Demand generation is the process of driving awareness and creating a need for your products or services in the minds of your prospects. Generating demand can be especially challenging for new businesses, or startups, in crowded markets. This article offers 6 demand generation essentials. These strategies are a proven way to grow your business.
Demand generation and lead generation are often assumed to be the same yet they differ from each other in key ways. Lead generation focuses on getting prospects to engage so that you can collect their information and sell to them. In contrast, demand generation focuses more on getting your prospects excited about your solutions. The demand generation strategies listed below will increase your brand awareness, organic online presence, and ultimately your lead conversion rates.
1. Drive Content Strategy
Content is a powerful way to organically generate demand for your business. Consistently updating your website and social media platforms with quality blog articles, e-books, videos, and even entertainment will generate high volumes of traffic. If you are a B2B marketer, you should promote your content specifically on LinkedIn and Twitter. Social platforms are where your employees are most likely to share the content with their own respective audiences. Additionally, these platforms allow you to connect directly with your customers.
Blogging is an especially important way to drive demand. According to OptinMonster, marketers who prioritize blogging are 13x more likely to get a positive return on investment. Blogging allows you to describe industry challenges and covertly tie in how your solution can solve them. Given the content is valuable, your blog will become an information hub for your industry and naturally increase brand awareness.
2. Be Transparent, Insightful, & Relevant in your Messaging
Never push your product too hard. When creating your content, it is important to keep your messaging transparent, insightful and relevant. This will result in organic leads with intent to buy who can later be nurtured with tailored messaging.
Chatbots are a great way to build trust with your potential customers and deliver quality messaging to them. It’s tempting to gate your content so that when prospects visit your website to learn, you can convert them. Most prospects will be irritated by forms requesting information and may either leave false information or leave the website. Chatbots provide a way for your prospects to learn without feeling bombarded with forms. Chatbots have an impressive 73% satisfaction rate for when prospects interact with businesses (G2’s Facebook Chatbots Guide, 2018); therefore, there is a much higher chance that visitors to your website will convert in the future.
Another great way to reach your potential customers with relevant messaging is to use technology intelligence. Technology intelligence gives you insights into the software and hardware your prospects are using. This includes knowing what technology they are using, how much they choose to spend on it, and when their contracts will be up for renewal. Armed with this information, you can personalize your messaging so that it is significantly more relevant to your prospects. This personalization will show your prospects that you truly understand their pain points and know how to solve them. They won’t feel like you’re wasting their time.
3. Offer an Incentive
A great way to significantly increase the demand for your core product or service is to offer a free trial, service or tool that complements it. This incentive should demonstrate the value of your product to your potential customers and leave them wanting more. By offering an incentive, you are building trust with your prospects as they get to experience the value, first hand, in your product. Those that use your free trial/demo will also be easier leads to convert into customers later on. Keep in mind that depending on your product and company’s finances, a free incentive may or may not be the best fit for you. It is important to test it out and discontinue the free offering if it is not converting enough leads.
4. Utilize Partnership Marketing
Partnering with other businesses in your industry will largely benefit your demand generation. Below are just some of the many benefits of partner marketing:
- Allow you to break into new audiences with proven interest
- Boost your brand awareness
- Forge valuable connections with key influencers
- Ability to cross-promote complementary products
- Save time and money on content creation
- Deliver value to your audience by conjuring up more creative content
Partner marketing campaigns can manifest in many ways but one of the most popular are joint webinars. These are especially effective for strengthening your strategic partnerships and providing your audience with great information. By recording your webinars, you can extend the lifespan of the content and continue to generate leads from them indefinitely!
5. Optimize Email Marketing Strategy
Email marketing has a bad reputation. This is because many businesses spam their accounts and prospects with too many irrelevant emails. In doing so, they turn their prospective customers off and end up harming their brand.
However, email marketing is far from dead. In fact, 59% of B2B marketers say email is their most effective channel for revenue generation and; it’s the third most influential source of information for B2B audiences, behind colleague recommendations and industry-specific thought leaders. Successful email marketing campaigns incorporate demand generation and A/B testing while always applying the saying “less is more” to the content. If you include all of the above demand generation strategies in your emails, they will be highly valuable and relevant to your prospects.
You should apply technology intelligence, in particular, to your email marketing campaigns as it has proven to triple engagement rates. Technology intelligence allows you to personalize your content to hyper-target each of your prospects. You can incorporate it into your email campaigns in the following ways:
- Competitor Take Out ➜ directly contact your competitor’s customers with solutions to their pain points
- Complementary targeting ➜ highlight how your product can enhance your prospect’s existing solution
- News Driven ➜ act on industry news quickly and be relevant
- Up-Sell/Cross sell ➜ convince your customers why they should upgrade or consider an alternative solution in your family of products
6. Organic Search Engine Optimization
Once following these strategies, all you have to do is ensure that the right people can find you. Not surprisingly, 42% of B2B marketers say that search is their most successful channel to drive demand (Demand Gen Report). Paid media may immediately result in more leads, but this success will only be short-term. A study from Conductor found that when it comes to the volume, quality, and consistency of leads and their conversion rate, organically sourced leads outperform paid media-sourced leads by double-digits. One way you can improve your ranking is to check your long-tail site traffic and optimize your content for these long-tail keywords. While these keywords will produce lower volumes of traffic, they are cost-effective and convert well because of the strong intent behind the search.
Technology Intelligence from HG Insights
If you are looking to take your messaging to a whole new level, consider technology intelligence. As described above, technology intelligence allows you to target your prospects with messaging customized to their strategic initiatives, existing solutions, and pain points.
To see how HG Insights can accelerate growth at your business, visit our Technology Intelligence page.