27th Apr, 2021
Marcom, , Designation
- The pandemic has upended yesteryears’ digital demand generation models. Therefore, enterprises should rethink strategies in this space to extract more yields
- The first way is to identify ICP to improve digital lead generation conversion rate
- Brands need to align content with the buyer journey to maximum impact
- There should be continuous audit to measure the success of these measures
Looking back at the last few months, it won’t be wrong to say that everything about digital demand generation has changed drastically. The uncertainty brought about by the pandemic has resulted in a massive shift in the status quo of demand generation. Marketers and sales heads today are scrambling to make the most of this tectonic shift. They are looking for ways to deeply understand the buyer and create emotionally compelling marketing messages to gain the target profile’s attention.
The article takes a look at some concrete measures to build an impactful digital demand generation strategy in the chaotic B2B domain.
Emphasis on finding buyers that will actually convert
Marketers have placed immense importance on the widest audience coverage with their marketing messages. This focus on casting a wide net with broad-based content has led to many disadvantages.
They aren’t able to emphasize the smaller set of prospects who are actually likely to convert. It is important to note that buying decisions are made by groups and not by individuals. The Ideal Customer Profile (ICP) needed to be created to narrow down focus on the people who will actually buy.
How to do this?
Collect the necessary demographic and firmographic data to identify the ideal buyer for the products and services. Its potency can be improved by adding in behavioral elements like purchase behavior, type of content consumed, and third-party data for intent drivers. This works well to aggregate the demand for better outcomes. It will also help categorize the target market into one of the three descriptions.
Latent demand – This type of market already demands your products/ services. Building awareness about brand USP will fast-track adoption without having to worry about the competition making a dent in the demand.
Mature demand – The demand matures when the buyers are past the initial stages of the buyer journey. It is well aware of the brand’s value and its offerings. At this stage, the challenge will be to convince the would-be buyers that their needs will be better served by the brand rather than by the competition.
Nascent demand – In this stage, buyers aren’t aware of the demand for your product. The marketers will need to invest substantial efforts to convince them about a viable alternative. Overcoming this challenge involves rigorous positioning of the company. It needs to overcome the resistance to change by providing evidence that validates the company’s claims about the solution provided by the company.
Know how to set up a B2B database from scratch. Follow these tricks!
2 – Align content to the buyer journey
A typical buyer journey comprises various stages like brand awareness, authority, and trust-building. Sales teams need to reach out with the right content at the right time to engage would-be buyers in the right way.
How to do this?
The buyer journey needs to be mapped from the pre-purchase to the post-purchase lead generation process. Then the appropriate content offers can be aligned against it. These two variables can be aligned with the help of these 4 factors –
Identify triggers – Brainstorm to know what triggers an investment into the brand offerings. The triggers selected need to be repeatable by a segment of buyers and are something that the brand can identify
Identify correct groups – Check which group of the prospective buyer would be most prone to facing this issue
Identify the questions – Evaluate the most likely question the buyer would require to respond to. Sample questions can be
- What trends are shaping my industry?
- Who are my peers to emulate in sales enablement?
- How to address a challenge
Now that the challenges to focus on are known, compelling content around the related theme can be created. It seeks to address the problems and help radiate trust in the brand. But carry out this exercise on people -level rather than on account level. With an ICP, you get to know who they exactly are. It makes sense to connect the demand signals from the people generating them rather than the account. Doing so will help connect the products being marketed to the variables that influence buyer decisions, thus driving B2B lead generation.
3 – Audit the efficacy of demand generation
Measuring the demand gen initiative’s performance is key to knowing that the sales team is progressing in the right direction. The ideal way to measure its efficacy is to assess existing capabilities on these fronts:
Is the ICP coverage adequate? – Check if the ICP coverage is well represented in the overall database. If not, then increase the coverage so that the sales team focuses only on those leads that actually matter. It makes sense to run after only those companies that have a present and pressing need that the company can address.
Is the data good enough – Check if the database had the contactable information and the titles to move ahead. If not, then obtain phone, social IDs, email and physical mailing address to close data gaps. This can be enabled by marketing automation tools like profiling, opt-in emails, surveys, and acquiring third-party data to augment to the database.
Assess the KPIs – Assessing factors truly contributing to the growth is imperative. For example, campaign response can be tracked with the current average conversion from one stage to the next. Marketing qualified leads (MQL) can be tracked by campaign response to MQL%. Closed Won can be tracked to see how long do opportunities sit before they are won or lost.
Unlock this insight: Know the battle-tested ways to supercharge digital demand generation cycles?
It is becoming increasingly challenging to maximize yields from digital demand generation objectives. We know that it is buyers that drive the demand gen process and not the sellers. Using these tips will help power up the demand generation engine and attract the target audience’s attention.