Demand generation is a marketing method for increasing product or service awareness and demand. It creates discussion, broadens your reach, increases traffic, and eventually extends your consumer base by converting interest into action.
Demand generation is an important component of inbound marketing because it allows you to build the groundwork, sit back, and let the leads come to you instead of chasing them down.
In a perfect world, yes; in reality, there’s a lot of planning, nurturing, analyzing, reporting, and refining to be done. Demand generation, on the other hand, generates more and better-quality leads — in fact, inbound approaches generate 54 percent more leads than standard outbound marketing strategies.
Instead of cold phoning and telling them they have a problem and that your product is the answer, you’re providing useful material that guides them to that conclusion on their own, making them far more excited to work with you and more likely to convert.
So, what’s the difference between demand generation and lead generation?
Marketers frequently use the terms demand generation and lead generation interchangeably. While the procedures are similar in that they both attempt to create leads for your company, there are several major variances.
Demand generation connects your brand with your target demographic. It generates demand for your goods by generating interest in what you have to offer.
New business prospects arise as a result of lead generation. It also allows for direct sales interaction and the possibility of gaining new clients. Business lead creation is impossible without demand generation.
A lead generation approach focuses on turning an engaged audience into leads by direct outreach, whereas demand generation aims to create brand recognition and authority so potential buyers may confidently enter the buying track.
Demand generation is sometimes underestimated, yet it is an important component of your overall company plan. From helping you establish yourself as an expert through thought-provoking content and a boost in your reputation to increasing your audience’s trust through increased brand recognition, we’ve got you covered. Where do leads originate from if there is no demand for your product?
Demand generation may include anything that boosts your brand’s profile and draws people’s attention to it, such as:
- Email marketing
- Brand messaging
- Inbound marketing
- Content marketing
- Marketing automation
- Social media marketing
- Partnering up with influencers
- Pay-per-click advertising (PPC)
- Account-based marketing (ABM)
- Educational activities, e.g. webinars
- Creating free tools such as calculators or templates
- Activities for building awareness, e.g. an online summit
- Creating shareable pieces of content, e.g. infographics, white papers, etc.
But what are the most effective demand generation tactics for generating high-quality leads and generating a positive return on investment? Let’s have a look at some pointers!
