Demand generation, as you might guess from its name 😉, includes any activities that generate demand for your business:
Demand Generation is the process for generating awareness and interest in a company's products and services through marketing programs, with the goals of increasing customers and revenue.
It covers all overarching Marketing & Sales campaigns along each stage of your customer acquisition funnel: awareness, consideration, and conversion.
A Demand generation strategy typically involves:
Demand Generation is often used interchangeably and sometimes confused with Lead Generation.
Though both should be used as part of your customer growth strategy, you can think of them in pie terms 😁:
For example, any of these actions would be considered a new lead generated at PixelMe:
In comparison, demand generation designs programs that cover the entire customer onboarding funnel, of which a subset includes lead generation. From top of the funnel brand awareness efforts, all the way down to campaigns that focus on converting leads into customers.
Now, let's take a look at how to tackle your demand generation strategies to grow!
Having the right Marketing KPIs in place and tools to measure your efforts, will let you lay a strong foundation for a successful demand generation strategy.
For example, you'll want to monitor campaign performance metrics such as:
These KPIs can tell you which demand generation campaigns are most effective, so you can keep investing in what's working and stop under-performing campaigns.
It can easily be done through marketing attribution solutions, which track your ROI across any paid or organic channel with multi-touch attribution models.
Before implementing attribution at PixelMe, we were painfully tracking KPIs and metrics across all our channels using Google Sheets and updating them every week. On top of that, we realized that we still didn't know how each channel as a touchpoint contributed to a conversion 🙈.
💥Pro-tips: Get our guide for the Top 10 Marketing KPIs To Track, to increase revenue and optimize your website performance.
🛠Tools to use: Smart Attribution, the first Customer Attribution solution, will clearly show your Customer Acquisition Costs, revenue, and ROI for any channel. With multi-touch attribution, it'll also show your customer journeys and the top touchpoints that lead to conversions.
We're huge fans of Content Marketing at PixelMe! It's one of our top 3 customer acquisition sources, and HubSpot also found that 55% of marketers list their blog as their top inbound marketing strategy.
Generating content for Inbound Marketing is a major success factor in demand generation campaigns. It can help you better engage prospects by giving tips and tools that improve & automate their day-to-day, as well as boost your SEO rankings and in turn new customers.
A few ways you can develop free content for Inbound Marketing campaigns:
🛠Tools to use:
There's an old saying taken from the movie Field of Dreams: "If you build it, they will come." 👷♂️
Unfortunately, this isn't always the case for demand generation content you spend time crafting and publishing (as we've learned). We ran an analysis of all our PixelMe blog posts since 2017, and saw that almost 80% of our traffic comes from less than 18% of our blog posts. The best performing content ranked highly on SEO, and were promoted in both paid and organic channels.
So the takeaway is to find ways to amplify your content across multiple channels. For example:
🛠Tools to use: Cloud Campaign is a great tool for automating the way you manage & measure your marketing content across social media channels. You can schedule posts in advance, respond to customers from their platform, and see your most engaging multi-channel content.
Just like car dealerships 🚗, providing free product trials and/or demos is a great way to let people take a test drive, before committing to a purchase.
Currently, over 44% of SaaS companies provide free trials (ourselves included!).
For example, we offer a 7-day free trial at PixelMe, as well as an option to book a demo before even trying us out. Providing demos has also been a valuable way for us to get feedback on features to prioritize and new tools to build.
Ahrefs, a leading SEO analytics tool, also provides a 7-day trial but charges a one-time $7 fee. You can test various trial models to see what results in the highest signups and conversions.
🛠Tools to use:
When it comes to mid-funnel demand generation goals, specifically lead generation, what ultimately matters is finding high quality leads that'll convert.
So in your quest to identify your best acquisition sources and leads, it's a good idea to score the quality of your leads and create lead nurturing campaigns.
🛠Tools to use:
They say that "two is better than one" 👯♀️, and this holds true for demand generation campaigns too.
Some of the best ways to increase word of mouth, create new customer acquisition streams, and generate high quality demand in your products is via co-marketing.
By partnering with strategic partners that have complementary services, are non-competing, and have mutual goals, you can launch campaigns that grow customers for both of you. For example:
On top of mutual partnerships, you can also tap into influencers in your industry who already promote similar products, and have them showcase your company in ways that are mutually beneficial to their communities.
Since 2017, online advertising has grown by about $1B every year in the B2B space.
In the ideal world, you could focus all your demand generation efforts on organic channels, but given industry trends, online advertising can be an effective way for you to more quickly meet your marketing KPIs.
The top 2 preferred online ad platforms for our B2B customers are: Facebook Ads & Google Ads.
For example, you can run Facebook Ads along different stages of your customer funnel, and A/B test various ad components to zone in on your ideal customers:
Everybody loves a free resource that adds value to their daily tasks, so offering free tools can boost the effectiveness of your demand generation marketing efforts.
At PixelMe, since launching AdInboxMe as a side project, it's been one of our top 3 traffic sources 🔥. We plan to grow into a powerful free tool we can leverage in demand generation campaigns. And since AdInboxMe sends you an email alert whenever a competitor launches a Facebook Ad, it lets us qualify customers who likely run Facebook Ads, and will find value in our Customer Attribution platform.
Of course, building free tools require a lot of investment and resources, but if it'll bring you a high ROI in the long-term, it could be worth building.
Alternatively, you can also build easier lightweight tools, such as giving away free marketing templates that help people accomplish a key task in a faster or more automated way.
💥Pro-tips: Ask customers for feedback on tools they'd find valuable, or use form builder platforms like JotForm to validate your ideas before you begin building.
Sales & Marketing are examples of teams that work better together 👯♀️, especially when it comes to demand generation.
So for launching the most successful demand generation campaigns, ensure your efforts are well-coordinated and communicated across Sales & Marketing.
Both teams play integral roles to various stages of a demand generation campaign. Typically, Marketing might kickstart the process with top of the funnel campaigns, and then pass the baton to Sales to follow up with sales-ready prospects to close the deal.
An example of an integrated demand generation campaign might look like:
⬆️ Top of funnel:
👉 Middle of funnel
⬇️ Bottom of funnel
Like in all aspects of marketing, A/B testing is the best way to improve your strategies and grow.
Keep testing and refining your strategies and variables within campaigns to find the best channels and campaigns.
You can test different topics for free guides develop and promote in ads, test different content and designs on landing pages, test different email CTAs, and the list goes on.
Just as important, is segmenting leads from your demand generation campaigns, based on any information they've shared (e.g. industry and job title). Then, use lead scoring and test different nurturing programs and sequences that can best convert them into paying customers 🚀.
Want to track multi-touch attribution across your Demand Generation campaigns? Sign up for a free PixelMe trial 🎉. Or message us from the blue chat icon in the bottom-right corner! 💬
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