Demand Generation Vs Lead Generation – Which do you need?

B2B businesses want to grow by increasing their market share. That is possible only through effective marketing of the business. Pace Creative is a full-service content and digital marketing agency that caters to the B2B needs of navigating through the world of digital marketing.

The key options to acquire amazing digital marketing outcomes are demand generation vs lead generation. For perspective, 53% of marketers say that more than half of their budget is allocated for lead generation. This article covers the details of what these two options entail.

 

What is Demand Generation?

The answer to the question of what demand generation is rather self-explanatory From a B2B point of view, demand generation is when a marketer creates awareness and demand for products or services thereby expanding the audience base and generating leads. Demand generation best practices comprise data-driven strategies that marketers use to raise interest and encourage actions.

What is Lead Generation?

The key difference between demand and lead generation is that lead generation takes over from demand generation and converts the prospects into customers. This is done by nurturing the interest of the potential customer who is by now already aware of what the business does. Limitless opportunities are available for marketers to experiment when it comes to lead generation, however, 61% of marketers consider lead generation their biggest challenge.

Demand Generation vs Lead Generation – What is the Difference?

The simple answer to what demand generation does vs what lead generation does is that the former aims to get people interested in a product or service whereas the latter aims to convert that new interest into sales.

The main difference between the two lies in the details, and quite literally so. In demand generation, marketers convey a mostly one-sided message and do not gather any information from potential customers. In lead generation, on the other hand, the marketers are gathering prospects’ data and using that information to nurture their specific wants and needs using personalized messaging.

Lead Generation Funnel

A lead generation funnel is a systematic approach to generating leads for a business.

The sales journey is made of 4 stages:

1. Awareness (traffic) –> 2. Interest (leads) –> 3. Consideration (nurturing) –> 4. Purchase (revenue)

This is a framework that we use to guide our client’s efforts when promoting their business. The consideration phase helps qualify leads for your sales team to nurture.

Types of Lead Generation

Several types of lead generation are available to marketers, all bringing their own advantages.

Some of these are:

How to Build a Lead Generation Funnel

The process of lead generation has developed to such a degree and is covered in such detail that it is considered a science.

The four main steps in this process follow:

  1. A lead discovers the business and what it does through its website, blog post, or social media.
  2. The lead clicks on a call-to-action prompt.
  3. The prompt takes the lead to a landing page where more information on the product or service is provided.
  4. The lead feels encouraged to provide their contact information.

What’s the secret to the entire process? Content!

B2B Lead Generation Examples

Here are some examples of the companies that we helped in creating lead generation solutions for in the technology, SaaS, and IT industries:

Hitachi Vantara – Enterprise Cost Calculator

Pace Creative collaborated with Hitachi Vantara to develop a customized Enterprise Cost Search Calculator as an online lead generation tool.

IQVIA – Inbound Lead Generation Campaign

The Human Data Science lead generation microsite from this global big data technology leader combines health sciences and data sciences to make accurate predictions for healthcare companies to maximize their profits.

Coreio – Lead Generation Campaign (SaaS)

Pace Creative worked with Coreio and Microsoft 365 in developing an IT lead generation campaign strategy to provide customized IT infrastructure to address specific remote workers IT challenges.

 

If you are looking to boost your business with unmatched lead generation, reach out to us – we will be happy to help!

 

 

 

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