Time to use Demand Generation as the right Marketing Strategy?
With the uncertainties, many organizations have put their marketing on pause or dramatically reduced their efforts wondering when it is time to start marketing again and is demand generation the right marketing strategy. These are times when companies need to provide support and be empathetic to the challenges businesses, especially their clients are facing, but how best to proceed with caution?
It’s important, good times and bad to protect your brand. Many would agree this is not the time for exploiting others’ vulnerabilities or aggressive selling. Negative reactions to self-serving needs can be swift and unforgiving. But that still doesn’t answer the question, “Is it time to start Marketing again and if so how?”. If your approach is to provide solutions for the challenges buyers are facing today or the foreseeable future, the answer is a definite “Yes”. One of the best ways to do that is through demand generation.
Here, we’ll take a look at the role demand generation plays, how it differs from lead generation, ways to measure its success and why it is time.
The Role of Demand Generation
Demand Generation helps your organization expand into new markets, launch new products, build its brand reputation and ultimately warm-up prospects and clients into buying your products and services.
Demand Generation vs Lead Generation
Demand and lead generation can go hand-in-hand but there are key differences to be aware of. Summarized as follows:
Lead generation: The goal is to create sales-ready opportunities by collecting information on prospects for sales follow-up; building a marketing database to gather lead information to track and to pass warm leads to Sales to close. KPIs can include, appointment setting, requesting a quote or a proposal, referrals and gathering from contacts BANT – budget, authority, need and timing.
Demand generation: It creates awareness and demand for an organization’s products or services aligned with the mindset of the buyer. The content provided is within the context of who you are targeting and their buying journey. It is not about rushing to close a sale or having them commit to providing their contact information in exchange for content. Demand Generation is about disseminating free content across channels to attract new prospects, build brand ambassadors, generate referrals and reinvigorate interest among potential buyers that may have lost interest. If orchestrated right will eventually lead to a sale and loyal customers.
Measuring the Success of Demand Generation
In achieving success, experts say it takes on average seven touchpoints before you can make a sale. The renowned marketer, Dr. Jeffrey Lant created the “Rule of Seven” whereas you must contact your buyers a minimum of seven times in an 18-month period for your potential buyers to remember you. Jay Abraham claims you need to contact someone seven times before they will say “yes” to a sale.
With the need for multi-touches before prospects are willing to buy from you, demand generation plays a vital role in creating a multi-touchpoint strategy to push buyers down the sales funnel. To measure the success of Demand Generation it’s about measuring engagement each step of the way. When promoting your content across online channels, KPIs can include, whitepaper or case study downloads, webinar attendees, events registrations, social media engagement metrics, webpage visits to the attribution they made to create a sale.
With marketing technology today, the task of executing demand generation and pulling a 360 view of your buyers for tracking and optimizing efforts is more within reach.
Why is it time?
In this market, customers may not be ready to buy but building awareness and positive relationships can go a long way when they are ready to buy. When the time is right, they’ll be familiar with your brand. You’ll have proven you are there to solve their challenges. And, when you are not seen as a commodity you won’t need to sell on price.
360 Integral Marketing is a team of professionals. We help businesses become more efficient and effective in marketing with the right-sized strategies, services and technologies to build sustainable growth. We are more than an agency, we are an extension of your business committed to your success. To learn more about our digital marketing strategies click here.