Demand Generation Strategies to Boost Your Market value
Demand generation is the process of creating a desire for a particular product or service. It starts with showing your prospects they have a problem that needs fixing, then it presents your business as the fixer.
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Demand Generation vs. Lead Generation
Lead and demand generation are often lumped into the same category even though they’re two different initiatives. This is how we take a look at the key differences.
⇒ Lead generation is entirely focused on getting your prospects to submit information you can use to nurture and sell to them. At a high level, it can be illustrated by creating a robust piece of content and gating it behind a form that collects phone numbers and email addresses. The initial focus is on lead generation instead of education.
⇒ Demand generation is the inverse of that. It’s all about educating your prospects first by showing them there is a challenge that exists and then you explain how your product can solve that problem. It is a more proactive approach to get in front of your audience. This is about showing people you exist, which is much more top-of-funnel than lead generation.
Demand Generation Strategies
There are so many different strategies available for increasing the demand for your specific product or industry, and you’re really only limited by your own imagination. If you need a jumping off point, here are eight different demand generation strategies we’ve found valuable that you can use to get started.
Create a Free Tool
One way to exponentially increase the demand for your core product or service is to create a free tool that compliments it. By figuring out a pain-point your current customers and prospects face you can create a tool to help them solve that. This is exactly what Sprout Social did with our new social media image resizing tool Landscape.
Offer a Free Report
Free reports, like free tools, are another great way to create demand for your product. If you create a tool that generates useful, relevant reports for your users they’ll likely be very curious to see how they perform and run them for themselves. One such report we use at Sprout Social is our Must Be Present social media engagement report.
Share Free Resources
Some marketers make the case that free resources like toolkit, eBooks, white-papers, and webinars should be considered lead generation instead of demand generation. That’s because more often than not these assets live behind a gate that collects user data, such as this lead generation form we use to gate our social media webinars.
Consistently Update Your Blog
Your company blog should is one of the most powerful ways to generate demand for your company. While this article won’t get into the nitty-gritty of how to get your blog posts to rank in the search engines, consistently writing amazing content should help you generate higher volumes of organic traffic.
Leverage Video Marketing
Video has become a must for marketing professionals, and when video sites like YouTube have over a billion users–which is a third of all people on the internet–it’s not surprising why. Brands can drive incredible demand for their business by creating and sharing videos that detail what their products can do.
How to target for demand generation on LinkedIn
Let’s start with the targeting. If you can distinguish between the people who don’t yet know enough about your brand and your products and those that do, then you are well on your way to making both demand generation and lead generation a lot more efficient.
The best demand generation campaigns don’t just focus on driving as much reach and awareness as possible; they focus on driving interest amongst the people who are most likely to convert into leads. Similarly, they don’t keep paying to share free content with people who already know everything they need to know about your business; there comes a point when you need a lead generation campaign to try and prompt those people into taking the next step by sharing their details.
The key to more effective and efficient demand generation is therefore to integrate all of the potential data sources that you have, to identify relevant prospects who need their awareness and interest levels raised. You then need the ability to leverage this data to target your demand generation audience in a context where they are open to engaging with you.
Share Guest Posts
One amazing way to gain exposure and increase the demand for your company is to share guests posts to publications in your space. When creating articles for other sites you’re typically allowed to mention your own company once or twice, and getting relevant publications to share that content will lead to great exposure.
The downside with guest posting is that it can take a while before you establish the credibility necessary to gain access to some of the larger websites in your industry. Most big publications will only accept contributions from an established writer, so try to start writing for smaller sites in your niche and continue to leverage those placements to grow.
Take to Social Media
Social media presents an incredible opportunity for brands to boost the awareness and demand of the product. With the proper strategy, it’s possible to grow a robust social media following more aware of what you supply, increasing the demand from those users.
Not only can you leverage social media to increase the exposure of your products, you can use the networks to begin or continue conversations with potential customers. Establishing meaningful relationships with your customers will only increase the demand. Here are some strategies to help you grow and engage your audience:
How do you do it? Did we miss any of your go-to demand generation strategies? Let us know in the comments!