Will demand generation techniques produce high-quality leads? Find out how you can buff up your tactics with some simple steps.
In this article:
- Demand generation is creating interest in your product or service to aid in sales conversion. While demand generation focuses more on specific prospects to assess and work on, lead generation reaches out to a more diverse audience.
- Both sales and marketing are under constant pressure to return the company’s investment so you need to employ tactics that are sure to convert customers.
- By employing a successful demand generation strategy for your business, you’ll be able to lower your marketing spend while increasing your lead quality.
Understanding Demand Generation
When you have a product or service you want to sell to clients, you need to find and entice the right people to do business with you. By addressing the audience with the most likely chance to buy from you, you will eventually convert this engagement into revenue. This is how demand generation works.
Demand generation, however, often gets mixed up or mistakenly interchanged with lead generation. There is a clear difference between the two, which can affect your business’ sales system and overall revenue.
Demand Generation vs Lead Generation
While demand generation focuses more on specific prospects to assess and work on, lead generation reaches out to a more diverse audience.
Demand generation also distinguishes leads with the highest probability to convert while lead generation captures a wider array of prospects. You may even miss out on potential customers with a huge number of leads on the list.
Instead of shooting your arrow wide with lead generation, demand generation encourages potential clients to sign up for free offers like special items, webinars, consultations, or downloadable content. This way, people who sign up have a higher chance of converting than those who just see the ads randomly on their social media timelines.
When you decide to implement demand generation strategies, you can narrow down your ad publishing to a specific category and denomination. Ultimately, you’ll be saving your company hundreds or even thousands of dollars in marketing expenditure.
Strategies for Better Leads
By employing a successful demand generation strategy for your business, you’ll be able to lower your marketing spend while increasing your lead quality.
Here are some strategies you can employ to ensure high-quality leads from your campaign.
Maximize Inbound Marketing
One of the best ways to find the prospects with the highest possible chance of converting is to collect buyer intent data. This information provides you with a snapshot of the prospect’s needs, interests, and even the issues they’re facing.
Third party intent data, gathered from IP matching by some leading ABM platforms, offers an insight into the actions of a target lead. But it doesn’t necessarily show how actively they want to purchase a product. To figure out who is actively looking for solutions to their problems, focus more on first party intent data. It’s collected through newsletter sign-ups, forms, and other ways to gather customer data.
With the N.Rich ABM platform, you have the power to fully control the ads you publish as well as store and analyze the first party data you collect.
Entice leads who make contact with your website, social media page, or ads by creating an enticing landing page. Some tactics you can employ include:
- Obligation-free trials
- Free consultations
- Free articles
- Sign-up discounts
- Newsletter sign-ups
Re-Invent Your Social Media Strategy
With the increase in social media usage in the past few years. More and more businesses connect with their prospects through their pages. Some ways to increase demand for your business include:
- Creating contests where they need to sign-up to participate
- Integrating chatbots to gather subscriptions and capture inquiries
- Sharing discounts and freebies where they need to register
- Leveraging live videos with industry-specific topics
You’ll be able to gather emails, contact numbers, as well as your customers’ regions, interests, age group, and other details with these methods.
Buff Up Your Content
If you’re a new business then you may still be discovering your identity and audience group. But once you’ve started attracting responses for your demand generation, you’ll start understanding the people you’re catering to.
Using the first party intent data you gather, create a content plan aimed at answering your targeted leads’ problems and issues. This content should answer important questions as well as offer value to your clients. The chance of conversion becomes higher if you can provide a solution to their main concern.
Of course, customers, especially businesses, will need further discussions and demos to make sure you can answer their problems. But that’s where the sales team can do their magic and convert the target lead.
Establish Your Lead Scoring Criteria
Having a lead scoring system enables you to narrow down your leads to those who need your service or product the most. You should decide the criteria which will yield higher buyer conversion chances.
Once you’ve set the criteria, analyze and run through all the first party data you received to identify the key decision-makers who need your product or service the most. Then, you can focus your attention on these prospects instead of wasting it on those that may not convert. This results in faster ROI and a better closing rate for your sales team.
Overcoming the Sales Pressure
Both sales and marketing are under constant pressure to return the company’s investment so you need to employ tactics that are sure to convert customers. By generating demand for your product or service, you’re able to attract substantial leads and save money for the company. That’s hitting two birds with one stone!