to generate traffic and brand awareness. Share blog posts on social media, write blog posts on LinkedIn and other social media sites.
Creating content is not enough, you have to take care of content syndication, distribution and marketing.
Partner with industry influencers on webinars to share industry insights and awareness about your software and services.
3 Market Research
Utilize the sponsored research to go the extra mile on market research and segmentation to make your targeting better and stronger.
Measure marketing strategies results and efforts on various parameters and align your future strategies accordingly.
Research about what you don’t have and fill the gap with partnered marketing to reach out new audience segments and fill the gap.
Keep close eye on competitors, understand what’s working for them. Find out their weakness and work accordingly.
4 Social Media
Social media promotion is vital for branding, traffic generation and search engine optimization. It’s free for everyone. Optimize your social media channels and create social media promotion strategies to increase your demand generation reach.
Build your fan base and followers to promote your webinars, promotional offers, products and services.
Research where your targeted audience hang out. For example – Pinterest occupied by females and it’s a perfect place to promote female accessories.
5 Email Marketing
Email marketing is still the most popular demand generation tactic by far, with 61% of respondents selecting it as their top choice.Marketo
Email list creation is important to send out blogs and updates on latest trends and happenings.
Optimize your email marketing strategies to reach out, maximum people and increase your open rate and click through rate.
6 Marketing automation
Today automation is a must because there are infinite activities marketing and sales people need to perform.
By automating your marketing with software and services you can schedule social media posts, send personalised emails and spend your valuable time on strategizing your marketing and sales funnel.
Align the sales and marketing tools for automation and increase your audience reach.
7 Lead Generation
Many marketers don’t see any difference in demand generation and lead generation but big brands like Hubspot and Salesforce believe demand generation and lead generation are completely different.
They believe demand generation is about brand awareness and the marketing team is responsible for it. Lead generation is about database for lead nurturing and conversion.
Demand generation and lead generation are different approaches but nowadays sales and marketing department align strategies on how to qualify, nurture, score leads on various parameters for better conversion.
Implementing a lead scoring system, personalisation and segmentation helps in targeting, nurturing and to form a healthy relationship with prospects.
8 Direct marketing
Leverage direct marketing techniques like tele calling to reach out to new companies and prospects for brand awareness. Tele calling is a very effective technique for qualified leads generation, face to face meetings, increasing your seminar attendees, and B2B partnerships/acquisition.
Always do A/B testing to analyse what’s converting your cold prospects into a piping hot customers. Analyse your social media post timings, email subject lines etc to get better at demand and lead generation.
Demand generation is a long-term strategic concept for customer acquisition and building relationships with your prospects. It is levering marketing strategies and tools to drive awareness and interest in company’s products and services.
It must be finely tuned process of brand awareness to acquire new leads and nurture existing leads and customers through various mediums. It is a must to generate, score and nurture leads throughout the marketing and demand generation process.
Marketers must prioritise techniques to get most from their efforts by analysing what’s working through content marketing, video marketing, webinars, free resources, and social media to maximize their reach and engage audience.
People are bombarded with lot of marketing and advertisements and with the right strategies and system you can stand apart from the crowd. These proven techniques help companies in demand and lead generation. A sales funnel filled with highly qualified leads is a result of a successful demand generation system.
Cashcowmarketing.co.uk is a leading demand and lead generation service provider. We have been helping businesses to form demand generation system and increase customers base through various proven marketing methodologies.
If you are looking for advice on marketing strategies, want to discuss ideas, or simply want to find out more about the Cash Cow Team, then please do get in touch!