Looking at the growth rate of the SaaS industry, you’d think that people are more than willing to spend money on software solutions that promise to make their everyday lives (and professional endeavors) easier. Not quite, though. Despite projections forecasting the total SaaS spend to reach $171.9 billion in 2022, most buyers still prefer free solutions. […]
What is Demand Generation?
Demand generation is any activity that pushes awareness and interest in a product, service, or offers from a business with the goal to generate leads. In other words, demand generation is any action that generates demand amongst your target audience in hopes of growing your business.
Overall, demand generation is actually an umbrella term that encompasses all marketing and sales initiatives from every checkpoint of a customer’s journey, i.e. from initial interest in a product or service to upselling customers.
It is important to note that demand generation has changed recently in that it is no longer just about creating demand for sales. Something known as conversational marketing has actually changed the role of demand generation by creating the opportunity for marketers to connect with their audience via conversations online.
With marketers able to start conversations with future buyers early on in the customer journey, they have a better chance of continuing the conversation with that same customer all along their path. Ideally, this will lead to a sale, making that potential customer a full-blown patron.
Lastly, keep in mind that demand generation is not about forcing demand. Rather, it is about naturally driving demand through marketing practices. By providing the right information at the right time to the right people, demand generation effectively meets your ideal customer’s needs and offers a necessary solution to a real problem or query.