Learn How To Build An Effective Demand Generation Strategy For Your Business

One of the biggest challenges for brands today is creating demand for their products and services. This is why demand generation has become a household name in B2B companies and more. The most effective demand and lead nurturing programs result in a 50% increase in sales-ready leadscand 33% lesser costs.

However, there is a thin line here. Demand creation is not about imposing demand or making people buy things they don't need. It is a marketing strategy of business where the right clients have access to the right information at the right time.

In brief, an effective demand generation strategy focuses on delivering products and services based on customers' needs.

Further, demand generation marketing is similar to lead generation, but this strategy takes more time. The important steps in demand generation span multiple touchpoints, campaigns and offers. It covers almost everything a brand does to generate excitement, awareness and awareness.

What is Demand Generation Marketing?

Demand generation marketing encompasses all points of a company's sales initiative/funnel. It starts when a customer shows interest in your product and extends to offering upsells. However, not everyone is the ideal customer for your product or service.

Hence, before you can generate demand for your business, you need to identify your ideal clients. This will ensure that your demand generation marketing strategy has an audience to sell to and promote a loyal client base.

If you're looking for a marketer to help you with your demand generation marketing, Growth Jockey has a pool of trusted remote marketers. You can rely on us for independent expertise for your business needs.

Important Steps in Demand Generation

A strong B2B demand generation approach must be data-driven. Growth Jockey uses the latest technology and a powerful data preparation engine that leverages to deliver impactful insights and close deals faster. But there is a key guide to demand generation to attract your ideal clients in an optimised way.

If you are a business that has reached a saturation point or want to further scale growth, follow these demand generation strategies.

1. Grab Attention and Build Awareness Amongst Target Groups

Generating demand is more than just building awareness of your product or services. It is also about building awareness of the demographics who are most likely to become your customers. To increase demand for your target audience, you need to know who your target audience is and what problems you solve.

At the beginning of the buying process, the goal is to answer questions and educate potential customers, not to sell. You need to create content that helps and inspires people. Doing so positions your brand as a thought leader in your niche. You can deploy three methods to create brand awareness –

Spend on Public relations

Strong public relations drive demand creation. Getting a hold of websites/resources that buyers refer to when making purchasing decisions is the first step. Growth Jockey precisely helps with developing a smart PR strategy that generates excitement, builds trust, and reaches more people.

Offer Free tools

Creating free tools/reports that relate to the pain points of your customers is catchy and actionable. Examples of free B2B demand generation tools include Coschedule's Headline Analyzer, WordStream's Google Ads Performance Grader, etc.

Put up Testimonials

Genuine and current customer reviews can increase buyer awareness and credibility. It provides concise product/service summaries to help buyers narrow their focus.

2. Monetize Existing Market Demands

Once you've implemented your awareness strategy, the next step is to capture existing demands. The goal here is to use user-specific content to reach users who are actively searching for solutions.

These methods can boost your demand generation process by leaps and bounds -

SEO and Inbound Marketing

SEO leads have a 14.6% close rate. Hence, acquiring quality leads and converting them into customers’ needs quality research and a successful SEO strategy. Hence, while creating engaging and unique content is important, you should also follow best SEO practices, find the right keywords, etc.

However, you should not get stuck in targeting specific buyer personas or keywords. Instead, think critically about what information your buyer needs at each stage of the customer journey. Next, create content that actually answers the questions people are looking for.

Further, focusing on long-tail keywords can be a game changer.

Pay-per-click Advertising (PPC)

You can employ paid search advertisements to enhance your content. Using Google Ads to advertise an e-book, and encouraging newsletter sign-ups, are some trending practices by expert marketers.

Paid search or PPC puts your content in front of people who are already looking for similar solutions that you offer. Make sure your digital advertising is in line with the intentions of your target market. This will convert leads into conversions and potential customers into loyal clients.

Email and Remarketing Campaigns for Prospects

When a prospect isn't quite ready to buy, they often save or put the buy on hold. To keep them in the loop, drip marketing and remarketing keep your brand in their minds. You can interact with buyers who are still in the evaluation stage passively using strategies like purchasing display adverts.

Social Media Engagement Can Skyrocket Sales

It comes as no surprise that social media is quite effective in attracting customers. 82% of shoppers use social media to make a purchase. However, social media algorithms via organic development are more difficult, despite the fact that it is becoming a necessity for demand-generating marketing.

For this, you can opt for paid promotions from time to time for your target audience to visit long-form blog posts, lead magnets, etc. This will put them in the pipeline.

Additionally, social media sites like Facebook have extremely effective targeting features like lookalike and custom intent audiences.

3. Utilise Account-Based Marketing

To expedite high-value leads after a consistent stream of leads pour in from your demand generation, implement an account-based marketing approach. The global account-based marketing market size is expected to grow to USD 1,196.9 million by 2023. It is a technique in which businesses focus their marketing and sales efforts on a small number of clients.

These clients have a massively high potential for expansion or growth for the business.

For this, a thorough, trustworthy understanding of the accounts and target consumers is essential. In order to target and nurture accounts, marketing and sales teams need to make strategic account selections.

Growth Jockey aids in designing target company personas around high-value clients who are most likely to convert. Further, our marketers analyse the common business goals and values of these target customers and marketing strategies for demand generation.

4. Invest in Joint Marketing

Digital marketing is the part and parcel of B2B marketing strategies because of the rapid transition from in-person to virtual purchasing. Increased digital contacts are here to stay, even though physical stores are back.

Hence, Joint marketing can be helpful for managing strategies like pay-per-click ads. Your company can access a curated, prescreened audience by collaborating with a third-party source.

Partnerships are crucial, especially after you launch but later struggle to focus to keep your business in front of the audience.

5. Building authority in Event Marketing

Studies confirm that 67% of businesses use virtual events complementary to in-person events. Events, whether virtual or in person, are a great opportunity to build trust with prospects and customers. You can host an event where you showcase your products and services and build relationships at scale with your prospects.

Further, these events are a great way of leveraging and sharing your team's efforts and broadening your business. If you are willing to spend, you can produce and host your own event. It can be a bold and effective mood to build authority in your industry.

For example, Salesforce's Dreamforce conference is a well-known industry event. If you can put together amazing networking opportunities, attendees will be happy to contribute information and help with post-event follow-up.

Measure your Results for Optimum Performance

After implementing the steps for demand creation for your business, you need to measure its performance. This is done to track progress and analyse whether the methods are working for your B2B campaigns. Additionally, tracking everything gives an insight into process gaps and rethink strategies to close them.

The metrics will vary according to your company, sales cycle, goals, etc. Some major metrics you need to assess are –

• Acquisition cost: Determine this to assess whether you are spending more on demand creation than profits.

• Cost per Lead: It is the amount that you are willing to spend to attract prospects.

• Funnel conversion rate: Track funnel conversion rate to quickly identify areas for improvement and roadblocks to closing deals.

• Average contract value: Comparing your ACV to your customer acquisition costs, you can calculate how long it will take to recover your marketing costs.

• Lifetime Customer Value: LCV is the average money that a customer spends for your product/services in their customer journey. An increased LCV is good news for your business.

Wrapping Up

The bottom line for any B2B company is that if you can't create demand, you won't be able to close new leads. For this, knowing your audience inside and out is crucial so you can recognise their needs. Further, focusing on only the impactful message can effectively reach a potential customer with what you offer.

If you wish to succeed in this cut-throat business world where technology has taken the front seat, you have to think ahead. Take on each phase of the process after developing a clear vision for the goals of your demand creation strategy.

At Growth Jockey, we are dedicated to generating demand for your business through tailored strategies that effectively address the crucial challenges faced by our clients across diverse industries. Regardless of the size of your company, whether it's a small-scale enterprise or a large corporation, you can now tap into the advantages of advanced demand generation techniques. Take the decisive step towards unlocking the next level of growth for your brand by contacting us today!