The best ways for your business to create demand is to pursue one or all of four basic demand generation strategies: chase, drawn, co-create and community. Embracing these fundamental strategies will provide a consistent sales pipeline of qualified sales opportunities for your organization to make or exceed sales targets.
The Chase Strategy
The Chase Strategy is all about fishing in a barrel. An organization needs to define a detailed set of characteristics (a target account profile) about their target market including:
Title or role in the organization
Vertical industry that the organization sells into
Size of the company (employees or revenue)
And any other criteria pertinent to your solution.
Based on the above criteria, a database of all companies and contacts within those companies must be compiled. Full contact information (mailing address, email, phone number and social media contact information) should exist for the entire database to support all outbound marketing activities.
The Co-Create Strategy
The Co-Create Strategy is based on partnering with an organization that has an existing relationship with the companies and contacts that are targeted in its to go-to-market strategy. The benefits of such a relationship can be significant. First of all, all leads are warm or hot as there is an existing relationship in place and a level of trust and credibility exists. Second, marketing and potentially sales costs can decrease dramatically for two reasons:
1. The cost of finding the needle in the hay stack (the right person drop as the individual or individuals are known)
2. Marketing programs are often entered to jointly so that the cost may decrease by as much as 50%
The Drawn Strategy
The Drawn Strategy is dependent upon thought leadership. In this scenario, the organization or individuals within the organization are perceived to be subject matter experts or thought leaders in a particular market, technology or process. The content that is produced by the organization and or those individuals is viewed as so valuable that it pulls people that have any interest in the topic.
The relationship that results from the Drawn Strategy is strong as it is built around content and knowledge and not products and solutions. Once there is a connection on a topic, a foundation is built and an organization can then bridge the conversation to their solution over time. The key is that the opportunity to bridge would not have existed if there were not a pre-existing relationship built on the topic.
The Community Strategy
The Community Strategy is similar to the Drawn Strategy in the sense that the approach is to establish a relationship based on knowledge of markets, industries, business problems and or competitors—a topic and not a product or solution. The difference is that the Community Strategy relies on an organization facilitating thought leadership or subject matter expertise through a community versus an employee or employees.
The goal is for an organization to enable a meaningful and relevant community around a topic and to harness the collective knowledge of group to provide insights and value to all. One way to do that is to provide resources (blogs, forums, user groups, infrastructure, etc.) to those who have subject matter expertise or those that have access to people who are thought leaders.
So, what are the best ways for your business to create demand? Basically, an organization must adopt one or a combination of the four demand generation strategies outlined above.
There is no silver bullet and what works for one organization may not work for another. In general, it’s a best practice not to put all of your eggs in one-basket, however, most organizations do not have the resources to embrace all strategies—at least immediately. And, timing and flawless execution are key.