Essentials of Demand Generation
August 31st, 2020
The Synergy of Demand Generation
You’ve probably seen the term Demand Generation and may think that simply refers to creating demand for your product. Actually, it’s what happens when you successfully orchestrate several essential elements in your strategy and tactics to create interest around your products and services.
You need to have input from key stakeholders, marketplace knowledge, a keen understanding of your customer, actionable data, and technology all working together to achieve established, attainable revenue goals. The union of those critical components is the foundation for your Demand Generation plan.
Who Are Your Key Stakeholders?
For far too long, there’s been a less than productive tension between marketing and sales. Marketers traditionally base success on building brand awareness, messaging, and generating a substantial volume of leads. On the other hand, sales professionals aren’t looking for a deluge of leads they have to spend valuable time sifting through trying to determine which is worth pursuing. What they need are highly qualified prospects they can convert to customers.
Time for new thinking! The key is for marketing and sales to work together, sharing their unique knowledge and perspectives to develop strategies that will achieve the same common goal ... generating revenue.
What Is Happening in Your Market?
Let’s try something that may be very enlightening. First, launch a stopwatch app for timing this exercise. You may also want to use a voice recorder. Ready? Now, without thinking ahead to prepare, see how many answers you can come up with in no more than two minutes to this question: What marketplace forces are affecting your revenue opportunities? And, GO!
How many answers did you have? Were these critical items among them?
- Projected increase or decrease in demand for the products or services you currently offer
- Your understanding of new products or services consumers will want
- Existing or emerging competitors that could decrease your revenue
- New technologies or distribution channels affecting consumer behavior
- Changes in consumer demographics
- Evolving communication channels for reaching quality prospects
Take time to review your answers by writing them down and thinking about what you do or don’t know. Make sure that assessment is based on current, solid data and research rather than what you think without having quantifiable facts.
Who Is Your Ideal Customer?
This is another area where it’s easy to think you know the answer without investing the necessary effort. You must have a well-defined Ideal Customer Profile (ICP) to strategically target the right audience for your marketing and sales efforts so you can find qualified prospects and generate revenue. If you already have a solid ICP built, don’t forget to frequently revisit that. The marketplace and consumers are always evolving.
If you need help building your ICP or want a quick refresher, we have a tool for that. To learn more about how to find you ideal customer, click here.
The Power of Data
Without question, access to quality data is essential to your Demand Generation plan along with knowing how to analyze that information. We’ve all heard the phrase that data is king. While that may be true, data without context can limit how effectively you use it.
To powerfully leverage your data requires the unique perspectives your marketing team and sales professionals bring to the equation. Not only can they provide insights about the marketplace and your customers, this interaction also allows them to ask important questions that only data can answer. By working together, you can be empowered to strategically craft messaging and refine sales initiatives to maximize the need for your prospects to engage with you.
With the actionable intelligence only real-time data can provide, you can quickly and strategically adapt your Demand Generation plan.
What Can Technology Do for You?
Most likely you’ve already used technology tools for building your prospects database, SEO initiatives, and data analytics designed to drive potential customers to your website. But your work is far from done.
Did you know up to 96% of your website visitors will bounce, taking no action beyond landing on a page they found from their online search? Increased website traffic does not equate to generating revenue. Here’s where technology is key to your success.
There is a way to capture these anonymous visitors who clearly have an interest because they searched for the products or services you offer. One powerful tool is LeadMatch that identifies the majority of these visitors so you can nurture them to become customers. To learn more about how LeadMatch technology can work for you, click here.
Technology can also boost ROI by creating dynamic interplay among your digital communication platforms such as email, Facebook, Instagram, and Google ads. Email Accelerator is an excellent way to achieve higher revenue. Learn more about this incredibly powerful tool by clicking here.
What Tactics Should You Use?
Now that marketing, sales, data, and technology have worked together to fill the sales funnel with qualified leads, you need tactics for reaching out to these prospects with multiple touchpoints to convert them to customers. Above all, these need to be perceived as having value; otherwise, your prospects will tune you out. And be sure whatever tactics you use are completely aligned with your overall strategy.
Some ideas for tangible ways to touch prospects include:
- Direct mail campaigns with timely, valuable offers
- Newsletters with content worthy of your audience’s time, either in print or in digital format
- Free classes about topics of interest to your ICP, in person or by online webinars
- Special events, again either in person or virtual
- Giveaways and contests (no purchase necessary) with tangible items valued by your audience
- Community and charitable affiliations, showing your support and encouraging participation
- Product demonstrations and free samples to foster top-of-mind awareness
What Else Do You Need to Do?
Demand Generation is also about follow-up tactics. It’s another touchpoint, showing that you value what prospects think and want. It’s also critical for determining results achieved and gives valuable insights about what works and what doesn’t.
Here are some follow-up ideas that have proven to be successful:
- Use a direct mail follow-up campaign to send a physical offer to prospects who have shown interest in your initial outreach.
- Few follow-up tactics beat phone calls. Introduce yourself and your company. See if the prospect has questions if they visited a landing page or clicked through in an e-mail.
- Make sure your marketing includes retargeting on multiple platforms. Be top of mind.
- Talk to your team for feedback. They are on the front lines and have the most relevant information.
We Can Help Build Your Demand Generation Plan
Ritter’s has more than 30 years of experience helping clients successfully build Demand Generation strategies and tactics for generating revenue.