Building your brand name and identifying potential leads is an essential part of generating sales for your business. Gathering as many prospects as possible may seem like an enticing strategy to increase revenue but quantity doesn’t always equal opportunity.
In this article:
- Find more promising leads by collaborating with industry hotshots, offering giveaways, managing and mastering placement targeting on Google, and automating how you gather your data.
- Social media is an important means to increase demand generation. Understand and maximize lookalike audiences on Facebook.
- Strengthen your lead scoring system and leverage the data you gather to identify potential targets and to create a customized buying experience for them.
Demand Generation Techniques to Try in 2021
Many companies prefer to use demand generation as a better strategy to identify and nurture possible clients. The marketing team targets leads based on individuals and determines their conversion possibility through an established marketing qualified lead scoring system. Once the individual passes the MQL criteria, then that contact is passed on to the sales department.
How can you maximize this marketing strategy to attract more prospects and increase sales? Here are eight demand generation tips for you to try this 2021.
1. Collaborate with Industry Hotshots
The individuals you’re targeting may be looking for solutions to other pain points they’re experiencing aside from what you’re offering to address. By collaborating with well-known individuals in other industries, you’re able to connect with their audience and offer possible solutions to their issues as well.
Partnerships may come in the form of webinars, live interviews, and even endorsements. Take note that the bigger the name of the collaborator, the more followers you can potentially connect with.
However, landing an agreement with an industry hotshot can be challenging. You will need to establish a deeper relationship which takes time and effort.
If you find it difficult to connect with hotshots in related industries, focus your resources on establishing a lasting relationship with targeted leads instead. You can do this through an effective account-based marketing strategy.
2. Manage Your Placement Targeting
Ever heard of Display Marketing? This method showcases your business on online banners and pages through images, videos, or animations. It can also contain text and links to entice people to visit your website or social media page.
If you utilize Google’s Managed Placements and place bids on specified websites, you can actually control the audience you want to show your ads to. Remember though, that your ads need to be a part of YouTube or Display Network to show your ads. You’ll be able to reach more targeted individuals by showing your ads on websites where your target audience spends more time on.
3. Maximize Giveaways and Freebies
The best way to attract customers? Giveaway free stuff.
People are drawn to bargains and freebies. Leverage this by handing out free guides, tools, e-magazines, or important resources from your business.
You can also offer a free trial of your service for a certain time period. Businesses tend to prefer testing software or online tools out before committing to it.
On the other hand, if you have limited resources, implementing an account-based marketing strategy may be more beneficial for your company. With ABM, you can specifically target leads that are most likely to close a deal with you and offer freebies to them instead. Doing so will improve their buyer journey and may convince them to do business with you.
4. Be Social Media Savvy
In recent years, social media has grown in relevance in marketing. More so during the pandemic when people are forced to stay at home. According to a study by Statista, 3.6 billion people used social media in 2020. This number is expected to rise to 4.41 billion in 5 years. That’s billions of potential leads waiting to be reached out to.
One way of reaching out to a more targeted audience is to understand and use lookalike audiences on Facebook. Lookalike audiences are individuals who have similar demographics, profiles, interests, and behaviors as those who already interacted with your ads. This way, your brand will reach other prospects with the same needs as your existing clientele.
5. Dive Into Email Marketing
Email marketing is still a powerful sales outreach tool to use for brand reach and lead conversion. But in order to properly leverage this strategy, you need to figure out the best type of email to use. Don’t just conduct A/B tests on your ads, do it for your emails and e-newsletters, too.
You can also send out personalized emails to give relevant leads a catered experience. Email is also an important asset in adapting account-based marketing strategies.
6. Strengthen Your Lead Scoring System
In ABM, quality is prioritized over quantity. By establishing a lead scoring system, you can identify potential leads with higher chances of conversion. Your team can then focus on that hot lead instead of spending too much time filtering out cold prospects from a massive list of prospects. A well-defined lead scoring system will help you identify opportunities and act on them accordingly.
7. Leverage the Data You Gather
When it comes to sales and marketing, data is king. Gathering data and accurately identifying how you can use it for your operations will help you work smarter. With analytics, you can understand who your audience is and what plans you can lay out to attract them. There may be a whole lot of data to sift through but once they’re properly consolidated then you can customize them according to your needs.
ABM platforms can help even more with 1st party and 3rd party intent data. This is extremely useful as you build up your target account list, you can take the ones showing higher intent to acquiring your service or product and work on an engagement plan to get ahead of the competition.
8. Automate When Possible
Most importantly, automate tedious systems and processes whenever possible. This will give you more breathing room to come up with marketing strategies that will yield better results. Platforms like N.Rich automates your marketing data but still gives you the freedom to customize the campaigns you want to implement across multiple channels.
Demand generation will help you reach out to as many qualified leads as possible, but to get a high conversion rate, you need to focus on more promising prospects.
This is where account-based marketing becomes useful. While demand generation gathers as many leads as possible, ABM focuses its acquisition efforts on specific accounts. This strategy identifies target accounts early on and works with the sales team to create a personalized buying experience for them, resulting in higher conversion rates and better sales revenue.
Whatever method you choose, the most important is to identify your business goals then applying the strategy with the best return of advertising spend (ROAS).