10 Effective Demand Generation Strategies
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Marketing and sales professionals use a variety of strategies to develop interest among their target audiences. Demand generation is an effective way to create a demand for a product or service, promote brand awareness and increase the quality of leads. Understanding the various strategies within demand generation and how to use them may contribute to the success of your marketing efforts. In this article, we define demand generation, discuss its benefits and provide a list of 10 effective demand generation strategies.
What is demand generation?
Demand generation is a category of multi-step strategies used by marketers and sales professionals to develop interest among their target audience by creating a demand for a product or service throughout each phase of the sales cycle. Businesses can build demand for a product or service through a variety of gradual, comprehensive methods that involve marketing and advertising practices. Demand generation often begins by identifying audiences that are most likely to be receptive to marketing efforts and implementing nurturing strategies to build long-term relationships with ideal audiences.
Related: What Is a Marketing Campaign?
Elements of a great demand generation strategy
There are several elements that attribute to a successful demand generation strategy, including:
Collaboration between sales and marketing
One of the most important elements of an effective demand generation strategy is a collaborative effort between the marketing and sales department of your organization. Marketing teams may be able to develop the complex practices and techniques that contribute to successful demand generation, but members of a sales team may have the sales knowledge and experience to maximize the benefits of marketing teams' ideas. This makes both departments working in collaboration an important part of a successful demand generation strategy.
There are several strategies that organizations can apply to their demand generation plans. When used in coordination with each other at appropriate phases of the sales cycle, these methods make up an important element of successful demand generation efforts.
Lead improvement objectives
Another important element of successful demand generation strategies is a common objective of lead improvement in marketing and sales teams. Demand generation strategies often aim to convert high-quality leads by building mutually beneficial relationships based on demand creation and fulfillment.
10 demand generation strategies
Below is a list of 10 common demand generation strategies:
1. Offer free products or services
Offering free products and services to your target audience is a powerful demand generation strategy. There are several benefits of this technique:
It establishes trust between your organization and target audience, which may make them more likely to come back to your products and services in the future.
It promotes a positive brand image and may help you gain valuable brand ambassadors from your target audience.
It offers something of value in exchange for information that could help you generate viable leads, such as contact information and data about buying habits.
Offering free products or services is a great way to generate demand within your target audiences by demonstrating first-hand the value of your offers.
2. Provide free resources
Offering free resources and tools such as online software and apps may work similarly to offering free products and services by establishing trust, developing brand ambassadors, promoting a positive brand image and trading for useful customer information. Consider proving a free version of the resource to generate demand for its uses and a paid version with additional features to persuade customers to upgrade.
3. Establish authority with quality content
Potential leads may spend much of their time researching their buying options and engaging with promotional content. A great way to establish authority and gain the trust of your target audience is by providing them with high-quality, informative content. To do this, you may use:
The more established and informed your brand appears to your target audience, the more likely they may be to trust your products and services when contemplating their buying options.
4. Use syndication
Content syndication is a digital marketing strategy used to promote your content to your optimal audience. It may be an effective demand generation strategy because it exposes your brand and recommends your products and services to a large amount of ideal customers. A successful syndication strategy often includes:
Targeted marketing to decision-makers
Promotion of relevant content
Use of distribution platforms to increase outreach
5. Consider automation software
When using demand generation strategies for a large number of leads, it may be helpful to use automation software to keep your efforts organized. There are several companies that provide sales software to help you manage large amounts of customers, keep track of where they are throughout the sales cycle, document which strategies are currently being used for each and which strategies have been successful in the past.
6. Partner with industry influencers
Partnering with industry experts and influencers is a great demand generation strategy to establish brand authority and promote a positive brand image. Consider partnering with similar organizations to engage in industry events, webinars and other promotional activities. This may help to enhance your credibility among your existing target audience and could help you increase your outreach by engaging with your partners' audiences as well.
7. Optimize email marketing
Email marketing campaigns are a great way to provide high-value offers to your target audience and current customer base. This demand generation strategy can be highly effective at brand promotion, nurturing long-term relationships and directly engaging with individual leads throughout the sales cycle. Email marketing is also a great way to introduce new products or services and update your target audience about changes to existing offers.
8. Implement account-based marketing
Account-based marketing is an effective demand generation strategy in which organizations use data and research to predict which leads are most likely to complete their call to action and tailor their marketing strategies to each account. You may use account-based marketing to determine which customers are an ideal fit for your product or service and customize your marketing efforts to fit their needs. This may result in less time and fewer resources spent on low-quality leads and could result in more valuable relationships with high-quality accounts.
9. Implement lead scoring
Lead scoring is the method of analyzing a lead's previous interactions with your organization throughout each phase of the sales cycle to determine their probability of closing a sale. Based on this metric, you may assign each account a numerical rating based on their likelihood of completing a purchase to help you determine where to focus your efforts. You may use this strategy in combination with account-based marketing to tailor your communications with leads that are most likely to bring in revenue.
10. Try remarketing
Remarketing is a marketing strategy in which marketers direct ads and promotional material at customers who have previously engaged with their organization but did not complete a call to action. They may do this through targeted ad placement or direct outreach tactics. Remarketing can be a great demand generation tool by reminding interested customers of their need for your product or service.
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