6 Things You Are Doing Wrong In Demand Generation
Demand generation is complicated and requires years of experience to gain expertise. Even after that, many marketers end up making mistakes that can cost a lot of moolah.
What can you do about it? Learn about the top mistakes that you might be making with your strategy.
And, guess what, this is the right time of the year. 2019 is just a few days away and if you are a B2B marketer, you will know the magnitude of analyzing and revising demand generation strategies each day.
When you revise it this time, you can ensure that you are not making any of these mistakes with demand generation.
So, let’s start
#1 Preserving and working on the pre-existing bias without knowing you have one
Whether you agree or not, we all have pre-existing bias and notions that we carry with us. Often, we think we know what the buyers want or which tactics work (or not) for our business.
In the case of demand generation marketers, it comes with years of success with their campaigns and failures they have tackled along the way. If you are a business owner or new to demand generation, it stems from within (it is how you want your audience to be or if you think your audience has the same problems like yours) along with what you perceive works for you (previously successful tactics).
Both of these are dangerous. You probably have no idea what your audience likes, think or have pain with. Similarly, you may have a positive bias towards ads (because it worked for you previously) and a negative bias towards social media or content marketing (and, you never give it a try). But, content marketing and social media have a high return on investment if used correctly.
How to undo that?
Keep your bias aside, positive or negative. Base your decisions on data and be open to testing new tactics. Analyze which demand generation tools generate more opportunities creates pipelines and boost revenue for your business.
Similarly, draw an audience persona based on the data and customer interactions that you have. You don’t want to be shooting in the dark or spend resources attracting the wrong audience.
#2 Not having a touch attribution model
This is just an extension of the point above. A proper attribution analysis can help you understand what works for your business and remove any bias that you might have.
Fergal Glynn, in an article on SalesForce blog, says that it often takes several touches for a consumer to make the choice to request information, and even more for marketing to gather the information needed to determine if a lead is ready to be passed to sales.
The point being – we need to understand that an average online purchase is preceded by as many as 5 to 10 interactions and sometimes more. It is important to understand which marketing channels are effective and which are not in order to focus on developing the right demand generation strategy.
You can know everything about attribution models here.
#3 You are still mistaking demand generation for lead generation
This is more common than you might think. Marketers think demand generation and lead generations are the exact same thing or similar.
But, it is not. Demand generation is the process of creating a desire for your products or services, driving awareness for your brand and business. While the aim of demand generation is to gain traction, lead generation focuses on conversion and revenue generation.
You can read more about it here.
#4 Using the wrong tactics on your demographics
It easy to think that your audience is homogenous but try to get out of this assumption. If you operate on a “one size fit all” approach to demand generation strategy, you should stop. It is one of the biggest demand generation mistakes business make.
Let say, your audience are the millennials. They would prefer social media or paid ads. On the other hand, if you had an older generation audience, TV commercials, newspapers or print ads would be beneficial.
If you have different segments of the audience, tune your demand generation practices to specific demographics for best results.
#5 Not segmenting the audience
Continuing the point above, there is a reason why marketers focus on segmentation. While many businesses bypass this by using a generic message in their demand generation strategy and hoping that it will resonate with all the audience, it is the worst mistake you can make.
Once you have information and data on your audience, you can accurately determine the message you need to send out to resonate with your audience. Based on this information, you can also understand which demand generation tool would work best.
#6 You don’t have clear KPIs or have none at all
A lot of time marketers put up a demand generation strategy without having an end goal in mind. Not only that, they don’t have set key performance indicators to analyze whether or not they are on track.
So, if you are one of them, start working on KPIs and measure the performance against those KPIs regularly.
Silicon Valley Expert Linda J. Popky said in the Harvard Business Review that, “Now, more than ever, marketers need to be measuring the right things,”. “However, too many executives rely on metrics that look good in a report, but don’t affect the organization’s goals.”
Is there any unanswered question about demand generation? Do you think we missed out on any mistakes? Let’s talk about it in the comments section