For B2B businesses, demand generation aims at solving a particular problem for the target market segment. If your potential clients are already aware of their problem, there is already an in-built demand for your solution. On the other hand, if your target audience hasn’t realized the problem point that you are offering a solution for, your first step as a B2B marketer is to build a successful demand generation campaign to create the demand. For start-ups and SMEs with limited resources, it is best to opt for professional demand generation services. Unless you have sufficient existing demand for your products/services in the market, knowing how to build and measure a successful demand generation campaign is extremely important.
Constituents of a Successful Demand Generation Campaign
While lead generation is more geared towards capturing relevant contact information, reaching out, and trying to sell, demand generation is essentially about creating awareness, building trust for your brand, generating interest, and trying to engage end users. There also needs to be an inherent attempt on part of B2B businesses to work on the right product-market fit. The constituents of good demand generation campaign are as follows:-
Create high-value, informative content
Inbound marketing efforts are less obtrusive, require lesser investment, and certainly bring in more high-quality leads in the long run. So instead of only publishing content with a sales agenda, focus on sharing high-value, educational content that can really help your target audience. This will increase your organic reach, and then you can go ahead with paid promotions.
Hand out free resources in return for leads
These could include free reports with verified data highlighting a certain issue, complimentary e-books, whitepapers, or just an interesting online quiz or buzz-worthy checklist. Anything that can get you vital information about your target audience- their likes, dislikes, challenges, preferences, and contact details.
Focus on Local SEO strategies
Building your online credibility is a lot easier if you are immediately visible to users searching for products and services in their vicinity. As a seller, you can liaise with the best buyers online, and vice versa. Maybe competing for your existing set of keywords is too challenging. So just add a geographical connotation to it, so that you can gain higher visibility in local search results.
Social Media Engagement
Hosting B2B events, putting up posts that highlight your expertise, business credibility, and capturing the attention of social media users to strike up meaningful conversations are important demand generation tactics on social media. But don’t let your social media marketing efforts become a vague effort directed at random users. Based on your industry/niche, choose the right platforms to communicate with users as per your ICP (Ideal Client Profile), and aim at strategically targeted posts. At the same time, make sure that your sales agenda is not blatant. Aim at educating, communicating, engaging, and creating a loyal base of followers.
Measure the ROI
A demand generation campaign is incomplete if you don’t have the relevant metrics in place for a proper ROI assessment. The most basic KPIs (key performance indicators) that need to be measured include:-
- number of queries received
- number of meetings fixed
- costing per lead
- sales funnel value
- average revenue per customer
- average length of sales cycle
- average lifetime value per customer
Also track your website data like web traffic, click-through rates, conversion rates, and bounce rates. Regular monitoring of the right metrics will steer your demand generation campaign in the right direction.
The Question of Outsourcing
Convincing businesses that they have a problem that is worth spending money to resolve, and thereon putting our business at the forefront is an extremely challenging realm. Whether to outsource your demand generation requirements or not, depends on your in-house expertise, resources and marketing budget. Just chalking out a cost-analysis sheet of in-house expenses versus outsourcing expenses will give you the basic idea. Furthermore, do take into account the marketing expertise of your team vis-à-vis seasoned professionals.
Expertise in Demand Generation goes hand in hand with effective story-telling, communication and brand building. It entails solid B2B marketing expertise, precision-based data, and a strategic mix of in-bound and out-bound marketing strategies to reach out to potential clients on a mass scale, make them aware of their problem points, and position your business offerings as the ideal solution. Unless there is already an existing demand for your products/services that you merely have to harness, opting for professional demand generation services is the best option for obtaining high quality leads and the desired ROI from your marketing budget.