Blog Post

Demand Generation

Driving Growth 101: The Basics You Need to Know About Demand Generation

Driving growth is critical to business success. In B2B SaaS — and any industry — if you're not growing, you're losing ground. But what if you don’t know where to start?

Running an expensive ad campaign and hoping for the best is a common best attempt at demand gen. But you've been burned by the short-lived results and low ROI of this method before.

Alternatively, demand generation is a high ROI, long-term growth-driving vehicle you need to know about. Here's how to use demand gen to drive growth.

What Is Demand Generation?

Demand Generation is a data-driven marketing strategy that creates demand for your SaaS solutions. To accomplish this, you must determine the why, where, and how of the target audience's relationship to your B2B SaaS.

Why do they want it? Analytics — mixed with some common sense — tells you the goals and pain points.

Where do they look for it? It tells you the channels they frequent and sources they trust.

How do they need to get it? Demand gen focuses not only on how you initially deliver your SaaS. It cares about "how they receive it". Do they love it and tell others?

Focus on the full funnel

Demand generation seeks to align your marketing, sales, and customer support. In doing so, you create a seamless customer experience that delights customers — top to bottom, start-to-finish, a full funnel experience.

But demand gen doesn't see a funnel that ends at the bottom. It sees a cycle where the bottom of the funnel feeds the top. To accomplish this you'll focus on four demand engines.

Use all four demand engines

What's an engine do? It powers something. To get the most out of demand gen, you need to get all four engines humming in unison. This drives growth.

Creating demand

This engine focuses on generating awareness about the problem your SaaS solves for businesses.

Capturing demand

This one involves engaging people who've shown interest. Start conversations and engage them in the solutions in a meaningful way.

It's critical to note that small actions lead to bigger actions. Leverage this interest to strengthen this bond. Get them to take action like following you or signing up for an email list.

After all, 79% of B2B marketers say email is their most effective distribution channel. It's important to capture demand here when possible.

Accelerating demand

What's it mean to accelerate? You want to not only fill the funnel with high-quality leads but speed the funnel up.

How? Invest in deepening and widening this connection.

Deepen the connection by providing helpful content that serves their needs and goals. Simultaneously, they're learning about your offerings and developing greater intent to buy.

Use data to know when an individual is ready to buy. Deploy automatic lead routing technology to Speed the Lead to sales and close the deal.

At the same time, widen a connection. Encourage interested people to engage with you on multiple channels (Facebook, LinkedIn, Email, etc.). They may not even be a paying customer yet! But this both passively and directly engages other decision-makers in their company (and others).

This also widens the bond because now they're talking offline too! As a result, more people are becoming aware of the problems and entering Top of Funnel.

Growing demand

What do you do after you've made the sale to delight new customers? You should offer robust customer support (people and self-service) along with data-driven, automated onboarding procedures, and advocacy programs.

Marketing creates relevant content to support these efforts, thus aligning marketing and customer support.

Create content for the full funnel...for each demand engine

Each engine needs its own special type of fuel to work. Content is that fuel! But the type of content is different for each stage.

  • Creating demand
  • Educational problem-centered content, blog posts, infographics, long-form guides, videos.
  • Capturing demand
  • Content focused on solutions, eBooks, case studies, white papers, webinars, social media posts.
  • Accelerating demand
  • Sales enablement content, managing objections content, success stories, demos, free trials.
  • Growing demand
  • Onboarding emails, videos, and other guides, troubleshooting guides, self-service content, ChatBot content. Simultaneously, you're facilitating and promoting User-Generated Content (UGC), Loyalty and Advocacy programs.

Identify and Grow Key Accounts

This demand-gen customer success strategy focuses on strengthening the bond you have with high-value accounts. Your goal is to maximize customer lifetime value.

On the surface, this sounds like an account retention strategy. After all, you've heard that increasing retention by just 5% can double your revenue. Of course, retention matters.

But customer lifetime value is more than how much one business account spends in their lifetime. Keeping that company engaged in the solutions fuels all four demand generation engines.

This engagement translates to ROI. This happens in several ways, all of which you can amplify through this strategy

First, simply having a long-standing well-known and/or active customer demonstrates stability, authority, and relevance. Key accounts often have many employees who engage with you on social media.

Let them do the talking. What they say about your products will mean more than anything you ever say about it.

To employ this strategy, actively build a platform that encourages these key accounts to create user-generated content. Then, promote on social media and at various stages. At the same time, leverage their feedback to make your product, pricing strategy, features, and content better.

They'll feel heard—a very basic human need. When businesses fill this need, they strengthen the connection and turn key accounts into brand advocates. These voices drown out the competition as the advocates further drive growth.

Ready to Grow?

Real Growth drives itself — but you have to get the engines started and fueled up. As you focus on full funnel demand gen, you fuel the four engines that turn customers into advocates.

These advocates propel others faster through the funnel. They amplify results you get from your efforts, saving you time and money. Then just keep those engines running, and you have long-term, sustainable growth.

To learn more about demand generation, check out our guide to demand generation. Here, you'll learn more about how to generate the demand that drives growth.

 

Blog Post

Growth

Demand Generation

Blog Post

How To Leverage Growth Marketing

Traditional marketing is where brands broadcast a one-size-fits-all marketing message describing the product’s features. It is expensive, broad, and doesn’t consider the unique requirements of the customer.

This doesn’t work well for budding businesses that are targeting a particular niche and have a limited marketing budget.

Enter growth marketing

Growth marketing focuses on sending personalized customer-centric messages to the target audience explaining how the product will give them the value they are looking for.

In this article, you’ll learn what makes growth marketing unique, its strategy and characteristics, and how you can leverage it.

Growth Marketing Vs. Regular Marketing

Growth marketing attracts prospects, keeps them hooked, and turns them into loyal buyers. With techniques such as content marketing and lead nurturing, customers are nudged through the funnel until they make a purchase. 

Various marketing channels are auto-optimized through the latest tools and data-backed processes for sustainable growth. The primary advantage of growth marketing is that it nurtures customer relationships and increases your average customer lifetime value.

Traditional marketing approaches include ideation of marketing operations, publishing the ad copy and design, implementing Call-To-Actions (CTAs), outlining the ad spend for the campaign, and so on. 

All these efforts follow a traditional “set it and forget it” strategy. This strategy is great for increasing brand awareness by focusing on the top of the sales funnel.

The image below highlights the difference between traditional and growth marketing.

Source: Mondial Trends. A graphic showing the differences between traditional and growth marketing.

What a Growth Marketing Strategy Includes

Market Penetration

Growth marketers exclusively focus on the niche where you offer products/services or look for potential customers in your competitors' niche to penetrate the market better.

This growth hacking technique pushes brands to look for differentiators. Here, growth marketers answer two specific questions:

  1. What sets you apart from your competition?
  2. What are the specific areas you are better than your rivals?

Strategic Collaborations and Partnerships

Growth marketing teams facilitate rapid growth by finding and teaming up with other brands that offer products your target audience uses — for instance, telecom providers partnering with smartphone manufacturers.

Apart from keeping customer acquisition costs low, this strategy could get you lots of new customers and result in sustainable growth. Sometimes, you might have to create new products or services to form a partnership.

Market Development

This strategy involves running growth marketing campaigns where you advertise the products or services to new markets to facilitate demand generation. It is done in two ways:

  1. Targeting new niches and buyer personas.
  2. Moving to new geographic regions.

Product Development

Your product development growth strategy has to be tailored to your brand’s specific needs. To attain rapid growth, you should diversify your marketing efforts to find creative solutions in the following ways:

  • Product Updates. Build on what you have (this is also great for customer retention). 
  • New Products. A great way to enter new markets and target different user personas.

Characteristics of a Growth Marketing Strategy

Data-driven

Before growth marketers invest in a new marketing tactic aiming for rapid growth, the idea has to be backed by data. As growth marketing tactics involve taking risks, intuitions and “do this because competitors are too” have no place.

Read: “How to Create a Successful Growth Marketing Strategy.”

Product Focused

Your business needs to consistently improve its product to remain competitive in the market. Whether it is adding more features or functionalities, your product needs to evolve with the changing needs of your target audience. 

Growth marketing facilitates this by collecting data that can guide this product development and keep your target audience updated about the values you offer.

Limited fear of failure

Apart from being data-driven, the high success rate of growth marketing can be attributed to the diversification of efforts. With multiple marketing strategies at play at once, the best growth marketers keep a close eye on the numbers and scale up the efforts that have the highest marketing ROI.

Storytelling

Considering our endless appetites for stories, growth marketers use a story where a person with similar problems to the target audience gets their problem solved with their product. This makes the brand’s message more realistic and relatable, motivating more prospects to make a purchase.

Retargeting

Retargeting reminds your website visitors, prospects, leads, and customers about the value your product offers. This also keeps the customer acquisition costs low.

Should You Hire a Growth Hacker or Outsource Growth Marketing to an Agency?

Having an in-house growth marketer has the following pros:

  1. They will be familiar with your product and processes completely.
  2. 100% dedication towards your brand growth.
  3. You can gain a lot of insights into your industry.

However, it is challenging for the following reasons:

  1. It's expensive to hire new professionals, get new tools, and set up new growth marketing strategies.
  2. After some time, they could run out of ideas by falling into a "creative rut".
  3. You still have to pay your growth marketing team even if you pause your strategy. 

Growing brands with a limited budget risk a lot in this scenario.

In these instances, outsourcing growth marketing to an established agency such as Matter Made is ideal because:

  1. You get experienced, accountable professionals.
  2. It’s cost-efficient; pay until you are leveraging their services.
  3. You will be kept in the loop at every stage through timely reports.
  4. You can reinvest the saved resources elsewhere.
  5. You get expertise from successful growth marketers. 

Growth Hacking, Demand Generation, and Matter Made

Matter Made has helped product-led companies like Dropbox and Loom achieve hypergrowth through demand generation, product-led growth, and bespoke growth strategies

Our seasoned marketing team can help your brand achieve similar results.

Interested in knowing what a growth marketing strategy brings to the table for your brand? Let’s talk.

Ready to drive efficient demand?

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