The more demand customers have for a company, the more likely they are to prosper and grow. As a substantial benefit for companies and enterprises everywhere, demand generation can encourage the desire for your product or services to skyrocket, leaving an increase in customers that are ready to jump on board. However, it’s an involved strategy that often takes plenty of hands to accomplish.
What Is Demand Generation?
In short, demand generation puts focus on specific marketing programs to drive interest in a product or service. Overall, it is what it sounds like—marketing tactics utilized to generate more demand. The strategy is commonly employed within business-to-business, business-to-government, or longer business-to-consumer sales cycles. Demand generation pulls in multiple areas of marketing and couples them with a structured sales process to bring about comprehensive strategies that encourage demand growth. Typically, sales and marketing teams join hands to bring about a holistic and effective funnel-like method to acknowledge and take part in each stage of customer conversion.
Several components make up the demand generation process, and they often vary based on the size and complexity of each sale. However, the objectives generally include, among other ideas, building awareness, positioning relevance, supporting validation, and mitigating customer evaluation. Demand generation methodologies also vary but most commonly center around E. St. Elmo Lewis’s theory: attract attention, maintain interest, create desire, and get action (AIDA).
A true demand generation strategy is aware of every step within the buyer’s journey toward the sale—from their simple visit to a company’s website to well after they place their order. Generating demand takes a data-driven approach to better understand how marketing contributes to revenue and ultimately leads to long-term engagement that enables growth.
Step One: Building Awareness
To encourage long-term and steady demand generation, your target audience will first need to be aware of the product or service offered and understand how it will give them a solution to a problem they face. Introducing prospects to a problem gives you a significant head start toward bringing in your intended audience and encouraging them to stick around, learn about your product, and recognize that it will provide them a solution.
Step Two: Facilitating Discovery
Once introducing your potential buyers to their existing challenge, they’ll soon be in search of a solution. Fortunately, online lead generation and simple marketing tactics can encourage them to visit your site and discover your brand. As customers search, Rocket is on-hand to facilitate their discovery of you and your services. We help your brand stand out from the competition with two primary courses of action: SEM and SEO.
Step Three: Eliminating Buyer Friction
Once customers discover your brand, our next focus is reducing buyer friction and encouraging demand to grow as we allow customers to take part in your product or service and realize its value. Popular components for removing any potential roadblocks that customers face include offering free webinars, demos, and free trials.
Step Four: Guiding Solution Validation
Following the initial discovery and interest in your brand, we’ll focus on converting the demand into actual sales, increasing revenue and enhancing overall company growth.
While demand generation is often confused with lead generating, there is a considerable difference between the two. Rather than merely pulling a sale or two because customers are in search of something they’re already aware of, with demand generation, we are focused on proactive approaches that will thoroughly convince your audience that a problem exists and that your solution is the best out of all of them.
We want to create buying pressure on the market for our solution—we want to move the entire market into our pipeline by persuading a need for our services. Through brand awareness, discovery encouragement, and lessened buyer friction, Rocket can help you get in front of your audience and grow the demand for your product.
Measuring the demand generation performance is crucial to the marketing process as it allows both the marketing teams and sales teams have a better understanding of where they could improve and what is already working. Rocket Now uses a state-of-the-art measuring system based on solid data to ensure that you’re up to date every step of the way. But, how do we measure demand generation performance?