Demand Creation and Demand Conversion: The Dichotomy of B2B Marketing
In the intricate world of B2B marketing, it’s easy to get lost in the myriad strategies, tools, and metrics that promise brand success. Yet, when you dig deep, you’ll find that at its core, B2B marketing revolves around two poles: one concrete and measurable, the other more abstract and intangible. Welcome to the dichotomy of B2B marketing – the balancing act between demand creation and demand conversion.
The Tangible: Demand Conversion
Often mistaken for demand generation, demand conversion encapsulates those aspects of marketing that are quantifiable and largely driven by numbers.
The main ways B2B’s generate conversion is through:
- Media & SEO: How well do your advertisements perform? How visible is your brand on search engines?
- Website Optimization: Are visitors staying on your site? Is the layout user-friendly?
- Conversion Rate Optimization (CRO): Of the users that visit, how many take the desired action?
- Performance-Based Marketing: Which strategies offer the best ROI?
The objective is clear-cut: transform interest into action. Whether it’s a service subscription, a product purchase, or a form fill, demand conversion’s success is evaluated based on tangible outcomes.
The Intangible: Demand Creation
This is where the waters become murkier, but not any less essential. Demand creation is about nurturing the soil before you plant the seed.
The main ways B2B’s create demand is by strengthing their brand and image through:
- Building Awareness: Before a client can engage, they must know who you are and what you stand for. This is the realm of content marketing, PR, and strategic brand communication.
- Presence in “Watering Holes”: Being seen in industry forums, seminars, and gatherings. It’s about being where your Ideal Customer Profile (ICP) frequents, even if it means not making a direct pitch.
- Trust Building: The foundation of any B2B relationship is trust. Thought leadership, genuine customer testimonials, and transparent business practices go a long way in cementing this trust.
The goal of demand creation is to ensure that when a need arises in the market, your brand is top-of-mind. It’s less about the immediate conversion and more about fostering a reputation that beckons potential customers.
Finding the right balance
While they may seem worlds apart, demand creation and demand conversion are two sides of the same coin. One without the other can lead to an imbalance. Too much focus on demand conversion without prior attention to demand creation can result in short-term gains but long-term stagnation. On the other hand, only emphasizing demand creation without an effective conversion strategy is akin to preparing fertile land but not sowing seeds.
In conclusion, the art and science of B2B marketing lie in understanding this dichotomy and ensuring that strategies for both creation and conversion are harmoniously interwoven. It’s about knowing when to nurture and when to harvest, leading to a holistic approach that promises sustained growth.
If you want to learn about how Trendemon can help you increase both your demand creation and conversion, get in touch with us here.