A new set of rules called the General Data Protection Regulation (GDPR), were designed and announced on 25th May 2018 with an aim to give the Europe Union citizens more control over their personal data and make Europe a better ‘fit for the digital age’.
Historically, there has been an over-reliance on email, which 89% of marketers consider to be the primary channel for demand generation. The reason for this is due to the very definition of demand generation. The marketer must remind the prospect about the customer they have and then offer to solve it, for this email is the best medium.
In a post-GDPR World, this normally extensive list of prospects gets reduced greatly. In order to prevent sales pipeline shrinkage, companies need to employ alternative methods for demand generation.
B2B demand generation teams have been responsible for two metrics: top-funnel lead volume, and lead quality on the other. The GDPR’s directives provide a great reason to put more focus on lead quality. You won’t need to duplicate strategies that helped you reach your lead volume goals but never converted to sales revenue.
Here are 5 demand generating strategies that can be used for non-paid / organic channels.
1. Employee advocates business’ most valuable asset is their employees. Very few businesses actually take advantage of them to help spread the word about their product or service. People tend to trust the opinions of employees more than official marketing campaigns. They are able to understand a company’s work environment, innovation, integrity and business practices from the most credible voice.
One such company that utilizes the power of the employee is IBM. They use employee advocacy platforms like GaggleAMP and Dynamic Signal. There is a great demand generation potential which can be tapped into through either a professional platform or by implementing new company policy.
Co-marketing allows you to gain access to an untapped audience that has the potential to use your product or service at no cost to you. When two companies enter into a co-marketing partnership, they collaborate on promotional efforts for a co-branded offer. That is, both companies promote a piece of content, and share the results of that promotion.
With less hard work, co-marketing campaigns deliver more leads, buzz, and awareness by leveraging the relationship and reach of the partner. It is vital that the business you’re partnering with has an audience that resembles yours otherwise promoting your product to people who don’t want it, is pointless. Early growth, expanded market share, an improved customer experience, and explosive revenue are just some of the many benefits that come from strategic partnerships.
3. Strategic Lead MagnetsWith the help of strategic lead magnets, you can collect prospect information and generate demands for your product or service just by offering a valuable resource in exchange. EBooks, cheat sheets, email courses, and on-demand videos work like magnets as they draw potential customers to you.
The key strategy here is to create an offer that your target audience cannot refuse and are willing to hand over information like name, phone number, email to access it, For this, aim to create content that is uncommon for example; an interactive quiz, a step-by-step blueprint, template worksheets, or even a tool.
WordStream has added the service of a graded AdWords report to their website which lets potential customers submit their email in exchange for it. Magnets like these that are best suited for generating demand for your product or service. The magnet in this example is relevant to what WordStream offers which are PPC services. It is valuable, quick and free.
Your customer voices can be converted into marketing collateral which you can then use to generate a desire for your offers. As a powerful demand generator, reviews can be used as customer interviews, testimonial on landing pages or even as a case study that proves your product or service works.
LiveChat is a SaaS company that connects business owners with their website visitors. They wanted to reach out to their customers’ to get their opinions but as they have more than 15000 of them, it was impractical. With the help of Autopilot, they were able to send automated emails requesting reviews from their website visitors, thus taking a set-it-and-forget-it attitude to the problem. This technique helped the company earn 120+ reviews and a 4.85 rating on GetApp.
Consistent Lead Nurturing
After a buyer has expressed interest in your product/service, you would need to guide them along their customer journey through a process called lead nurturing. Based on how a customer interacts with your website, you can set up an email automation system that delivers personalized messages to each of them. Argos is a UK based toys and home furnishings retailer and they implemented the basket abandonment email. By using browsing data and email engagement, they sent personalized follow-up emails to customers who have abandoned their online shopping cart. This email would then offer 6 alternate products that might interest the customer. They obtained all the information legally and this email automation bolstered their revenue and conversions. So the lesson here is that product or service demand can be lost if you don’t continue nurturing your leads throughout the customer journey. Learn how we can help you create and develop a lead nurturing strategy. There is no need for businesses to be fearful of the effects of GDPR provided they make demonstrable efforts to be compliant. GDPR has actually become a big opportunity for companies to get closer to their customers, differentiate themselves from the competition, and to adapt better to the new technologies that emerge and require compliance.