B2B Demand Generation Marketing – All You Need To Know
This is exactly what you do in demand generation marketing. Create demand for your product in various ways to ensure you find many more buyers.
But, you know what is surprising?
A recent survey of 100+ B2B executives at enterprise-level firms with revenues above $250M revealed that only 2.8% of respondents believed demand gen campaigns achieved their goals.
What is going wrong?
For one, many marketers consider demand generation and lead generation the same thing. That is suicidal!
Many others sideline demand generation as “not so important” for their business.
Did you know that 74% of companies that weren’t exceeding revenue goals did not know their visitor, lead, MQL, or sales opportunities? (Hubspot)
But, you don’t make that mistake. This post will detail everything you need to know about demand generation marketing.
1. What is demand generation marketing?
As discussed above, demand generation marketing revolves around one single question “how do we get other B2B businesses buy our product/service” and forms the first step in a sales funnel.
Source: Snapapp [This graphic explains the role of demand generation in the buyer’s journey.]
2. How is it different from lead generation?
Marketers often confuse lead generation with demand generation. While one cannot work without the other, lead generation is completely different from demand generation.
To generate leads, you need to convince a potential buyer to part away with information to access content, webinar etc (for example, contact address or phone number). On the other hand, demand generation campaigns, focus solely on creating awareness and demand (meaning, they don’t focus on collecting lead information)
3. What are the tactics used in demand generation marketing?
B2B marketers say email is the most effective demand generation channel for both sparking early-stage engagement and driving later-stage conversions, according to recent research from Demand Gen Report. Look at this –
While you can see the most effective channels in the graph above, for this post, we will discuss tools and tactics that are now gaining traction.
An effective case study allows the audience to understand what you do and how your product can have a positive impact on their organization. How do you create an effective video?
This means knowing at the outset the KPI’s you want to measure, and documenting the effect you had on your customer’s organization. Weaving that with storytelling — with a great introduction, a middle section with pleasing visuals, and a conclusion with the results you achieved — will create a successful case study video.
Live videos are another area which is gaining traction. According to Content Marketing Institute, 58% of B2B marketers have already included live video as apart of their content marketing strategy.
Wondering, how to use live streaming for your B2B services/products? Here are a few ways you can implement it –
- Start teaching your buyers: How-to videos are as “in-demand” as how-to blog posts.
- Show them who you are: Highlight your brand values, employees, customer success etc.
- Live stream events.
According to B2B Buyer’s Survey Report, 53% of B2B buyers spend more time using social media to research vendors and solutions.
It is important that demand generation marketers start utilizing the potential of social media. Asking how?
- Start looking at social media as a demand generation tool
- Focus your efforts on appropriate and relevant social media channels only
- Use social listening to make informed decisions
- Use social data to segment and nurture leads
- Include social engagement data into a lead scoring model
You can read about each of these steps in depth here.
Content syndication is a fantastic tool for demand generation. We have said this a thousand times before – It gives your content legs to walk in front of millions of people, out which a few lakhs would be your potential buyers.
Remember to –
- Define parameters for your demand generation campaign
- Select content that is already liked by your audience
- Choose the right syndicating partner by asking the right questions
- Have a lead verification system in place
- Don’t cut to the chase
Read each point in detail, here.
While you feel that ads that follow are creepy, 3 out of 4 customers now notice re-targeted advertising.
Not only does it allows marketers to stay on the minds of their audience, it also increases the visibility and boosts the chances of conversion by leaps and bounds.
Native advertising –
According to HubShout, 85 percent of internet users don’t feel that their browsing experience is hindered by native ads.
You can read about other demand generation marketing tactics here.
4. Best practices to use demand generation marketing
Strategize. Implement. Review. Rinse. Repeat.
- Evaluate goals (and revise them if need be)
- Produce or repurpose existing content.
- Spread content
- Keep testing
- Analyze data
5. Measuring demand generation success
First and foremost, the biggest mistake that demand generation marketers make is to rely on last touch model or not pay attention to the attribution models they use. Understand various attribution models and select the right combination for your business.
With attribution analysis, you will understand all the touch points of your customer thoroughly, select the best tactics and strategize accordingly.
Besides this, for effective demand generation marketing, you should measure the 3 V’s
- Volume (Impressions, Clicks, Registrations, MQLs, SQLs, Opportunities, Deals)
- Velocity (conversion rates at each level)
- Value (revenue and revenue in pipeline)
Last but not the least, it is extremely important to select the right demand generation partner. For that
- First, define your needs.
- Select 4-5 demand generation agencies to work with
- Explore processes with them
- Do they have a management plan
- How do they familiarize themselves with your business?
- How do they decide on methodologies for a demand generation campaign and how do they measure success?
- How do they pick a team you will work with?
- Do they have people with required experience?
- How were they chosen, and what skills/experience do they bring?
- Test quality assurance
Still have questions about demand generation marketing? Read our detailed frequently asked questions (FAQs) here.
There you go.
Have you implemented demand generation marketing for your business? What has been your experience? Let’s talk about it in the comments section.