Lead generation vs. demand generation– Find the difference
Are you trying to apply some innovative strategies to your marketing campaign? The ultimate goal of every campaign is to generate higher revenues. However, every business follows different paths to achieve this goal. Lead generation and demand generation are major paths to reaching the target. Interestingly several marketers use these terms interchangeably. However, the truth is that they need different approaches for lead generation and demand generation. Let us delve deep into the topic- lead generation vs. demand generation. By having a clear understanding of these tactics, you can easily apply the right one for your needs.
Defining the lead generation process
Lead generation is a way to turn prospects (interested in your service and product) into your customers. It is something like baiting a hook to lure a fish. Markers use several methods for conversion. You can select the right type of content for lead conversion based on your campaign’s goal. However, you cannot start lead generation until you have put your effort into demand generation.
Defining the demand generation process
This marketing campaign is about developing demand and awareness for your services and products. Thus, it can widen your audience and create buzz while driving traffic to convert interest into the desired action.
With the demand generation technique, you will find unmeasurable interest in your products. It involves data-driven tactics used by marketers to create interest and awareness.
Lead generation vs. demand generation
You can apply the demand generation technique to penetrate and reach new audiences. But, when it is about conversion of target audiences into hot leads, you can rely on lead generation techniques. These leads have a chance of becoming your customers.
The process for demand generation is not very transactional. Both lead generation and demand generation activities occur at varying stages of the sales funnel. When you draw prospects to the purchasing process, it creates demand.
Lead generation takes place when your prospects move through this stage. You will find your leads showing interest in your product and brand. They are also ready to provide contact details for further communication.
Your lead generation is encompassed by demand generation. Without creating sales-qualified leads, you will not be able to generate demand.
Let us talk about the differences between these marketing techniques.
Goals of your campaign
Demand generation is effective in building and spreading awareness about your brand. It also informs the audience about the problems solved by your company. Those who learn about your products and services may not need the solution at that time. But, when the issue crops up, they will recall your company’s name.
Now, what is the goal of your lead generation campaign? Digital marketers who run this campaign convert the demand into leads. With the progress of the buyer’s journey, it is nothing unusual that your target audience will come to know about your services and products. It is the right time to tell them you can solve their problems with your products.
With the most effective demand generation strategies, you can win the trust of your audience. It is also useful for the growth of brand authority. Thus, your first task is establishing yourself as a highly authoritative person in the industry. It will enable you to increase the engagement level of your business.
On the contrary, a lead generation campaign helps differentiate your solutions and brand from your competitors. Your target audience will learn about the benefits of your services and products.
Impact of campaigns
Educate your target audience with demand generation campaigns. It involves the development of resources to solve your potential customers’ queries.
But, the content created for lead generation campaigns is intended for nurturing your leads. Your brand will gain a better positive with this approach. Using the gated resources, you can collect contact details.
Demand generation campaigns of different types
The most crucial type we have already mentioned is brand awareness. The major intention is to get your potential customers deeper into your funnel. Although brand awareness is an effective option, you must connect with your audience for higher conversion. Thus, you must develop buyer personas to segment multiple types of customers. You will be able to understand the pain points of your potential buyers.
Another way to develop demand is thought leadership, which is best for developing demand. Some internet users like to have a solid understanding of how your industry works. While creating content for thought leadership, you need to present yourself as a specialist in your domain.
Lead generation campaigns of different types
You have to be more precise with your lead generation strategy. However, there are several other ways to run this campaign. For instance, you can take advantage of social media for the desired result. In fact, social media can become the most effective tool for B2C marketing. But, B2B businesses can also tap into the potential of LinkedIn and Twitter to educate their customers. You can give updates and inform audiences about your services.
Social media strategy can never become dull. You have to be more creative to make your social media presence by reaching out to decision-makers and CMOs who are looking for the solution. You can also use technical documents like white papers to inform the audience about a particular problem. Downloadable papers can work as lead magnets, as they attract decision-makers.
White papers can focus on both the solution and the problem. That is why you can use them for your lead generation campaign. But, you should not deliver your sales pitches while creating white papers. Quality white papers are always informative, and your readers will feel that they are reading the content of a trusted brand. The brief discussion on lead generation vs. demand generation will give you a clear concept. You can now start both these campaigns for marketing. However, to get back the lost leads, you need remarketing. Automated remarketing with Movology’s products gives you the best result. The automated mechanism will enable you to regain your leads from different channels.