Are you struggling to generate demand for your products and services? Then you need to create an effective demand generation marketing strategy.
Demand generation is a core component of any B2B marketing strategy. As businesses multiply and evolve, there is so much pressure on business owners to convert marketing efforts to revenue in less time. A solid demand generation strategy helps you to achieve this by informing people why they need your products or services now more than ever.
In this article, we’ll be exploring what a demand generation marketing strategy is and practical strategies to help generate the revenue your business needs. Shall we?
What is Demand Generation Marketing Strategy?
Demand generation is a marketing strategy that helps businesses build awareness about a product or service. It’s a series of steps that boosts website traffic, spreads your reach, and enlarges your customer base by teaching people how to improve their lives through your offers.
An effective demand generation marketing strategy helps you to stand out in a crowded marketplace. Providing people with relevant information builds trust and brand loyalty faster because they consider your business an authority in that field.
Demand generation is a strategic collaboration between your business’s marketing and sales teams to teach people how your offer can impact their lives and convert that curiosity and genuine interest into income.
Does demand gen sound too identical to lead generation? Probably. But the difference is that demand generation works throughout the funnel while the lead generation process only works with sales-ready people.
What is the Demand Generation Funnel?
The demand generation funnel is a series of steps your ideal buyer goes through, from creating awareness, identifying your target audience, and attracting them to your business to converting their curiosity to revenue.
Ideally, the demand generation funnel has three stages:
- The top-of-the-funnel (TOFU) stage focuses on building awareness and a curious customer base.
- The middle-of-the-funnel (MOFU) stage engages and interacts with prospects, researching ways to guide them down the funnel better.
- The bottom-of-the-funnel (BOFU) stage focuses on customer conversion and purchase decisions.
What Demand Generation Metrics Should You Consider?
Here are some essential demand gen metrics to consider when measuring the success of your demand generation strategies
- Switch in customer demographics
- Your content is saved and shared more often
- Increased search volume for brand-related keywords
- Increase in website traffic
- Improved social media engagement
- Increased brand recognition
8 Effective Demand Generation Marketing Strategies To Increase Sales
These marketing tactics will help you increase sales in less time.
Utilize Consumer Intent Data
One of the best ways to begin your demand gen marketing strategy is to utilize buyer intent data. When you have identified your target audience and developed your ideal buyer persona, it becomes easy to know what platforms they reside on and the actions they’d most likely take.
Intent data takes it up a notch by providing comprehensive insights into consumers already exhibiting symptoms of being prepared to purchase your products or services. It eliminates the burden of creating demand from scratch.
For instance, let’s consider email marketing. People are pretty protective of their emails and reject spammy messages almost immediately. Instead of wasting your efforts, you could use an email segmentation checklist based on specific metrics, like purchase history, country of residence, signups, and response rates.
This Statista report attests to this: Over 52% of B2B marketers use intent data to create content or run targeted ads to a specific demographic.
Boost Your Omnichannel Marketing Efforts
You must spread your marketing efforts on platforms your target audience is on, and the best way to do that is to use omnichannel marketing. If you limit your content or offer on just one channel, you will miss out on all other platforms that could have increased your revenue.
According to Omnisend Marketing Statistics, using as many as three channels instead of one for your marketing campaigns increases your results by a 287% higher purchase rate.
The right omnichannel marketing strategy will help you schedule and optimize your content across different platforms and interact with customers. It may look different, but the core brand message will remain the same.
Note that this technique doesn’t mean you must have a presence on every social media platform. Omnichannel marketing helps you to focus on the platforms that have the highest ROI.
Focus on Lead Scoring
How does lead scoring work? Companies use lead scoring to weigh the value of leads by allocating values judging by their behavior in connection to their interest in products or services. Each lead’s weight differs from company to company, but it generally indicates their location on the buyer’s journey.
The marketing and sales team usually collaborate to determine a scoring system for different activities. For instance, they can give two points to website visitors or those reading their blog posts and five points to those signing up for their email newsletters. Sometimes, they can simply allocate ‘hot,’ ‘warm,’ or ‘cold.’
Lead scoring is essential to any demand generation process because it provides insight into consumer behavior and how to develop your next demand generation strategy.
Implement a Practical Content Marketing Strategy
Content is the bedrock of any killer demand generation strategy, as over 79% of companies generate high-quality leads from content marketing. According to this 2020 B2B Buyer Behavior Survey, over 76% of people claimed that high-quality content influenced their purchase decision.
Great content can capture people’s attention and draw them into your sales funnel, which is why you must have an effective content marketing strategy that poses you as an expert in your field. Powerful content formats include blog posts, videos, eBooks, whitepapers, press releases, case studies, emails, and the like.
Note that people want different types of content as they move down the sales funnel.
The type of content that lures prospects differs from what will convert them to loyal, paying customers. Depending on content preferences, willingness to buy, and specific pain points, you must consistently change and deepen the content, targeting your particular audience.
Boost Your Email Marketing Efforts
If you’re not taking your email marketing game seriously, you’re missing out on massive opportunities to grow your business.
Email marketing is one of the core components of any marketing strategy. According to the 2020 CMI marketing report, over 81% of marketers reported that sending email newsletters yielded more results than any other content format. Most use marketing automation and analytical tools to send drip campaigns and triggered emails via data segmentation.
How do you boost your email marketing efforts? Send helpful content through whitepapers, ebooks, and infographics to people most likely interested in your product or service. When you’ve nurtured them enough and are ready to promote your offer, send personalized messages to your leads and show them why they need it.
If you’ve already started sending email campaigns but have yet to see the results you want, here’s how you can improve your strategy.
Establish Your Authority Via Event Marketing
Event marketing is a great way to create demand, deliver value, and generate high-quality leads.
You have no reason not to take advantage of event marketing in this current business landscape. Before the pandemic, most businesses gave the excuse of having little time and needing more funding to plan live events in-between projects.
But now, the pandemic has helped us appreciate virtual events’ beauty and convenience. Statista reports that over 40% of global events will be virtual in 2022. You can either host an event or leverage another brand’s virtual event.
Virtual events are highly flexible, especially if you’re hosting yours. You can talk about beneficial topics and even leverage the knowledge of industry experts by inviting them to your event. When organizing demand gen events, you shouldn’t overly promote your offers.
Just tell people why they need them.
Use Account-Based Marketing
This marketing strategy is super effective because it helps you to create personalized campaigns for specific account needs. Marketing and sales teams work together to target the best accounts that fit and convert them to loyal customers.
Account-based marketing strategy utilizes CRM data to identify target accounts that have a great capacity to generate the revenue your business needs.
As the sales cycle grows, you need more than single-lead marketing to generate high-quality leads. This marketing strategy utilizes automation tools to run campaigns for the contacts on your list and stakeholders on other target accounts.
You can choose ads for your target audience and engage with them how they want. It shortens the sales cycle, leads to better customer experience, and maximizes the marketing budget.
Ads via Niche Targeting
Running ads on the right platform and niche is one of the finest ways to create demand. LinkedIn and Facebook have proven to be the most incredible social media platforms for B2B marketers. It’s simple to run targeted advertising targeting businesses on LinkedIn using segmentation criteria, such as firm names, locations, and industry categories.
On Facebook, you can run ads by highlighting pertinent material. For example, you run ads using relevant, targeted keywords that direct potential customers to gated content. You can start creating your focused list as soon as prospective consumers enter their email addresses.
This strategy raises the return on your advertising investments.
Create Your Next Demand Generation Strategy With FrescoData
As you can see, every business needs an excellent demand generation marketing strategy.
But if your business struggles to create one, don’t worry! FrescoData has the essential tool for any demand gen strategy to thrive- data. You can access data in any industry, use the proper marketing channels, and implement effective B2B marketing strategies without wasting valuable resources. Contact FrescoData today, and let’s create the right demand generation marketing strategy to grow your business.