You’re not alone if you’ve always wanted to know how to create a demand generation strategy.
Demand Generation is an essential component of any good marketing strategy. Sustainable businesses have mastered the art of constantly creating demand for their products and services to expand their customer base, increase revenue, and boost growth.
But it all starts with an excellent data-driven demand generation plan. If you watch closely, you will realize that data fuels every successful demand generation strategy. If you restrict your demand gen strategy to only observing marketing metrics, you won’t get the right results.
In this article, we’ll explore how to create the right demand generation strategy to give your business the boost it needs. Let’s delve in, shall we?
What is Demand Generation?
Demand Generation marketing strategy involves creating brand awareness and demand for products and services. This strategy helps you to reach new customers, explore new marketers, increase website traffic, and boost business revenue.
Demand Generation helps sales and marketing teams to create a predictable and near-accurate pipeline for their business. It starts by creating a sense of urgency and setting your products and services as a solution to your target audience’s problems, which helps you convert their interest into action.
How does it work?
Your demand generation campaign starts by creating content that attracts your target audience to your mailing list or curated social media pages. Then, it continues to engage your audience, answer prospects’ questions, attend events, and employ other marketing strategies to keep your brand on their minds.
The goal is to convert them from interested prospects to qualified leads and loyal, paying customers. Demand generation is vital because even if you employ the best SEO strategies, they can only get you far. Demand generation ensures that your business always has customers and continues exploring new markets.
Demand Generation vs. Inbound Marketing
Demand Generation is often used interchangeably with inbound marketing, but these two strategies differ. Inbound marketing is a marketing strategy that creates relevant content that attracts your target audience and develops long-term relationships.
Some inbound marketing tactics include lead nurturing, video marketing, content marketing, email marketing, SEO, and social media marketing.
What does this imply? It implies that inbound marketing is a core component of demand generation. Every inbound marketing tactic contributes to the success of a good demand generation strategy. To create a demand generation strategy, you must master basic inbound marketing tactics and know how they work.
Objectives of a Demand Generation Strategy
The proper demand generation strategy will accomplish its objectives by carrying out these objectives:
It’s not enough to create a demand generation plan for your business. Your plan will only succeed if you use a suitable distribution medium to promote your content.
According to a 2020 Statista survey, over 89% of marketers utilize organic search for content distribution, followed closely by social media and email marketing. Distributing the right content at the right time via the right channel is essential to content marketing and, ultimately, demand generation marketing.
The key is to identify the right distribution channel that will resonate with your target audience and lead to higher conversions.
Target Audience Segmentation
People think identifying their target audience based on broad demographics will do the trick, but it goes beyond that. You need to re-classify your target audience, identify their pain points, and advertise your products and services to solve their problems.
This reason is why segmentation is so essential. You need to define your ideal and variants of buyer personas and develop a portfolio of different characteristics they exhibit so that you can target them in the best possible way.
If you need help, you should partner with a competent, data-driven demand generation agency like FrescoData, which has an extensive database of prospects’ information in various industries to help you target sales-worthy people.
Accurate Journey Mapping
Aside from identifying the right buyer persona, you must also map out the accurate buyer journey. Buyers don’t just wake up and decide to patronize your business. People have limited consumer capacity, and your competitors have magnetic products and services, sometimes even better ones.
So you need to constantly spark their interest and guide them through the sales pipeline so that they can become paying customers. It’s all about curating the right customer experience. This statistic shows that over 86% of customers will pay more for an improved customer experience.
When you accurately map out the buyer’s journey, you can easily shorten the bridge between buyer intent, product/service awareness, and consumer purchase.
Creating Content for Demand Generation
A good demand generation plan helps you to create the right content at every stage of the buyer’s journey. The type of content you’d make for prospects at the top of the funnel differs from the one you’d create at the bottom.
Whatever content you create for the initial stage should answer basic questions potential customers have and position your business as a solution provider. You build trust in your customers and establish a long-term relationship when you do this consistently. At the bottom of the funnel, you should create content that will solidify their belief in your capacity to deliver.
Demand generation marketers observe different metrics and ensure they align with the overall marketing objectives. The marketing team also works with the sales team to cover up any loopholes resulting from lead scoring, lead response time, conversion, and follow-up.
How to Develop a Demand Generation Strategy
How can you create an excellent data-driven demand generation strategy after researching?
Set Out Your Marketing Goals
One grave mistake several businesses make is that they start creating a demand generation strategy without setting the right goals, hoping their tactics will help them go viral. Even if they’re making some progress, they would only know if there is a yardstick to measure against.
Before creating a demand generation strategy, outline your business’s realistic marketing and revenue goals. It will help you define your demand generation goals and build an effective system around them.
You shouldn’t create a strategy and then expect them to meet objectives and goals you haven’t set out. Whatever sales or revenue goals you outline, build a demand gen strategy dedicated to reaching them.
Build Your Buyer Personas
One of the biggest lies upcoming businesses tells themselves is that there is an ideal buyer persona. Just one. That’s most certainly false. Business Grow says 3-4 buyer personas are responsible for over 90% of company sales.
You can have several ideal buyer personas in different target audiences and demographics. It only depends on the type of product you sell or the service you render.
The key here is to identify your target audience’s pain points and look for a way to address those pain points when creating awareness for your offers. Here are a few things to consider when building buyer personas and curating content to suit each one:
- How many possible buyer personas can you create?
- What platform do these personas use the most?
- What unique problems does your target audience face related to your products or services?
- What kind of information do they need to make the right purchase decision?
Use Buyer Intent Data.
After creating demand, the next step is to utilize the correct buyer-intent data to know when to engage prospects and nurture leads. Every successful demand generation strategy heavily depends on data. Building a demand generation strategy without data is like spraying bullets into an open field. There needs to be more focus.
Using buyer-intent data will help you to identify the right prospects and meet them at the right time and through the right channel. If not, you will waste valuable marketing resources and efforts engaging with prospects that will probably never convert to paying customers.
Intent data is essential because it helps you to segment your target audience and marketing strategy. According to 2022 Gartner research, over 70% of B2B marketers use intent data to target prospects.
Align your Sales and Marketing Teams
Demand generation is one of the few marketing strategies that align marketing and sales teams. Don’t get this wrong: no marketing strategy will succeed if marketing and sales teams don’t work together. However, they work in their respective capacities.
Demand generation ensures that they’re both on the same page. More is needed to create the ideal buyer persona. Both teams need to sit down and outline what a qualified lead is to the company.
This part is essential because leads differ depending on the campaign or account. A lead that qualifies for your business may vary from a lead that qualifies for another business. Here are pertinent questions you should ask when identifying a lead:
- Does this meet the right demographic metrics?
- Do you constantly engage and interact with your content?
- What channels will you find them on the most?
The objective is to determine the right lead so that the marketing and sales team can concentrate on the right prospects at every sales funnel stage.
Choose What Type of Demand Generation Strategy You’ll Use
There are two types of demand generation marketing strategies: Broad-reach and account-based. Which should you go with?
Broad-reach marketing makes small but significant improvements in every aspect of the demand generation strategy. It utilizes inbound marketing tactics to attract many prospects to the sales funnel and convert as many as possible to customers.
Businesses that use broad-reach marketing strategy focus on inbound marketing metrics, like website traffic, paid ads, email marketing, social media marketing, and content marketing.
Account-based marketing, on the other hand, is the opposite. It focuses on marketing to a specific list of accounts. It’s not concerned with your overall brand voice and message. It simply wants to engage specific prospects directly and convert them.
Keep an Eye on the Right Metrics.
Every data-driven demand generation marketing strategy focuses on metrics throughout the funnel, not just at the top. Yes, tracking metrics at the top of the funnel is essential, but it should continue. It would be best if you tracked the right metrics throughout the funnel to determine your entire demand generation strategy’s efficiency.
Create the Perfect Demand Generation Strategy With FrescoData
It’s one thing to know how to create a demand generation strategy, but another to achieve the right results. Demand generation strategy is more complex than it looks. It has several complexities that only experts know how to maneuver successfully, which frees up your time to attend to other essential parts of your business.
FrescoData is a data-driven demand generation agency that helps clients achieve their marketing objectives by employing the best analytical, automation, and omnichannel marketing tools.
We stand tall amongst our competitors because we have a massive global database of prospects’ information spanning different industries, which provides excellent insight for your demand gen campaign. Contact FrescoData today, and let us help you create the perfect demand generation strategy.