Building a dynamic and innovative demand generation model is imperative for the success of any organization but it is critical for the growth and indeed the survival of any Start-up. This is because the Start-up has many unique challenges for the marketer due to its very nature. The Start-up does not have specific market segments defined as its customers so the target market for the marketer would be multi-segmented. In addition, reach to these customers would have to be planned through multiple channels. Furthermore, traditionally various marketing activities are focussed on lead generation and it is essential to differentiate demand generation from lead generation and build KPIs around it that are applicable for Start-ups.
In order to evaluate, design, implement and manage a Demand Generation Model for Start-ups, a holistic approach must be taken. The foremost step would be to carry out a brand audit to verify the level of brand awareness and positioning relevance of the Start-ups products and services to its various targeted customers. As an example, a Start-up focused on an area where there is strong market demand can have greater brand awareness through viral campaigns focused on specific current market events to create buzz. This would ensure that the Start-up can leverage its strengths in that particular field to maximize the current opportunities in the market.
In addition, a successful Demand Generation Model for any Start-up must have all the required building blocks incorporated into it. The foremost among these would be the quality of the data being captured or available for the current or prospective customers of the start-ups. Furthermore, the resources available for each phase (awareness, consideration and preferences) of Demand Generation must be evaluated and their skillset and expertise determined. The engagement and content available for each phase must be determined in advance and the channels best suitable for such engagement defined.
The success of the Demand Generation Model for the start-up will rely on Predictive Analysis and marketing automation. Predictive Analysis will be used to evaluate “fit”, “engagement” and “intent” for all prospects and current accounts. By using marketing automation, integration between Demand Generation and Lead Generation will be assured. This shall lead to growth in revenue for the start-up by routing these higher quality leads to the sales team, the ultimate objective of any Demand Generation Model.
A holistic and dynamic Demand Generation Strategy that implements the above methodologies would lead to success for the start-up in its local market in the short-term. It would also ensure the growth of the start-up in new markets as more prospective customers become aware and interested in its offering and how it adds value to their daily lives.