According to a survey by Demand Metric, 70% of B2B marketers say that demand gen is a revenue-driving component of their marketing strategy. The same survey found that 64% of B2B marketers say that demand gen has a significant impact on their sales pipeline.
What is Demand Generation?
Demand generation, often abbreviated as "demand gen," is a marketing strategy that focuses on creating and nurturing interest in a product or service among potential customers. By using a variety of tactics, demand gen aims to build a strong pipeline of leads that are likely to convert into paying customers. In this blog post, we'll take a closer look at what demand gen is, how it works, and why it's important.
At its core, demand gen is all about generating demand for a product or service. This is done by creating and distributing valuable content that educates and informs potential customers about the benefits of the product or service. The goal is to build trust and credibility with the audience so that when they are ready to make a purchase, they will turn to the company that has provided them with valuable information.
Demand gen is not the same as traditional marketing tactics, such as advertising or direct mail. Instead of simply promoting a product or service, demand gen focuses on building a relationship with the audience. This is done by providing them with valuable content that addresses their pain points and helps them solve their problems.
Demand generation is categorized as one of the aspects that look into the entire customer lifecycle (CLM) right from awareness to purchase, retention and building advocacy.
Common Demand Generation Tactics
According to a report by Forrester, companies that prioritize demand gen are 2.8 times more likely to achieve their revenue goals than companies that don't.
- Account-Based Marketing (ABM)
ABM is a targeted approach to demand generation that focuses on specific accounts or customers. By identifying high-value targets and creating personalized campaigns, you can engage and convert prospects more effectively. ABM also involves collaboration between sales and marketing teams, which can help align your messaging and improve your results. - Event MarketingEvent marketing, including webinars, virtual events, and in-person conferences, can help you generate demand and build relationships with your target audience. By providing valuable insights and networking opportunities, you can establish your brand as a thought leader and build trust with your audience.
- Influencer MarketingInfluencer marketing involves partnering with influencers in your industry to promote your products or services. By leveraging their reach and credibility, you can increase your visibility and attract new customers. Influencer marketing can also help you build brand awareness and establish your brand as a trusted authority in your industry.
Conclusion
Demand generation is a marketing strategy that focuses on creating and nurturing interest in a product or service among potential customers. By providing valuable content that educates and informs the audience, demand gen helps companies build trust and credibility, differentiate themselves from their competitors, and build a strong pipeline of leads that are likely to convert into paying customers. By using a variety of tactics, such as content marketing, email marketing, and social media marketing, companies can create a successful demand gen strategy that drives revenue growth and long-term customer relationships.
