Demand generation is an essential part of any marketing strategy. Based on a 2021 Forrester Research study, lead nurturing programs result in 33% lower costs and a 50% increase in sales-ready leads. That’s more than enough reason to increase demand for your product. But demand generation isn’t about showing off your products or business. Your product could be the right fit for your customers, but they aren’t going to care unless it solves their problems. In this blog you will get to know the clever way to increase demand for your product or services.
Customers aren’t going to switch from their trusted brand unless you pull their attention away. To do this, you’ll need clever marketing techniques that prove your products are better, cheaper, or trendier than the competition. But first, you need to know what demand generation actually is.
The Difference Between Demand vs. Lead Generation
Demand generation and lead generation aren’t the same, but marketers often mix them up.
Lead generation is a tactic focused on acquiring the details of potential customers. When you have a lead email or phone number, you can contact them at a later date and further nurture the customer-brand relationship. To capture leads, brands will create content or advertisements.
That step before a brand acquires a customer’s details? That’s called demand generation. A great demand generation campaign convinces potential customers to engage with you.
This Leadfeeder comparative post on lead vs. demand generation can give you more insight into what separates the two. You’ll need to master both parts of the funnel to succeed.
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5 Incredible Techniques That Increase Customer Demand
There are hundreds of different ways to increase customer demand for your products and services, but your specific techniques and tactics will differ depending on your target audience.
1. Leverage Scarcity to Increase Demand
Scarcity is one of the oldest and most effective marketing tricks in the book. It activates our fear of missing out (FOMO) and doesn’t give customers enough time to reconsider. If you pair this with exclusivity (i.e., limited-time color or add-on), you’re guaranteed to get some attention.
You could also benefit from the same phenomena if you limit the amount of information you share for a product or service. If you leak just enough information before launch, you can generate a lot of buzz for your audience, improving your search traffic and content engagement.
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2. Try Video Marketing and Live Streaming
Video marketing, which includes everything from video stories to YouTube videos, is an effective medium. In fact, social media giant TikTok sports some of the highest engagement numbers on the web, so it pays to make entertaining brand-focused videos that generate high demand.
To make successful marketing videos, you need to get your point across quickly. Yes, even in long-form content. You have to grab a person’s attention in less than 10 seconds. Otherwise, they’ll scroll on through. Get to know your audience before recording videos or live streaming.
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3. Share More User-Generated Content
User-generated content is useful for building social proof, and you’re going to need it if you want to consistently make sales. Depending on your product, user-generated content could be your whole demand generation strategy, as it shows real people demoing and using your products.
Most people who create user-generated content will put your brand’s hashtags somewhere in the post, especially if they want you to share it. However, if the well is dry, consider running a contest that encourages the creation of user-generated content, such as a photo editing contest.
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4. Write and Share Valuable Guests Posts
Content marketing is a key part of any demand generation strategy, as it increases the volume of organic traffic to your site. However, you also want to share guest posts to high-performing websites that attract decent traffic, as that improves your off-site SEO and brand recognition.
If you aren’t an accomplished writer, hire a blogger or copywriter who can pitch to authority sites in your niche. The whole point of this tactic is to generate leads to your website, so make sure your content mentions your products/services and how they can solve customer pain points.
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5. Constantly Innovate or Update Products
Some brands run out of things to market because their advertisements rely on innovation. We get that certain products and services have a ceiling; you can’t optimize them forever. At the same time, there are nearly infinite ways your brand can make your customers’ lives easier.
For example, your brand could expand item categories, create a similar product or service with a twist (i.e., a Kindle for the visually impaired), or group similar services together. Amazon did all three effectively when they eventually turned their online bookstore into an online marketplace.
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Conclusion of Increase Demand for Product
To stay competitive, your startup must find and utilize creative marketing tactics for the purpose of demand generation. At the same time, you shouldn’t reinvent the wheel. We already know what marketing techniques work; you just need to customize them for your target audience.
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