Demystifying Demand Generation

I’ve been thinking a bit about Demand Generation and the elements that create demand. As such, I’ve been doing some research and have to admit that a lot of what I see comes off as either a lot of theories based on analysis of data and trends (but not much practical application) or straight up marketing mumbo jumbo.
So what creates demand in my book? Simple:
  • Distinctiveness
  • Access
  • Utility
  • Scarcity

Distinctiveness – Is your product different? Is it unique? Does it stand out or fit in? Very few things in this world are revolutionary or game changing, but very few are direct rip-offs of other products either. Identify the unique aspects of your product in contrast to the competition and how those differentiators benefit the customer.
Access – Access cuts both ways: easy access means broader potential appeal but exclusive access generates curiosity and sometimes…envy, which is a powerful motivator (just ask Cain). It may sometimes make sense to limit access from the wider audience to encourage that curiosity and create a sense of ownership for those who do have access. Even if it’s for a limited time.
Utility – Is your product useful? Does it solve a problem or does it make your audience’s life better? If it doesn’t, it may be time to rethink your business model. If it does though, clearly identify how and then let everyone know.
Scarcity – The theories of supply and demand are well tested and scarcity alone (supply) isn’t much of a motivator if nobody cares about your product (demand). But if there is interest the mere fact that it’s in limited quantities can certainly increase demand. Just like limiting access can increase interest—and therefore, demand—so too can the scarcity of your product.

, , ,

No comments yet.

Leave a Reply

Powered by WordPress. Designed by Woo Themes