Demand generation is a holistic marketing strategy focusing on generating interest in a product or service. It involves a variety of tasks, such as content marketing, social media marketing, and search engine optimization (SEO).
Outbound Vs. Inbound Marketing
In the past, companies used to rely on outbound marketing strategies, such as advertising and cold calling, to generate interest and leads. However, with the rise of digital marketplaces, buyers have more control over their purchasing journey. They can quickly research products and services online before making a decision. What used to be known as "traditional marketing" has become outdated. To attract potential customers, marketers must now focus more heavily on inbound marketing techniques, such as content marketing and SEO.
Increasing Demand
Demand generation is an integral part of inbound marketing because it helps to create awareness and interest in a product or service. By producing high-quality content relevant to potential customers' needs, marketers can attract them to their website or blog. According to the Content Marketing Institute, 91% of B2B marketers leverage content marketing in their demand-generation strategies. Once potential customers are on the website, marketers can nurture them with lead magnets, such as ebooks or white papers, and convert them into leads.
Building Relationships
Demand generation is also about building relationships with potential customers. Research by Evergage reveals that 80% of consumers are more likely to buy from a company that provides personalized experiences. Marketers can build trust and credibility by delivering valuable content and engaging with potential customers on social media. This social selling can help to convert leads into customers and create long-term relationships. As marketing veteran Mike Gospe says, "The best marketing doesn't feel like marketing at all. It feels like a helpful conversation with a trusted friend."
Here are some of the benefits of demand generation:
- Increased brand awareness
- More qualified leads
- Shorter sales cycles
- Higher customer lifetime value
Overcoming Challenges
Generating demand can be challenging due to the time-consuming and expensive nature of producing high-quality content. Additionally, measuring ROI can be difficult without the right marketing tools. However, despite these challenges, demand generation is essential to any marketing strategy in today's digital age. By creating valuable content and engaging with potential customers, marketers can attract more leads, convert them into customers, and build long-term relationships.
