As a B2B marketing discipline designed to create interest in products and services, Demand generation is indeed a complex strategy. Obviously, great sales pipeline opportunities and revenue are its positive outcome. Most demand marketers consider the lead quality an ideal key metric as a player in this realm, whereas many do it for the sake of building brand authority and increasing brand recognition. These individuals are expected to know what will attract qualified leads, nurture opportunities, and delight customers, all at the same time. But, is it really that simple?
It would be fair to say that the principles for B2B Demand generation are differently approached by several sets of demand generation marketers from around the world. A lot of inexperienced marketers are weaving their B2B demand generation strategies around myths that have taken shape in recent times. In order to really implement effective, full-funnel B2B demand generation strategies, these myths need to be busted.
This blog post is here to guide you with the right approach to your B2B Demand generation strategy by addressing some widely implemented B2B Demand Generation Myths. Let’s check them out.
Demand generation is a cakewalk
If you are new to the term, Demand generation simply comes down to all the marketing efforts made in engaging and exciting customers about your products and services. This might sound like a very easy thing to do, given the availability of sales and marketing campaign strategies. Demand generation is about engaging them at various points on multiple channels.
However, Demand generation is easier said than done. It’s a fully integrated approach that aligns your company efforts with what your prospects and customers really need. Having this measurable strategy in its holistic, fully integrated form is quite a task where heaps of marketing and sales activity data needs to be analyzed and personas need to be targeted. This is why there is a need for a dedicated Demand Generation department and continuous testing and optimization.
There’s no difference between demand generation and Lead generation
What one must understand is that demand generation is more than lead generation. On one hand, Demand generation is about focusing on opportunities in the form of targeted marketing programs to drive interest around products/services, accomplish customer acquisition, and create space for further footing.
On the other hand, Lead generation is as simple as getting contact information from people who might be interested. People use the term interchangeably, but the fact is that Demand generation generates interest for further Lead calling.
An Inquiry is equivalent to a Lead
Probably the biggest myth of all is that an incoming inquiry is considered as a Lead. However, in order to be a quantifiable lead, an inquiry needs to be positioned in the middle of the flow. Only when this inquiry is closed successfully, can it be regarded as a true lead.
A report says that over 80% of generated leads are never followed up on, or just go missing in action. It is obviously true that lead volume is important, but if they are not high quality, your business is not going to thrive. It is very important to deliver accurate and interested leads that are high-quality in order to fill the pipeline with promising opportunities. If an inquiry is able to help you contact the prospect and convert them into potential leads, it is going to be worth the value.
Buyer’s journey can be controlled
The buyer’s journey is a very vital step in the overall progression of the buyer. It comprises of the stages where the buyer begins with the realization of a particular problem/need. The second step becomes about the buyer’s consideration where they define their problems and start looking for options that fit the bill. These steps are all research-oriented and they eventually culminate into a specific buying decision. The last stage of the buyer’s journey ends with the final purchase decision.
As per a report by Forrester and Gartner, 80 percent of the buying process will occur without any human contact, by 2020. The myth revolving around Buyer’s journey is that marketers think that they can craft a buyer’s journey for their audience. The truth is that the audience is the one who drives this phenomenon. They can move about just the way they like even after going through an impressive sales pitch by your salesperson.
Anyone can be a Demand generation marketer
The B2B marketplace being a fishpond filled with opportunities, more and more Demand generation marketers are finding a way into the market. Racking up a high volume of everything that needs to be done, the ideal Demand generation marketer will help fill the pipeline with promising opportunities for the sales team.
It is a common notion that being a Demand generation marketer is an easy task, given all the readily available information. However, having this data at hand doesn’t make it easy to intercept. In fact, classifying, clarifying, cleansing, and organizing heaps of information can be a real task for industry performers. A competent Demand generation marketer has to create content around the product/concept, probably start blogging about it, come up with webinars/seminars, press releases, etc.
Attracting new customers is the only aim of demand generation
The aim of demand generation is simple, to churn the interest of the audience. However, it’s just not limited to that. It is about building awareness around the company or its peculiar product and services. It is not just an initial step, it is present in the steps that follow as well.
Social media is an ineffective means of generating quality leads
Though not a very popular myth, this one holds a special mention because, in spite of all the credibility of the platform, some contemporary businesses fail to identify social media as an effective means of demand generation.
In fact, according to Research, 64% of B2B marketers generate leads via LinkedIn, 49% through Facebook, and 36% through Twitter. This holds true for demand generation as well. For people who still believe in the opposite or have had futile experiences, we recommend using and investing in the right media networks tools in order to accomplish lead generation.
In all terms, marketing for either of the two (i.e. Demand Generation and Lead generation) is filled with myths and misconceptions, which people are trying to work with. However, only the right approach can attract strangers who become visitors, and successfully generate a huge amount of traffic to your website. With our listicle of the most common Demand Generation Myths above, we hope that we will be able to help you create a better B2B Demand Generation strategy.
Madan Pariyar, a digital marketing strategist helping clients to resolve their website woes. When not busy with all things, you may find me occasionally watching movies, traveling and spending time with my family.