As demand generation continues to evolve and embrace new channels and paradigms, B2B demand generation and sales development representatives are bound to face new challenges. The bottlenecks include supply chain disruptions, shifting consumer demands, and overlapping key marketing functions like lead generation, brand awareness campaigns, or product marketing, among others.
B2B marketers are often compelled to reprioritize and rebuild data-driven demand generation strategies. Successful marketers have come a long way and have learned the importance of aligning their digital demand generation strategies with sales operations to register business growth. Yet, there are some challenges that marketers frequently encounter that can be overcome without much effort. All that is needed is a quick analysis of the B2B challenges. This alone can help businesses fill the sales pipeline with high quality leads and convert potential clients.
According to the DGR Benchmark Survey 2021, the landscape of demand generation is as follows:
Since demand generation is getting increasingly complex, marketers easily fall prey to several mistakes that undermine their marketing efforts. Let’s begin with a comprehensive discussion of typical traps and distractions to avoid.
It is well-known that the B2B demand generation process – right from conceptualization to execution – relies heavily on data. Many businesses have recently prioritized collecting first-party data through aggressive demand generation and lead creation campaigns. However, many organizations do not have an effective plan to organize their databases.
If you want your data to be valuable, it must be relevant, accurate, and current. Brands must regularly manage their CRM database, which calls for them to implement a lead-scoring methodology that scores qualified contacts and indicates unqualified ones.
With marketing teams being occupied with far too many things, it’s difficult for organizations to devote the time and resources to maintain data. The costs of a neglected database are far too high, and the potential benefits of a solid database are expansive.
Poor data quality costs businesses an average of USD 12,9 million annually. With businesses’ increased dependency on data at every step, it will be essential to improve data quality. Gartner predicts that by 2022, 70% of enterprises will rigorously track data quality levels using metrics, resulting in a 60% improvement in data quality and a considerable reduction in operational risks and costs.
Businesses can source accurate and contactable customer data from reliable B2B database providers.
Not being aware of target personas is one of the worst demand generation challenges for an organization. It might be counterproductive to your marketing efforts. Without knowing who your audience is and what they seek, it is challenging for companies to create personalized marketing campaigns and produce the required demand. Hence, once your customer data is organized, data segmentation can help you find your potential customers.
For any marketing campaign to succeed, businesses must identify and address the knowledge gap in their customer base. Start with maintaining your database. But if brands want to understand and connect with the accounts they truly want to engage with, they must pay attention to the message they are trying to convey, even if it’s negative feedback.
Next, analyze your audience statistics to assess whether you are asking the correct questions — not simply the obvious ones, such as which landing pages are driving conversions. Can you easily determine where your leads are in the purchase process and their intent? Which variables impact their decision-making? Where do they obtain such knowledge? Which channels do they utilize the most? Where did they hear about your brand initially?
Regularly retrace your most significant sales to understand the touchpoints that led to the transaction. These insights help you understand your audience, identify seasonal trends and process breakdowns, measure your efforts, and optimize your strategy. Nevertheless, keeping in mind that the audience’s needs keep changing, it is essential to continuously assess how well you understand your brand’s target personas. The evaluation will allow you to alter your demand generation activities strategically.
When it comes to demand generation, leads play a significant role. However, not every lead you receive will result in a conversion. Many leads require adequate nurturing before they can climb up the sales funnel. You may as well get some vetted leads that are ready to become your customers.
But the problem here is how do you differentiate between a ready lead and one that’s not? The solution to this question is lead scoring. Now you must be wondering what is lead scoring. Well, if you don’t know about it, this is one of the demand generation pitfalls for you. Lead scoring is a straightforward approach to assigning a score to each lead.
The lead score will provide rich insight into which leads are most likely to convert. It will also assist you in creating and implementing personalized marketing campaigns depending on the lead’s score. For scoring, one needs to decide on the parameters first.
Every buyer’s journey begins with an internet search in the current digital era. Almost 73% of industrial manufacturing purchasers use Google for research purposes before making a purchase.
And when it comes to research, content is the only method to rank highly in search engine rankings. Therefore, you must implement a content marketing strategy that can help you generate demand.
What’s noteworthy here is that you cannot simply put any content on your website and expect increased sales. You must have a comprehensive content marketing strategy to register an increase in demand.
Below are a few easy methods that can help you create demand-generating content:
Digital marketing is expansive. Digital dynamics consist of various marketing channels, such as content marketing, email marketing, and social media marketing. To generate demand, it’s almost impossible to focus on all facets of digital marketing concurrently. And if you decide to practice, it will be your biggest demand generation challenge.
However, you may experiment with various marketing strategies if you have a dedicated marketing team. However, supporting your marketing strategies with the right resource is always better. For example, if you are generating more leads via social media marketing, you must dedicate your resource here more than any other form of digital marketing.
To avoid demand generation hazards, it is essential to employ various marketing strategies, analyze their performance regularly, and prioritize channels that generate the most demand.
Demand generation is a prerequisite to capturing and nurturing leads. If you fall victim to demand generation pitfalls, it may derail your marketing efforts and put you behind your competitors. You risk losing prospective leads, wasting marketing funds, and harming your company’s brand by committing errors in the demand generation process.
As marketers keep up the momentum of evolving with customers’ needs and preferences, being able to eliminate bottlenecks will call upon them to build data-driven strategies. Speak to us to learn more about data-driven demand generation solutions.