Originally published on 09/03/2020. Last updated on 03/01/2024.
Growing your customer base is essential for any business, yet attracting new prospects consistently can be a major challenge. One way to accomplish this growth is through demand generation. It’s the strategic use of marketing to create genuine interest in your products or services among targeted audiences. Done right, demand generation paves the way for increased leads, conversions, and sustained growth. In this post, we’ll dive into the essentials of demand generation and provide actionable tips for putting it into practice.
What is Demand Generation?
Demand generation refers to marketing efforts that target one specific group of potential customers as a way of creating demand for certain products and services. It is distinct in its use of technology to accomplish this goal. Demand generation relates to lead generation in that there are different steps in the process of moving someone from a potential client to a closed deal. It is about the initial step of attracting customers to your business’s brand and services. Lead generation is about turning prospects into qualified leads and then customers.
Demand generation and lead generation are important to any digital strategy and are the fuel for every business. When using the internet for reference, demand generation involves monitoring platforms for potential customers and the use of strategic content. So, how do you begin getting people excited about your services? There are a few different methods.
Demand Generation Strategies for Success
Demand generation is multifaceted, and there’s no single formula to guarantee results. However, these proven strategies will set you on the path to attracting new audiences, boosting engagement, and ultimately driving growth for your business.
Develop Buyer Personas
The first step in any demand generation effort is to know exactly what type of people you are targeting. A helpful method of discovery can be to create buyer personas. These are the distinct personalities that embody members of your target audience. It can be useful to ask yourself:
- What is important to my buyer persona?
- What do they do in their free time?
- How old are they, and what is their socioeconomic status?
- What do they spend their money on?
Answering questions like this will bring you one step closer to aligning with the actual people you want to connect with. You may be able to refer to your business plan for a reminder of what you set out thinking your target audience would be. See if that still lines up with your current thinking, and adjust as necessary.
Utilize Giveaways
Giving prospective customers a taste of what you offer is a powerful way to spark interest and build trust. Here’s how to incorporate giveaways and free trials into your demand generation strategy:
Giveaways
- Offer Value: Ensure your giveaway item aligns with your audience’s interests and needs. Consider downloadable templates, digital coupons, or even a short consultation.
- Promote Strategically: Spread the word across social media, email newsletters, and relevant online communities.
- Collect Data: Use entry forms to gather contact information and gain insights into your audience.
Free Trials
- Showcase Your Best: Free trials are the perfect opportunity to demonstrate the value of your products or services.
- Provide Support: Ensure easy access to onboarding resources to help new users get the most out of the trial.
- Set a Clear Timeline: Determine the optimal trial length to create a sense of urgency without overwhelming potential customers.
Whether offering giveaways or trials, focus on delivering a positive and value-driven experience. This helps build a connection with potential customers, making them more likely to return and become paying clients.
Invest in Content
Great content is an excellent way to build rapport with potential clients. In demand generation, it is especially important to target the audience you are trying to reach. The goal is to leave people with a strong understanding of your business and its values, as well as an inclination to interact with you in the future. Therefore, tactics such as blog posts and social media updates should build trust, as well as highlight the aspects of your business that potential customers will find most interesting. The content should also err on the side of informational over being pushy or overly sales-oriented, emphasizing credibility. As people start becoming familiar with your brand, you want to be able to anticipate and stay attentive to answering any questions they may have.
Keep in mind, that search engines can be powerful allies in your demand generation strategy. Incorporate relevant keywords and SEO best practices to help your content gain visibility and rank higher in search results. Get more mileage out of your content by exploring ways to repurpose it. For example, a comprehensive blog post could become a shorter video script, an infographic, or a series of social media updates. Finally, track your content’s performance using analytics. See what types of content resonate most strongly with your audience, and use those insights to refine your content strategy over time.
Consider Lead Scoring
In its essence, lead scoring is a way of sorting through potential clients to determine which ones would be most beneficial to pursue further. For example, you can look into these leads and consider questions like:
- What is the strength of the current product or service that they use?
- What is their occupation or industry? Does it align with your intended markets?
- How did they find your content?
- Who do they interact with the most on social media?
Next, take note of what they did when interacting with your brand – what links did they click on? How long did they spend on certain pages of your website? How have they expressed interest in products? Finding out what your potential clients have in common will allow you to strengthen your marketing efforts, as well as give insight into what may or may not work in your digital strategy. It may also make it easier to turn these leads into loyal customers and increase your confidence while selling since you will know how to address common issues.
Lead scoring is a tactic that is especially useful when you have a solid, strong brand to build on. You may already have many loyal customers and a high return on investment for your marketing efforts. While you’re just starting out, however, it may be more beneficial to focus specifically on content and other interactions. Then, you can focus on lead scoring later.
Demand Generation: The Key to Sustained Growth
While a loyal customer base is invaluable, sustained business growth depends on continuously attracting new audiences. Demand generation strategies, like the ones discussed in this article, are crucial for reaching untapped markets and fueling your business’s future. Investing in these techniques will amplify your digital presence and ultimately strengthen your brand’s position within your industry.