Your company has put time and effort into creating an exciting new product. Now comes the next step — generating interest in a highly competitive marketplace.
The good news is that your company has an effective tool at its disposal to help you get the word out — the internet. By developing and implementing a set of targeted digital marketing strategies, you can harness the power of demand generation to attract customers, get them interested, and entice them to make a purchase.
What is Demand Generation?
Demand generation is a combination of strategies that increase interest in your business, products, and services. When executed correctly, demand generation will produce three results:
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Identifies the Problem
Begin by educating buyers about the issues they face every day. If you introduce an automated forklift, your target audience will likely include warehouses and distribution centers experiencing problems such as increasing demand, worker shortages, and excessive workplace injuries. -
Positions Your Product as the Solution
Once you identify your customers’ pain points, the next step is to show how your new product can provide the best solution. Using the forklift example, you can explain how your machine enables them to move materials faster, fill orders more efficiently, and reduce dependence on human labor. Your product will result in fewer injuries and costly workers’ compensation claims. -
States the Value of Choosing Your Company
Now that you’ve positioned your product as the solution for your customers’ problems, you also need to establish your company’s credibility. Elaborate on your experience, unique selling proposition, history of developing quality products, commitment to delivering superior customer service, and other characteristics and accomplishments that differentiate your business.
What Are the Benefits of Generating Demand?
Demand generation offers several impactful benefits for your business:
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More Leads: A tailored approach to demand generation allows you to target individuals or companies most likely to need your products. You’ll reach more qualified buyers and experience a higher return on investment for your marketing efforts.
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Heightened Brand Awareness: By focusing on branding your company, you encourage prospective buyers to recognize your company and its products or services. Demand generation is an effective tool for getting the word out and embedding your marketing message.
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Boosting Revenues: Creating and executing an effective demand generation strategy will get more people interested in your product and show them how it will solve a problem. They will contact you for more information or make a direct purchase, resulting in more sales for your company.
Elements of Your Demand Generation Strategy
A well-crafted strategy consists of several tactics blended to achieve the desired outcome. A demand generation strategy contains a combination of multiple components.
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Quality Content: Written content is an excellent vehicle for explaining what your new product does and how it can benefit the user. You can publish various forms of content online to achieve this objective, including blog posts, articles, white papers, press releases, case studies, and more. You can also use your writings to establish your company as a subject matter expert and an industry pioneer. Creating well-written content takes time and resources that many companies don’t have in-house. Outsourcing with an experienced digital marketing services provider can remove the burden from your shoulders and deliver high-quality results.
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Email: Around 99% of people check their email every day — sometimes more than once! Your customers are part of that group, making email marketing a powerful demand generation tool. Do you have an extensive email subscriber list or want to build one? A targeted email campaign is perfect for introducing your new product and informing buyers how it can benefit their company. A campaign typically consists of multiple emails that educate customers and encourage them to visit your store or website to make a purchase or contact you to learn more.
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Webinars: An online webinar presentation allows you to use video to demonstrate your product’s benefits to a targeted audience. This format is ideal for interacting with participants. You’ll be able to answer their questions and respond to their comments in real-time, enabling you to establish a foundation for nurturing ongoing relationships. You can also use webinars for training after customers purchase the item. This process helps eliminate any confusion that may occur when using an innovative or unique product, leading to higher satisfaction levels.
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Social Media: Your business may already have a presence on social media channels like Facebook, LinkedIn, and Twitter to reach and engage with your customer base. Using social media platforms can serve as a natural extension for introducing your new product and generating demand. Plant the seed by alerting visitors about the product well before its unveiling. You can start to create buzz and build anticipation for its release. Social media is also an excellent tool for receiving customer feedback, which you can use to make improvements. If your company has the funds in the marketing budget, you can also explore using paid social media ads to maximize the impact of your demand generation efforts.
Get Expert Demand Generation Assistance
Do you have questions regarding how to create demand for your product? Do you want help developing and implementing a productive, cost-effective demand generation strategy?
There are many professionals available who have helped businesses across a broad spectrum of industries achieve their revenue objectives. As leading experts in digital marketing, they can utilize their expertise and tech-enabled resources to make more buyers aware of your product — and compel them to make a purchase.