Creating a new product or service is exciting, especially when market research reveals a market need. With that said, marketing to your target audience can be a challenge if you don’t know how to express that need to an audience. To build demand, you need to focus on pain points.
Demand Generation vs. Lead Generation
A demand generation strategy is required to find your customer’s pain points, but demand gen isn’t the same as lead gen. While you will need demand and lead gen to attract and convert leads, you need demand generation to increase excitement about your products and services.
On the other hand, a lead generation strategy focuses on capturing information about potential buyers, such as their email or phone number, so you can keep nurturing these leads. Whereas demand generation emphasizes brand positioning, lead generation vets potential buyers.
How to Build Demand for Your Products and Services
Your product or service could be the best of its kind, but no one will know about it if you don’t market effectively. Here’s how your business can build buzz for your new products and services.
1. Product or Service Scarcity
Scarcity is often used to bolster sales because it hits on our fear of missing out or FOMO. Your customers are more likely to purchase your products or services if they’re worried they’ll miss them. Many businesses purposely shorten the production of products to manufacturer scarcity.
2. Information or Data Scarcity
Information and data scarcity can build buzz for your upcoming profits; just take a look at No Man’s Sky. Sean Murray generated a lot of word-of-mouth advertising by slowly revealing what types of features would be in the game. It became the most heavily-discussed game in years.
3. Leverage Service Exclusivity
Leveraging exclusivity for products is easy. Simply release your product in a different color or packaging, and you’re on your way to more sales. Exclusivity is trickier to pull off for services, but here’s an idea: group multiple services together and apply a good discount at checkout.
4. Use User-Generated Content
Influencers and loyal customers can create user-generated content for your brand, usually for a low price. Consider shipping out a bunch of test products or activation codes for your services with the expectation the influencer will give a review. When they’re done, share their content.
5. Partner With Other Brands
While influencers can help build social proof, other brands can persuade their loyal customers to check out your new products or services, so long as they aren’t selling something similar. You may even be able to sell to a new crowd, such as in-person shoppers for an eCommerce store.
6. Focus on the Biggest Issue
Maybe your products and services solve more than one issue, but generalized marketing tactics are never the way to go. Not only are they ineffective at demanding gen, but they also attract cold leads. It’s better to focus on your customer’s most significant pain point in your marketing.
7. Never Stop Innovating
The first version of your product or service won’t be the best version, even if you think that’s the case right now. As your customers get familiar with your new products or services, they’ll find new ways to improve them. You can use this information to capture more of your audience.
One of the hardest things to do as a business is learn how to generate enough buzz for their new products or services, but a demand generation strategy can help you find success. If you conduct market research and apply it to your marketing, you can quickly build demand.