(Newswire.net — June 8, 2023) — The key to the success of any business is the number of sales. The greater the sales volume, the more profit the company receives and the faster the business can grow and develop, strengthening its brand and positioning in the market. And to achieve the desired result, business efforts must include raising awareness of their product or service. That’s what a demand generation agency does.
Conceptually, demand generation is a marketing strategy that focuses on the needs of customers and the product you offer. Then, the next step is to find the perfect way to draw the customers’ attention to the product to increase the conversion of prospects into leads. One of the most effective ways to achieve this in the digital world is to generate web demand. In other words, it involves using relevant channels to attract prospects to the website.
Let’s take a closer look at the demand generation process, its stages, and how it differs from lead generation to better understand how it works.
What Is Demand Generation
Demand generation is part of a marketing strategy that aims to attract attention and interest in your product or service. One of the keys to demand generation is understanding how the potential customer feels about your product.
To create an effective strategy, it is also essential to determine:
- What problem is your company solving
- If the customer trusts your product as a solution to that problem
With a thorough analysis and a clear understanding of the specifics of their business and the prospects’ needs, organizations can assess how well the potential audience knows their brand. Using this data, companies can identify multiple ways to introduce their brand to a new group of customers and build trust with them, boosting their brand reputation.
Knowing what problem a company can solve is the first step in creating demand, especially in B2B. This approach encourages the search for solutions that attract public attention.
Demand generation strategies can include a wide range of campaigns, from social media activity and brand awareness to creating industry research in your field to establish your company as one of the brands that are changing and improving the industry.
The result of effective demand generation includes:
- Increased brand awareness
- An increased value behind the brand
- Increased customer trust in the brand
Why It Is Important
Demand generation is one of the types of inbound marketing that aims to increase awareness of a brand and its products/services. Moreover, a well-planned and implemented strategy adds value and reputation to a brand. And in the case of the B2B industry, brand authority is often critical. That is why demand generation is essential because, in addition to marketing purposes, this strategy also leads to the fact that customers begin to trust the brand more and consider it a reliable vendor.
Demand generation is the first step towards lead generation to get more tangible actions from customers. Thus, when applying a demand generation strategy, businesses benefit from higher rates and the number of customers using their products or services. All these ensure the achievement of business goals and the successful completion of a marketing campaign.
How It Works
Since demand generation is one of the stages in the general marketing strategy, the number of steps and their features may vary from business to business, depending on the needs and goals of a particular company. However, any demand generation campaign has a template.
Let’s consider the four main stages in the demand generation strategy to get a better understanding of what demand generation is, how it works, and what a B2B digital agency does to increase brand awareness.
Stage 1. Spreading Awareness
The first step in demand generation is to raise awareness of the product or service. Here, the main challenge for the business is to focus all efforts on promoting the product, not on the expectations of increasing sales. This step requires the dissemination of information about the product to generate demand.
Stage 2. Awakening Interest
The next step is to create interest among customers. Here it is worth focusing on highlighting the benefits and value of the product or service, as well as the problem they solve. The main task at this stage is to create interest in the customers’ minds to increase the chances of conversion.
Stage 3. Positioning In The Market
Once the business has raised its awareness and generated interest, the next step is positioning. This means your product or service should find its niche in the market. To do this, a business must demonstrate its reliability, recognition, and advantages. The company will positively establish itself in the market by offering higher quality and better services than the competitors. And attracting new customers becomes more efficient and easier with good positioning.
Stage 4. Customer Retention
The last step concerns convincing the client to stay with you. After all, selling a product is a one-time thing that delivers value in the short term; in the long run, the business must be able to retain its customer.
The first thing the company needs to do to achieve this goal is to understand the personality of its customer and determine the steps that should be taken to shape in the customers’ minds a high value of the product or service to solve their problem.
A positive evaluation of the product by the client guarantees that the next time a problem arises, the client will think of your company, not the competitors. Thus, customers will again turn to you to solve their problems.
The end result of demand generation includes:
- Attracting attention and creating interest
- Converting interest into a successful deal
- Establishing a regular customers base