05th Feb, 2021
Marcom, , Designation
- Walk through important pillars for setting-up a demand generation cycle
- Know Industry-proven practices to ensure continued and lasting success from the demand generation engine
- Checklist to reengineer your demand generation engine for overarching business benefits
The demand gen cycle involves creating high-quality leads and eventually turning those leads into revenues. This is accomplished through a comprehensive, gradual, and holistic process.
Denave has one important piece of advice: Don’t inject billions of dollars into your campaigns without a vision as modern-day demand gen marketing was never so perilous as it is today. Demonstrating successful campaigns will require strong foundations. Here are some ways to drive the demand generation engine forward for maximum yield.
Modern-Day demand generation and challenges
The one-size-fits-all communication and cookie-cutter marketing strategy has been outmoded for digital demand generation. Generating high-quality leads has become tougher as there a continuum of factors that influence the purchase decisions. Here are some tactics that marketers can employ to generate demand:
#1 Implement a lead scoring system to bolster outbound prospecting Muscle
Cold prospecting remains ineffective for companies which approach these tactics incorrectly. On the contrary, a solid outbound prospecting strategy can be the most effective channel to stretch profit margins. It can help enterprises in reaching the low hanging fruits by shortening the path to purchase and fast-forwarding revenues.
For a stable outbound campaign, enterprises need to have a competent research source and an efficient messaging system in place which works like a lead magnate.
Not just the quantity of leads, but the quality of leads is also important in outbound prospecting. Hyper-targeted outreach programs require next-level sales intelligence and net new data of prospects.
Lead scoring can be used to ascertain whether the leads meet the expectations of the sales team for more closures or not. It involves evaluating the purchase behaviour of prospects and assigning a value to measure the purchase intent.
Savvy marketers are leveraging the AI & NLP based techniques and depth profiling to mine demographic, technographic, and firmographic, purchase propensity data and segment leads in the database. This is helping them in building laser-focussed campaigns for their target audience.
An intelligent Database management system can provide foundational support to your lead generation campaigns. Know how a leading technology company registered 48X ROI by leveraging the B2B database.
#2 Focus on content marketing strategy
Content marketing is the fuel that powers the demand gen engine. Relevant and innovative content attracts prospects into the sales funnel and powers inbound activities. An ideal content marketing strategy matches with the prospect’s pain points and helps them to move forward in their purchasing journey. Content is a long-term investment just like demand gen itself, and to succeed, businesses require consistent efforts for demand generation marketing.
#3 Optimize email marketing
Optimizing the email marketing strategy is the best way to make the demand gen engine more efficient. The right email marketing strategy can become an incredibly powerful component of demand gen, if used efficiently. Enterprises need to use their very best tools and resources in their emails. They should make their campaign more informative and less primitive.
#4 Incentivize: Never forget to give away the best stuff
Whether it’s a free offer, a content download, or another promotional campaign, never forget to give away your best stuff. Most businesses find this to be counterintuitive, but consistently offering giveaways can be of real value. Qualified giveaways create a sense of trust between the audience and the brand, which can increase customer retention. Secondly, it can also reflect the brand value and advocate a brand’s reliability. Lastly, by offering something of real value, enterprises can disburse the information about their product or service to win customers (which is the first stage in the demand gen process).
#5 Align marketing and sales for synergy benefits
Demand generation is a team sport and siloed sales & marketing bust up demand generation. The process requires cooperation between marketing and sales. Therefore, the marketing and sales wing should work together to agree on standards for lead generation and closures. When the marketing objectives align with the sales idea, sellers and marketers start to talk in the same language. Going forward a strong sales and marketing relationship is established for a hale and hearty demand gen engine.
Read this Ebook ‘Deconstructing Sales Enablement’ for knowing those changes in the sales cycles that can help you create big results.
#6 Fortify the website
A website is one of the most crucial demand generation assets that any enterprise can have. It is where marketers can observe the digital fingerprints of people visiting their site. It is the platform that reveals their interests, purchase intent, and even urgency. Therefore, having a well-engineered website is essential for building a consistent demand gen process and drive top-of-funnel lead engagement.
#7 Build a robust social media marketing strategy
Social networks aren’t just any marketing tool; they are the pillars on which brand authority stands. Whether it is about notifying customers about a quick launch or it’s about rebranding and announcing exciting offers and discounts, social media platforms can be the one-stop solution for boosting the demand gen cycle’s productivity. They provide brands a more personalized approach to know customers.
#8 Demand generation metrics to measure your efforts
Metrics are necessary to measure the success quotient of your demand gen engine. Enterprises should track these metrics for contextual targeting:
- Number of opportunities generated
- Sales pipeline value
- Average deal size
- Cost per lead
- Customer Acquisition Cost
- Close or Average Sales Cycle Length
- Customer Lifetime Value
- Revenue generated against budget investment, and
- Demand Gen budget
Everything that marketers know about demand generation is changing. The channels are shifting significantly, and so, it is vital to for enterprise demand gen strategy to scale. Businesses should select the right partners to reduce constraints and accelerate pipeline growth. Besides, the evolving requirements of modern customers should also be analysed for more detailed profiling of the potential prospects.