Making the buyer’s journey and the demand generation funnel seamless is the ultimate objective of a marketing plan. But what exactly is demand generation, and how do you build a funnel that turns the most leads into paying clients? This blog post will go through these ideas in detail. Read on, then!
What is demand generation?
Demand generation is any action that raises interest and awareness in your service or product with the ultimate objective of establishing a steady flow of customers that will expand your company.
This broad word refers to all your marketing and sales activities from every point along the customer journey, from a piqued interest in prospects to upselling consumers.
Nowadays, demand generation marketing involves more than simply generating interest in purchases. Demand gen doesn’t include coercing consumers into making a purchase they don’t need to make or driving up demand. For what you’re sharing to be the best match for the requirements of your ideal consumers, you need to provide the correct information to the right individual at the proper time.
Demand generation may be considered a sustained partnership between a brand’s marketing and sales staff and potential consumers. Demand generation begins with identifying and qualifying potential consumers via content and inbound marketing, email campaigns, events, etc. Following this, these leads will be sent to a nurturing team.
After further qualifying these prospects using scoring algorithms based on where they are in the conversion funnel, this team then passes these suitably qualified, nurtured leads to the sales team.
Demand generation vs. lead generation
Demand generation raises awareness of and interest in the goods and services offered by a business. You may also use its strategies to reach out to new audiences. On the other hand, lead generation is the process of converting leads—those who are prepared to become customers—from prospects.
Demand generation is less transactional than lead generation. Here’s why
Demand and lead generation activities occur at various points in the sales funnel. The top of the funnel is where demand generation happens. It appears when you include potential customers in the purchasing process. For instance, people go to your site or your social media pages.
Once the prospects have made it through that step, lead generation takes place. They are sufficiently interested in your company or product to trade personal information to find out more.
Turning a prospect into a lead is challenging if consumers are unaware that your brand even exists or what issues your solution may address.
Let us examine the main distinctions between lead generation and demand generation:
1. Goals
Demand generation aims to increase public knowledge of your business and the challenges it addresses. Even if those who find out about this don’t need your answer immediately, they must be aware of who can provide it if an issue ever develops.
It is the goal of lead generation to convert this demand into leads. It’s only logical that your target learns more about your product as the customer journey progresses. Then, you might propose using your product to address prospects’ problems.
2. Engagement
Demand generation increases your audience’s faith in you and your brand’s authority. More people are drawn to your company the more you establish yourself as a leader in your field.
Lead generation enables you to differentiate yourself from your rivals’ brands and products. It outlines all the advantages of using your goods.
3. Impact
To generate demand, you must educate your target market. Typically, it entails developing free resources to address inquiries from your prospects.
Lead generation raises the bar with content more overtly geared toward nurturing leads and establishing your brand. It takes advantage of gated resources that need contact details.
How to integrate lead generation with demand generation
The focus of contemporary marketing is shifting from generating as many leads as feasible to demand generation because consumers are taking more time to consider their purchases. Additionally, they often judge outside avenues that can be readily monitored, like the shadowy social.
Lead generation is cost-ineffective and unable to provide the value required for development without strong demand generation. The conversion rates (for example, through Facebook or LinkedIn advertisements) will be poor if your sales staff attempts to convert prospects before they completely understand your product.
Because of this, demand generation, instead of lead generation, focuses on continuously offering valuable content for free to prospective clients. This guarantees to capture the market’s current need and grow your audience.
But a lead scoring system is crucial so you can determine when to start focusing on leads with more compelling content; this prevents the sales staff from pursuing prospects who are not ready to purchase.
Demand generation requires distinct content methods and channels for dissemination than lead generation. Instead of lead generation, demand generation employs lead sources with minimal purchase intent, such as podcasts or local events.
The ability to distinguish between demand generation and lead generation enhances the coordination of the marketing and sales teams. It enables the marketing department to create quality leads that sales may use. As a result, it is simpler to define and meet goals for both teams.
What is a demand generation funnel?
Prospective clients will use a demand generation funnel as a guide as they go through the various phases of their trip. This funnel’s stages are designed to provide prospective customers with the knowledge and experiences they need to proceed and complete a purchase.
Adopting the proper demand generation approach is crucial if you want to target the correct potential clients, convert leads into sales, and make money.
Stages of the Demand Generation Funnel
The following are the stages found in a demand generation funnel
Build awareness
The awareness stage, often at the top of the funnel, focuses on letting prospects know you exist. Although your potential consumers are struggling, they are not aware of the solutions you may provide. You must locate these potential customers and inform them that you can resolve their difficulties.
At this point, you need to educate people about the problem rather than trying to sell them your product to create demand for your good or service. Interactive materials like tests, calculators, quizzes, e-books, and emails may achieve this. Your content should emphasize reflecting the core principles of your business and providing the most value upfront.
Create demand
Now that the world is aware of your presence, it’s time to seduce them. You must be the one to fix your prospects’ issues even though they want them to be. This is when piqued attention comes into play.
Prospects will now start asking questions about you and your company. You must enter right away to clear up their questions.
Please continue to provide in-depth instructions, social media updates, industry news, and relevant information to keep it educational and helpful. Your teaching material may now become a little more in-depth.
Identify intent
Your MQLs transform into Sales Accepted Leads (SALs) or High-Quality Leads (HQLs) once you know they are ultimately interested in completing a buy. It is now time to provide the sales department with your much-loved leads.
You must, however, ensure that your services consistently satisfy their intent. Leave them feeling like the ruler of the world at this point. Make them feel that way at all times.
Capture demand
It’s time to give the sales department your cherished MQLs. But remember that demand generation techniques continue through conversion, not simply at the top of the funnel.
At this point, demo sign-ups and free trials are popular techniques; with the help of technologies like Leadfeeder, you can sync businesses demonstrating intent (by viewing price pages, etc.) with your sales staff.
Depending on your entire marketing plan, you could be considering social selling or LinkedIn retargeting.
Win Customers
Your efforts will be rewarded when your leads convert into paying customers. At this point, demand creation is still crucial. Here, you want to maintain the leads’ attention and clarify why you are the ideal choice to address their problem.
Keep your value offer constant and put the ROI you provide front and center. Why do you represent the best option? How can you distinguish yourself from your rivals? Once customers sign on the dotted line, how can you still provide value?
This phase also marks the beginning of client retention efforts to lower turnover. Ensure your onboarding process is efficient and get feedback from the new hires. These actions promote user appreciation and comprehension.
Demand generation tools
What tools are available to support your demand generation strategy, then?
Several might be advantageous, including those intended to support your efforts’ automation, planning, lead nurturing, and meaningful reporting.
These tools have something unique to offer and may be helpful in various ways. See them here:
1. Autopilot
Using a marketing automation platform is a helpful technique to maintain your plan’s direction. Autopilot is one such automation tool.
A moderately-priced solution called Autopilot might assist you in automating your demand generation strategy.
Depending on your requirements, use it to handle your website monitoring, action-based triggers, drip marketing, lead nurturing, Salesforce connection, and more.
2. Ahrefs
Ahrefs tops the list of demand generation tools for SEO strategy planning.
This sophisticated tool monitors the SEO tactics of rivals and gives you helpful information on the best keyword structure while calculating the traffic volume they obtain.
To assist you in creating your demand generation strategy, Ahrefs can also show you what material is currently hot.
3. Wishpond
Wishpond is an excellent option for more effectively managing campaigns, including competitions and promotions.
You may entice new prospects and increase demand for your product or service by using a variety of contest formats and the option to broadcast and promote them on different platforms, including blogs, mobile applications, websites, and Facebook.
4. Pardot
A/B testing, creating landing pages, gathering leads, creating email campaigns, and automating emails are just a few of the many activities Pardot (now a division of Salesforce) offers as a one-stop solution.
If a premium plan is appropriate for you, try out their demo.
5. Integrate/Akkroo
These days, a digital marketing plan must include events and webinars.
Integrate/Akkroo assists you in gathering and saving discussions and information from participants and prospects as soon as possible, before anything is missed, during meetings and trade events.
This application also offers a means to prioritize leads, clean up and analyze the information gathered, and transfer the data to your CRM.
6. RiteKit
Include RiteKit in your digital tools to give your social media approach more oomph and draw in more leads.
To consistently create engaging posts for the different social media sites, start with RiteBoot or RiteForge.
Create the finest hashtags for your photographs with RiteTag; use Rite.ly to develop compelling calls to action (CTAs).
You may assess your efforts and thoroughly study your outcomes with RiteKit.
7. Ion
Prospects will feel appreciated in a particular manner if you engage them with interactive material that gives them the chance to participate in the discussion.
Ion provides templates to help you create the interactive experiences you wish to include in your demand generation plan.
After the launch, you may use reporting features and even A/B campaigns to get insights into how your audience responds.
After gaining these insights, you may adjust your plan to suit the requirements of your intended audience better.
8. BuzzStream
These days, collaborating with influencers may help boost brand recognition and even authority for your product or service.
By offering a comprehensive research and outreach platform to find and communicate with influencers pertinent to your sector, BuzzStream may be of assistance.
This application may also help you track your connections with influential people and provide data on the most effective strategies for increasing demand for your product or service.
Demand generation strategy
You must refine the procedure to be a successful demand generation marketer and generate outcomes for your business. Here are seven demand generation strategies that have consistently been successful.
1. Establish your brand’s identity
Your brand extends beyond your message, tone of voice, logos, and colors. It also contains your code of conduct and UVP (unique value proposition). Your brand influences how you communicate with consumers, how your staff members see your business, and the services or goods you provide.
You might contemplate the following inquiries when you create or redefine your brand:
– What does my company stand for?
– What is the history of my company?
– What language, mannerisms, and attire would my brand adopt if it were a person?
– Why should customers choose my product or solution over my competitors?
You can create a unique, engaging, and consistent brand message by finding the answers to these questions.
2. Create and refine your ideal customer and buyer persona profiles
You may begin creating your buyer personas and ideal customer profiles after you have a strong brand and know how you want people to perceive your business.
It all comes down to knowing who is the ideal match for your product or service, personally and professionally.
Your buyer personas are fictitious depictions of the clients you anticipate deriving the most benefit from your service or product. Your ICPs are the organizations to which those personas are assigned.
You should include their decision-making patterns, pain areas and issues they experience, and demographic data in each buyer profile you create.
ICPs are just as crucial for B2B businesses as buyer personas are since the people you are attempting to attract for your product (through buyer personas) will work for companies that might benefit from your offering.
Everything you do as a sales representative and marketer will be guided by your buyer personas and ICPs. Doing this ensures that every customer interaction with your business is good and individualized through the purchase process.
3. Produce Top-Notch Content
Everything you do to generate demand for your good or service and attract appropriate customers has content at its core. The first step is ensuring your content addresses your customer personas’ problems and concerns.
You should provide proof point content, which is case studies and reviews that illustrate examples of how your product has been used by businesses similar to the ones you are now attempting to market to. This information helps persuade potential clients who are still debating or in the planning phases of their purchase.
You could also include resources in your content strategy that are helpful early in the purchasing process. It would help if you thought about having webinars, blogs, social media posts, podcasts, emails, templates and guides, landing pages, and other content types in your strategy and connecting it with your overall business objectives
4. Select Your Acquisition Channels
You have a variety of alternatives when choosing how to advertise your content, but ultimately, it comes down to ensuring those channels are optimized for your customers.
Individuals also carefully listen to podcasts and attend events like tradeshows, which aren’t limited to your blog.
Timing is crucial when deciding where to display advertisements or push your content. When consumers are ready to think about and evaluate your product or service, you want to be in front of them.
While you have a choice in the channels you use, paid advertisements, social media, and email should be used as your primary avenues of communication. However, how else you market and distribute your content depends on where you believe your readers would find it interesting or helpful.
5. Create Lead Generation Conversion Pathways
Consider the next step you want your customers to take and how you can assist in directing them there at all times.
What is the finest follow-up material you could give someone after they download an offer from your website? They may be prepared to interact with your sales staff or should be offered the choice of light sales outreach if they have recently interacted with a bottom-of-the-funnel type of content, such as a case study.
You can automate some of these tasks; not all outreach has to be done by hand. You may set up nurturing tracks using automated emails dependent on specific triggers. Automation should constantly be on your mind to eliminate friction on your team’s end. However, you don’t want to automate too much. To preserve your brand’s human element, maintain a balance between personalization and automation.
You may better serve prospective clients and provide value even quicker by learning what your buyers want and how you can supply it to them quickly or automatically.
6. Build and enhance your technology stack
Your team’s and company’s daily operations depend heavily on your tech stack. Every piece of software, from customer success management to sales intelligence, affects how your consumers interact with your business and how well your staff can provide them with a five-star experience.
To maximize your client data and provide top-notch experiences, you will want to ensure that your company’s tech stack allows you to achieve your objectives and that each platform links and are feasible with one another.
Your marketing, sales, and customer success operations will suffer without the proper tools and technology. Your tech stack needs to comprise at least these components for a successful demand generation strategy:
– A customer relationship management system
– A business intelligence platform
– A content management system
– A customer service tool
– A reporting and analytics platform
– A marketing automation platform
Ensure that these systems are set up correctly so that sales and marketing staff can use them and carry out the required tasks regularly without experiencing additional annoyance, duplication of work, or lost time.
READ ALSO: Sales Funnel Stages for SaaS Businesses
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