Which Demand Generation Strategies Work Best for B2B Marketers?
Today’s demand generation marketers are constantly on the hunt for new, effective strategies to build brand awareness, improve online lead generation, and nurture leads and customers across the sales cycle.
It is a high-pressure job that often comes with constant scrutiny to prove ROI. As a result, demand generation marketers frequently pivot to new strategies in search of what works best for their customers.
That is why the best marketers remain agile – staying on top of research, new trends and the tools that can help them successfully reach their target audience.
You likely know that strategies differ based on whether you are working with B2B or B2C buyers.
Many marketers still struggle with finding the best possible demand generation strategies for their B2B audience.
That is what this post will help you straighten out. You will learn exactly what strategies work best for B2B demand generation marketers so that you can spend more time focused on implementing successful campaigns, and waste less time trying outdated or ineffective strategies for your target audience.
First, Here Is How to Determine if a Strategy Is Better for B2B or B2C Buyers
When trying to determine whether a new strategy makes sense for B2B buyers, consider the following questions:
- Does the strategy support a longer sales cycle?
Companies historically take longer to make purchasing decisions than consumers. That is because there is often a whole lot more money on the line and a tiered approval process that requires buy-in at several levels across the business. As a result, anytime you think about implementing a new demand generation strategy, consider whether it is something that matches the length of your average sales cycle.
- Does the strategy promote thought leadership?
According to DemandGen, 47 percent of B2B buyers view 3-5 pieces of content before engaging with a sales rep.
If that is not enough to get you to start sharing some valuable content, consider this statistic as well from the same report: 95 percent of B2B buyers ended up going with the solution provider who guided them with content along the buyer’s journey.
Companies make buying decisions in a fundamentally different way than consumers. Consumers care most about getting a good deal, so naturally, demand generation strategies for B2C marketers should focus on presenting different offers and promotions.
Companies, on the other hand, seek out quality information at the early stages of the customer journey. Any demand generation strategy you implement should support that.
- How focused is the audience?
Broader demand generation strategies – like display ads – are intended to reach an audience where everyone is a potential buyer. That works well in B2C, but not so much in a B2B environment where only certain executives have actual buying power.
3 Strategies to Try on Your B2B Audience
Now that you know how to shop for a good B2B demand generation strategy, here are three of the most popular (according to MarketingProfs).
There is nothing quite like the opportunity to meet your potential customers face-to-face. 81percent of trade show attendees have buying authority, so investing in a booth at top industry trade shows should definitely be a part of your marketing budget.
88 percent of B2B marketers already use referral marketing strategies, so if you are not on board the referral marketing train, now is the time.
What is referral marketing?
Like the name indicates, it is a marketing strategy focused on getting your current customers to be your biggest advocates. It is important because 84 percent of B2B decisions makers start their buying process by asking for a referral.
That statistic is sure to get your attention. Now if you are wondering what a good referral marketing program looks like, consider this. Rewards work.
The American Marketing Association found that offering an incentive increases the likelihood of your customer participating in a referral program, but that the amount of the reward does not matter.
In other words, offer something, but do not break the bank.
Want to see an example in action? Take a look at how Google incentivizes current customers to refer new businesses to their G-Suite: “Join the G Suite Referral Program and you’ll receive $15 for every user, up to $1,500 per business that signs up.”
Email marketing may not be anything new, but that does not mean it is not effective. With email usage worldwide expected to top 3 billion by 2020, often the best way to get yourself in front of your customers (especially on their mobile devices) is through email.
However, there is a problem. According to Ascend2, 51 percent of demand generation marketers say contact data quality is their biggest barrier to achieving email marketing success.
What Tools Make Demand Generation Easier?
No matter the strategies you employ, clean, enriched data matters. Without good data management, marketers find that it does not quite matter what strategies they employ.
ReachForce helps marketers increase revenue contribution by solving some of their toughest data management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like marketing automation, personalization, and predictive marketing better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce can unify, clean, and enrich prospect and customer lifecycle data in your business, and do it at your own pace.