Unleashing The Potential: Exploring The World Of Demand Generation
How targeted are your marketing programs really? And how well do you maintain (and build) relationships with your customer base?
Chances are, you could be doing a lot more to maximize your sales and revenue potential.
To get the most out of your total addressable market, you certainly have to consider your current customers. But there’s a lot of money in customers that aren’t ready to buy just yet.
And that’s where demand generation comes in.
In this article, we’ll walk you through what demand generation is, how it works, and how to get the most out of it with the best demand generation tactics.
What Is Demand Generation?
Demand generation (often abbreviated to demand gen) is a marketing strategy that focuses on building relationships with potential customers. By finding and nurturing prospects who may eventually become loyal customers, demand generation helps companies build long-term value.
Demand generation has a few essential goals:
- Increase awareness of your company, products, and services
- Generate more qualified leads that are ready to purchase
- Enhance the customer experience by addressing current customers’ needs and wants
- Consolidate brand loyalty to drive repeat business
Companies use demand gen to bring new products to market, promote existing ones, improve their brand image, create buzz around an upcoming event or launch, and increase their customer base.
How Does Demand Generation Work?
In B2B and B2C, demand generation is slightly different. B2C companies are primarily focused on product exposure and sales, while B2B companies focus on finding qualified leads that could eventually become customers.
The typical B2B sales cycle lasts several months, and demand gen is part of a comprehensive lead nurturing strategy.
In any case, demand generation works by creating content to attract potential customers, and then providing a service experience tailored to their needs. Demand gen is typically used in tandem with other marketing techniques — for example, email campaigns, search engine optimization (SEO), webinars, and white papers.
Depending on the type of product or service your company offers, demand generation might also involve events, trade shows, and outbound sales efforts.
In that sense, there’s a lot of overlap between demand gen and other forms of marketing. The main kicker with demand gen is the planning aspect. A comprehensive demand gen campaign always involves a marketing plan that addresses every element of the omnichannel.
Lead Generation Vs. Demand Generation
You’ve probably heard of lead generation before. It’s the process of creating and converting leads into paying customers.
Demand generation is different from lead generation because it takes a longer view and has a more holistic approach. Lead generation is focused on short-term goals like driving conversions, while demand generation is more about building relationships over time.
91% of marketers say lead generation is their number one goal. Demand generation fills in the gaps between the initial touchpoint and the conversion.
5 Of Our Favorite Demand Gen Tactics
If you’re looking to make the most of your demand generation strategy, here are five tactics that have worked for us:
- Content marketing. Content marketing is all about creating and sharing quality content with potential customers at different stages in the buyer’s journey. This could be blog posts, videos, whitepapers, or ebooks.
- Social media. Social media is a great way to engage with potential customers and build relationships. You can post content, start conversations, ask for feedback, and use social ads for targeted promotion of your content or products. For social media to work as part of a demand gen campaign, you need to use the channels that make the most sense for your customer base. For B2B, this is usually LinkedIn. For B2C, this might be Pinterest, Instagram, Snapchat, or TikTok.
- Retargeting. Retargeting lets you showcase relevant ads to potential customers who have already visited your website or interacted with your brand in some way. It’s an effective way to trigger conversions.
- Automation. Automation is key when it comes to demand gen campaigns because it helps you reach and nurture a large number of potential customers quickly and efficiently. You can use automation tools like marketing automation software, chatbots, and AI-based recommendation engines to help you create personalized experiences for each customer that nurtures them through the purchase journey.
- Events and tradeshows. Events are great for demand gen because they’re opportunities to meet face-to-face with potential customers. In B2B, this is how long-lasting relationships are made. In B2C, it’s how some new customers find out about (and test) your product.
Demand generation is an essential part of any modern marketing strategy. It helps you build relationships with potential customers and increase your market share.
By using tactics like content marketing, social media, retargeting, automation, and events and tradeshows, you can get the most out of your demand gen campaign.
When you run your campaign, always measure the results in real time. Use analytics tools to track your progress and ensure you’re getting the most bang for your buck.
By leveraging this powerful toolbox of demand gen tactics, you can create experiences that will keep customers coming back again and again.