Everything You Need to Know About Demand Marketing

August 24, 2022 by Christine

People in business-to-business (B2B) sales and marketing face unique challenges that their counterparts in consumer marketing don't have to worry about. However, many B2B marketers use the Demand Marketing approach to connect with potential customers and close deals. Viral Solutions presents a useful guide on Demand Marketing:

What Is Demand Marketing?

Demand marketing is anticipating and creating a demand for a product or service. In the context of B2B marketing, this means anticipating the needs of the potential customer before they become aware that you exist as a supplier. It means being proactive in bringing them to the point of realization that there is an opportunity for you to serve their needs in your industry. And then finally, meet with them face-to-face to establish whether your product or service qualifies for their particular condition.

Cornerstones of Demand Marketing

1) Understand Your Audience

Make a list of the key people or clients that have the potential to be your target market. While developing your list, make sure to identify not only all of the audiences that you think would interest you but also those that may be interested in what you can provide them. Once you have your list, identify and segment it according to demographics such as age and gender.

2) Create Awareness

With your audience segmented, the next step is creating awareness of your brand. Establishing a presence for your company in the appropriate places and using strong communication methods are critical elements of B2B marketing. It would be best to consider using traditional marketing tools such as print advertising, trade shows, and direct mail.

3) Project an Image

Customers need to see that you are trustworthy and can trust you with their information and their money. A consistent image and brand identity are essential in building customer confidence and trust.

4) Attract Attention

Once you have a clearly defined target market, have a sales or marketing person contact them with the proposition of your product or service. Maintaining control over the relationships you cultivate through demand marketing will allow you to manage prospects for your products and services effectively.

5) Close the Deal

When you successfully build a relationship with a customer or prospect and develop a need for your product or service, you will have to meet them in person. In fact, many demand marketers prefer this method. It allows them to explain the features and benefits of their products or services and make a case for why they are the best solution for their buyers. They also want to inspect their products firsthand during those meetings to ensure quality.

How Demand Marketing Can Benefit B2B Companies

1) Generating New Ideas

In most B2B companies, dozens of people work on various projects without focus or direction. They often work in silos and never see the other parts of their company. This can lead to wasted effort and an incomplete market picture that they could be addressing. Demand marketing allows you to connect with potential customers before they are aware that you exist as a supplier and to bring them to a point where they realize an opportunity to interact and do business with you.

2) Targeting the Right Audience

Typically, companies using demand marketing have an intimate understanding of the people they are trying to reach. They know their demographics and psychographics, where they live and shop, and the kind of medium they prefer to interact with. They also have a firm grip on what these people want and need. The result is that marketing efforts can be targeted more accurately and with less waste than in traditional B2B marketing campaigns.

3) Retaining Valuable Customers

Once you have established a relationship with a prospect interested in your goods or services, you want to keep them. In addition to getting new customers, demand marketing allows you to keep the ones you already have. This is possible because buyers have an ongoing relationship rather than one-time interactions. Maintaining these relationships can lead to repeat business and referrals for new prospects.

4) Effective Management of the Sales Cycle

In addition to the direct selling benefits, demand marketing allows salespeople to stay in close contact with their clients and prospects. By doing so, they can see how customers use the product or service they sold, track their progress and adjust their marketing approach according to what they find. In a traditional B2B sales force, almost all calls come through a central call center where people pick up the phone and dial numbers that they were given on a list.

5) Time-Saving

Because demand marketing is a two-way street, days are spent finding prospects and getting them to buy. Demand marketing can shorten the process, and most work is done online. There is more control over what the customer receives and how long they receive it. The ready availability of information in a digital world makes this approach even more valuable. It allows salespeople to see what their clients are doing with their products in real-time. It also allows them to monitor closely how their customers behave on social media.

6) Building a More Diverse Base of Customers

With demand marketing, brands can become more active in markets where the traditional B2B approach has provided little or no access to large parts of the population. Because demand marketers don't spend money on bricks and mortar and instead use digital tools such as email marketing, blogs, and online communities, they can reach more people and get more responses. This allows them to build a larger customer base that is much more diverse than traditional B2B companies.

7) Developing a Company's Expertise

Demand marketing allows you to develop expertise far beyond traditional B2B marketing regarding how many customers you can reach and what kinds of people are responding. Traditional buyers are often difficult to understand. With demand marketing, you can use their online behavior in digital communities, blogs, and social media sites to learn more about them and improve your ability to make predictions about the outcome of future sales.

Takeaway

Demand marketing is a cost-effective way to get new customer leads, build and maintain relationships with existing customers, and retain them. It also allows companies to use their time more efficiently in ways traditional B2B marketing does not. By using this strategy, companies can capitalize on the enormous amount of time and resources spent looking for new customers. Looking to excel in the B2B market and do not know how? Visit our website today for a free marketing audit.

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