How Demand Generation Strategist can help you in 2023?
There is a new term in the market“ Demand Generation Strategist” Do you know what it is? Well if you don’t know what it is & how to implement this Don’t worry I will help you understand step by step.
Do you know out of the 10 businesses 8 businesses failed in their first 1000 days, this is the research by recent business schools. Do you know why they failed? They failed because they failed to understand the real problem of their business.
The real issue of any new business is not the product or service but creating a sustainable pipeline of the customer who buys that product or service.
The main concern is that we fail to understand that is the lead that helps us sustain the business, not the likes, followers, or any other shiny object of social media.
But first, understand what lead is about.
LEAD- “ A lead in business is nothing but the customer who is interested in your product or service, what you have to offer.
But does it mean every person who inquires about your product or service buys from you?
Have you wondered why customers who are interested but don’t buy from you?
Because though they are interested in your service but don’t have the intent to buy at this moment.
To understand it better, we may have to undergo the term called BANT
Now you will be wondering what is BANT?
So, here is the term BANT called:
N- Necessity/ Need
Your every lead / Prospect has to undergo or verify this process. This is nothing but the person who has shown interest in your product or service should have a budget to buy, Authority to take the purchase decision (in b2b it’s multiple people), and Need at the time. & last the time at which they are buying. Is it year-end or the start of the year?
So this all will give you a rough estimate of whether he will buy or not or when he will buy.
Problems of not getting leads / Demand / Don’t know how to grow the business?
But in the today’s era most business failed to because of not generating the sufficient leads , Demand for their product.
The reason of not generating enough lead for your product or service could be anything.
- It is because lack of funds
- It is because of lack of knowledge to implementation.
- It is because lack of not finding the right talent.
- Or it could be not working on the activities which generate the results for your Products.
- Or it could be any other.
What is Demand Generation? How new it is? Why should one look for it?
Demand Generation is nothing but creating the trust factor in your customer’s minds before they decide to buy anything from you.
Let’s understand this with one simple example.
You want to buy running shoes.
There are two option
- One with Nike sneakers which you dreamed of but coming with a certain cost.
- The second other unknown brand which has good features comes under your budget as well but you haven’t heard his name before.
Which one will you choose for yourself?
You will choose Nike over any other unknown brand. Because here, Nike has already created the demand for its sneaker in the mind of customers before they even decide to buy.
So how it relates to your business?
Simple, you also need to invest in such type of activities which will help you to create the demand of your product before they decide to buy.
So the next question comes which are these Activities?
- The long form of YouTube Video
- Using the Dark Social
- Dong the Guest Post
- Use the Paid Medium for Product related Ads, Customer Review Ads,
- Sharing your Industry related stats / Research Papers.
- Creating Authority of the social media with your expert opinion.
- Doing workshops & Events.
- Participating in the Trade shows as a guest speaker.
So these are the activities that would help you to start creating demand for your products & services.
Because when you’re, instead of going to understand their buyer journey, you simply try to sell your product for which they are not ready.
You know your lead cost is rising, not getting conversion of getting leads, MQL to SQL journey is longer?
Yes, at first instance if you see the cost of leads are high when you just started with the campaign. Because Lead Generation campaigns are linear, but Demand Generation is not.
Let me help you understand what I mean by this…when you start running the lead generation campaign for your services / Products. The lead cost is high, but you start seeing the results for your leads. There are many leads that you feel it would convert, but it won’t.
So need to understand the leads which you’re trying to convert are MQL (Marketing Qualified Leads), not the sales qualified which means they are not yet ready to buy from you.
But how will you convenience, them to buy from you?
Ans is simple, showing your expertise and how you solved similar problems previously solved.
And by educating them on their pain points by addressing on doing Discovery call and see whether they pass your BANT criteria, if yes proceed to next or it not adds them to your subscriber list.
MQL to SQL journey is longer, Customer don’t answer calls or reply to your mail. Or appointment-to-show-up rate is very low,
When your Product size is small, which is up to the $ 200-300, you can sell this product or below price products to people who have not heard your name before with the Doing Direct ads + Sales Call.
But when your product ticker size is between $300-1000, you need to do the webinar to win the customer trust and ask them to book your Discovery call.
When your product cost is between $1000-5000, you need to do Podcast + Webinar + Discovery call + Follow up Sales Call.
When Your Product cost is more than $10,000 your lead time increases so as the decision-making to influence the buying product increases time.
So this is how the human brain works, the more it has cost the more information it needed to make the choice.
How to solve this puzzle and the right way to create the demand?
There is no fancy way to solve this puzzle, we had made it complicated. So how to solve this?
Step 1- Start with first identifying the Ideal Customer profile of your products / services
Step 2- See where they spend their time, what are their problems, & how your product / service solves their problems.
Step 3- Start with creating short / Long form of content.
Step 4- Choose the Social Profile where your ICP (ideal Customer profile) are available, start creating content.
Step 5- Once they start engaging the content, take participation in your industry thought leaders post or reply with thoughtful commenting.
Step 6- Start creating the repurposing of content. Short form of content you can post on social profile / long form of content create the blog, convert it into podcast.
Step 7- start collaborating with industry experts with same problems they are solving.
Step 8- Start running the Paid Ads for creating demand – with products Ads / Customer review Ads
Step 9- Run the retargeting Ads of website visitor / Product Page Visitors.
What is the right time to create the demand?
As you know, the customer is informed in this day’s very nicely. But we need to make the difference with the targeting the right person with right message at the right time. Due to access to content creation tools and information excess, we can leverage this situation. Now is the best time to target.
How it is different from lead generation?
As you know, lead generation solves the short term problem with a lot of leads with less conversion.
But the Demand creation will solve long-term problems with less no of leads but high conversion.
As you know in b2b it’s not always a linear path.
How we can help you to form your strategy.
If you think the above-stated points are similar to your problem and can make sense to discuss them with us so that we can help you to create your demand creation for your products. To know more, kindly book a call with us.