If you’re here, probably you are here to learn about demand generation. Sounds interesting right?One of the common misconceptions about demand generation is creating high demand for the product. But actually demand generation is all about creating high quality leads to engage with any brand which in turn as a good revenue source.Demand generation marketing has a lot in common with lead generation. It includes multiple touch points, campaigns, contents & more.
What is Demand Generation?
In simple terms, the process of identifying the potential prospects based on their initial behaviour & provides a crystal clear nurturing process. Ultimate goal of any demand generation process is to drive awareness in your product & services. The main aim here is to create a predictable pipeline that can grow your business.
It can be called as an umbrella that has the capability to include your marketing & sales initiatives from every touch point. It may include up scaling of prospect interest to identify the right information to the right people at the right time.It expands your audience, creates buzz, and drives high traffic for transforming one’s interest into action. Demand generation nurtures & engages with your prospects effectively & keeps you top. Creating a predictable sales pipeline for your sales team is a core benefit of demand generation.
There are few essential steps for building successful B2B demand generation strategy:
Build Brand Awareness:
With the growing competitive landscape in sales & marketing, brand awareness plays a critical for in identifying quality leads. Simply gaining attention of the potential buyer is not the main aspect of demand generation strategy. True& lasting brand awareness is achieved with best marketing strategy which in return improves the solution & improves the customer’s need.So wondering what will be the best way to improve the customer visibility & creditability. Customer reviews. These reviews must be most recent & authentic.
Having authentic reviews improves the visibility of product summary & help buyers in narrowing the focus on what is required & what not. Reviews can be improve the trust & faith on the brand in the hassle free manner.
Develop A Content Strategy:
Power your demand generation engine with content marketing. With strong content, inbound activities can attract the full prospects into the sales funnel.These kind of expertise helps in building trust & paves foundation for important conversion, describing the customer pain points & business solution can offer. Make sure you are providing the content that answers buyer concerns & builds confidence along with brand creditability. Thus, customers will remember your brand as a guide & look for the subject matter experts in future.
Looking for marketing resources where you can develop curated & personalized content? Then please go ahead. This thought process is highly appreciated for high-value lead. Make sure you use segment specific information for requesting all calls to action (CTA’s). Having any kind of messaging that aims to solve the hurdles for the first time a lead comes across your products. Similarly, whenever content is developed, the primary focus must be on the existing buyers as they will first users of existing products & services you offer.
Nurture High Quality Leads:
Once you’ve made first contact with the potential buyers, all leads details from marketing team will be handed over to the sales team. But actually having a healthy & reliable demand generation queries make your lead nurturing strategy healthy. Marketing team always works with purchase journey & depending on the robust resources available marketing team must continue to work with high value leads providing helpful content to answer all queries.
To reach the right kind of targeted nurture campaign one of the main mantra is to reach customer with right content. Regularly review lead nurturing metrics & receive a good engagement.
Incorporate Account Based Marketing:
Account based marketing is the strategy where supplier targets a particular group of accounts based on higher expansion & growth opportunities. This method is perfect to set teams for success. Everything in the account based marketing strategy depends on the accurate &a reliable understanding of audiences you’re targeting. This account based marketing allows marketing & sales team strategically & engage with prospect with a well customized manner.
Invest in Partner Marketing:
In recent years the shift from in person to virtual business interactions have sharper the increased focus on digital marketing. Companies will share the message online by partnering with third party providers which allows business to reach targeted audience in a hassle free manner. For any product or service potential customers are treated as targeted prospects.
Here are few popular metric for measuring demand generation funnel:
Engagement Metrics:
Prospects response for each & every content you post. Get complete insights on how people interact with your brand. This can be measured by impressions, click through rates, subscriptions, open rates & more.
Performance Metrics:
No matter what is your performance, evaluating it gives a crystal clear picture of what need to be focused. Performance can be evaluated based on qualified leads, marketing qualified leads, & sales cycle performance.
ROI metrics:
This metric is highly recommended for measuring your marketing efforts. It can include a variety of metrics such as customer acquisition cost, leads converted, total revenue generated.
Depending on the stages you choose you can track the campaign running & it must be well optimized in order to yield good result.
Cost Per Acquisition:
This is one of the important metric in measuring the success of your demand generation strategy. Cost per acquisition reflects your revenue generation efforts. You can simultaneously measure the cost per lead metric spending on a single lead.
Customer life time value:
Customer life time is a popular metric of the digital marketing world. It helps in predicting the revenue of a single customer through their life time when they are connected to your business. This Customer life time value metric is average profit from all customers. It is influenced by various factors such as customer services, upselling & discount offers.
Demand generation funnel conversion rate:
Important goal of demand generation funnel conversion is to attract high value customers.This attracts customers from different sources & converts them based on their business needs.
It includes four basic strategies such as awareness, interest, and decision andaction.
The conversion rate of your marketing strategy highly depends on the quality of leads generation. It is not necessary that all generated leads will improve sales.
Length Of Sales Cycle:
As we all know leads are generated from different sources & it is likely to get converted at different time frames. But the ultimate goal of any sales team is to reduce the time taken to convert the lead into customers. With the help of demand generation strategy sales & marketing efforts can be aligned, which reveals the time taken to convert single leads & efforts associated with it.
What are best practices to achieve demand generation?
Social Media Utilization:
Social media can be one of the important parts of B2B marketing strategy. As a demand generation creates a similar kind of buzz social media platform can be leveraged as the best platform for promoting your brand.
Sales & Marketing Integration:
With growing new needs, companies need a broad strategy for communicating gap between sales & marketing teams. These functions are integral & intertwined for handling the little synchronizing lead acquisition. Both the teams must be aligned in a structured way to ensure formulating a well-rounded strategy for driving more revenue models.
Build a Lead scoring model:
Each & every company should have extensive lead scoring system like Marketo. Once a revenue generation model created every company needs to monitor & analyze its impact to ensure creating content will ensure the lead is in the sales funnel.
Better B2B Campaign Execution:
Always make sure marketing campaigns should engage with potential customers in new & unique ways. This paves excellent way to move buyers to move one step closer for creative & engaging campaigns which helps in converting new buyers to lifelong customer.
Enhance your Email Marketing Efforts:
As we all know email marketing is one of the most valuable demand generation tactics. Engaging with prospects through personalized messages is of the best & valued way to engage & convert them into customers. So sales & marketing team should focus on personalizing their email campaigns as this can be useful tactics for companies to receive or send fewer emails.
Conclusion:
Having a robust demand generation approach will help anyone in capturing new leads & drive high engagement. Similarly demand generation allows you to develop a better relationship between brands and prospective clients to show their product & service.
Begin strategic & leveraging automation wherever possible should be the main focus on collaborating between marketing & sales team constantly to analyze the effectiveness of your B2B marketing campaigns.