In this blog, you will learn about essential tactics and steps of B2B Demand Generation.
Demand and Supply.
The simple equation decides the faith of your business. If there is no demand for your product or services, probably your business will not survive.
But the problem doesn’t end here – knowing there is demand and capturing that demand is both different things.
You might identify there is a huge demand (and that’s probably why you started the business) but not necessarily good at capturing the demand.
So what’s the solution?
Here Demand Generation comes to your rescue.
Let’s learn about a simple 4 step strategy to capture more demand and make your business profitable.
B2b Demand Generation Vs B2b Lead Generation
Most people get confused between demand and lead generation because most of the B2B demand generation tactics are similar to B2B lead generation.
Let me put this in the most straightforward way B2B demand generation is about drawing your ideal customer’s attention towards your product. However, lead generation is all about converting that temporary interest into a permanent one.
Generation of demand and leads both run hand in hand. So, if you are competent in generating demand but failing in converting that demand to lead, it won’t work either. So, demand generation and lead generation are complementary to each other and not contradictory.
The role of demand generation is to aware your customer that they have a problem and can only be solved by your product. It takes the prospect from a complete journey of recognizing the problem to convincing them that your product or service is the only solution.
However, lead generation is the process that involves more of converting than convincing.
It goes without saying both parts are challenging. So you need to be very specific and strategic for both the process.
B2B Demand Generation Strategy Sorted
Demand is just the roadmap that you will create to reach your prospect; it is not the destination. For you, the ultimate destination will be converting that prospect to your customer.
Before heading towards a destination, you need to have a road map with you. Because when the destination is new, there are chances that you can be distracted or get lost.
I am introducing a 4 step demand generation strategy which will be your go-to roadmap to that prospect.
The only way to reach your target audience is the content. It is the best way to attract the right set of audience. However, before you start creating content, the most crucial part is to develop a relevant buyer persona.
The buyer persona will have all the details such as demographics, occupation, and preferences of your ideal customer.
You have to curate the content as per the needs and preferences of your audience.
However, creating content doesn’t mean that you can put anything you feel is suitable for your audience. You have to post the content your audience is searching for.
So how can you find this content?
No, it doesn’t mean that you need to hack their devices to know about their search history.
You can know about all the queries with the help of this tool, Answer The Public.
Give away your resources.
Yes, you need to give your resources for free because, most importantly, it creates a sense of trust between you and the prospect. Your resources will act as a bridge between you and the prospect.
So you need to build that bridge with top-notch quality materials so that it always stays strong.
It can be anything, an ebook, research paper, or a how-to-guide, but it has to be very valuable.
Why am I saying very valuable and not just valuable?
Because you know this, B2B buyers have a brief span of time and the ability to understand the material.
So, to retain the attention of your ideal prospect, the free resource must be precious and nicely curated. Giving away your free knowledge also positions you as an expert in front of the prospect. Because you have the information that the prospect is looking for.
Your resource should have these three pillars, authenticity, statistics, and precision. You cannot afford to beat around the bush when your audience is a B2B customer.
Collab With Industry Leaders
When you are new in some field, do you think anyone would care to listen to a newbie?
Partnering with industry leaders will give you maximum exposure, and their audience or customers will know about you.
I agree that collaborating with an industry leader won’t be easy. It will take time because you need to build a meaningful relationship with the person.
You cannot just pop in someone’s inbox someday and ask the person to join for a combined session. Even the sole thought sounds creepy enough.
So you need to nurture the relationship, build trust, and after that, you ask the person to join you for a session.
Yes, it will take some time but trust me, it will be worth it.
Remember, be as genuine as possible, and don’t pitch the idea at one go. It will ruin the whole thing. Communicate, nurture and bond as much as possible.
Remarketing is often used synonymously with the term retargeting. This means that not allowing your visitors to forget about you and your products.
Often someone visits the site but doesn’t take any action. To remind your visitors about the brand, most marketers use remarketing as their B2B generation tactic.
According to 99firms, 46% of search engine marketers believe retargeting is the most underused online marketing tactic.
Remarketing is an untapped potential source of marketing for any brand. According to 99firms, the average CTR for retargeted ads is 0.7% compared to 0.07% for display ads. This means when you retarget a campaign, it gives you ten times better results.
So target your visitors by remarketing your existing campaign for better results.
B2B Demand Generation Channels
Now, as you have the roadmap with you, let’s focus on selecting the best mode of transport to reach your destination.
When it comes to B2B demand generation tactics, there are certain mediums through which you can scale up your demand generation game.
Let’s get your sources listed:
A search engine is the best source for B2B demand generation of the product among the relevant prospects. However, to proceed with a search engine, you will need to know about the relevant search terms your ideal customers are searching for.
Email marketing is the most used source by marketers for generating brand awareness.
According to Lauro Media, for every $1 spent on email marketing, there’s an expected potential return of $44. This means it has a return on investment rate of 4400%.
Would you want to leave such a considerable investment rate?
No, right. If you want to know more about B2B email marketing, I have a complete guide for you here.
When it comes to growing a business, you cannot always rely on organic reach.
You will need to run ads to gain more customers.
The most effective way for paid advertising is to advertise through social media. For that, you will need to create an effective social media strategy.
To know more about creating a B2B social media strategy, come here.
Indeed due to Covid, most of the gatherings and events are nearly impossible.
However, you can still host an online event.
When you organize an event, you get the chance to network with tons of experienced people and leaders. This will help you in spreading the word about your company.
Generating demand will pay off when you stay consistent. If you expect a considerable amount of results in a month or half, then you are at the wrong place. Even if you are running ads and spending a good amount of money, it will take time to reflect.
There is no hard and fast rule; you can always tweak the strategy as per your brand requirements. However, you need to be stubborn and consistent regarding this.
The results won’t show overnight; however, stay right there and hold your ground.
Still confused or in a dilemma? We know such things can be overwhelming. Let’s get in touch, and while you focus on creating the best products, we will help you scale up your business.