Demand for goods and services is the fundamental . A economic premise around which the entire global trading system revolves.
Countries trade with each other . A based on demand for their own goods and services, with different countries meeting that demand . Awith their own supplies.
The same principle can be applied to marketing
if there is a demand in the market for your . A product whatsapp number list or service, you can create a marketing plan to monetize that demand.
For startups, demand is of course the key to their survival, as without . A demand, products and services cannot be sold or marketed, and as a result, businesses will go bankrupt.
One sector where demand is growing is the software industry, with demand . A set to reach $1.5 billion in video advertising worldwide in 2022, according to Statista.
Moreover according to these statistics
There are approximately 305 million startups created each year, of which 1.35 million are technology-based. This highlights the fact that the overall demand for software is driven by the huge number of tech startups.
Of course, high demand for any product or service usually comes with high competition as companies compete for customers in a crowded market.
So, when multinational software companies like IBM or Microsoft are already established in the market, already monopolizing the market, how can a startup business generate demand for its new software?
The answer is to create a demand generation funnel. This is a funnel that will generate interest from users in your software product and help you create a healthy flow of potential customers.
But how exactly can a demand generation funnel help your software startup? Let’s find out…
What is a demand generation funnel?
Demand generation is the process of creating interest and awareness about your product or service. A demand generation funnel is a detailed pipeline that defines the actions that help drive user interest in your business.
According to Gartner , “A strong demand generation program increases brand awareness and authority and creates thoughtful, compelling content that generates interest and engages potential customers.”
This is a broad term that touches on multiple sales points throughout the customer journey. Demand generation is not a superficial term like lead generation ; which only focuses on increasing the number of leads. Instead, the demand generation funnel focuses on building long-term relationships with potential customers to motivate them to keep coming back and making repeat purchases.
This graphical presentation will help you understand how demand generation behaves:
Why does your software startup need a demand generation funnel?
Since you are a software company, your target libraries have paid publishers audience will most likely be other businesses (B2B). As mentioned earlier, there are already thousands of SaaS companies, so unless you offer something truly unique, you will have a hard time convincing other companies that your product is worth investing in.
Therefore, demand generation is important for software startups to find the right strategies and tools to increase brand awareness.
Creates awareness of need
Demand generation helps create “need awareness” because business leads it gives you multiple opportunities to communicate to potential users why they need your product. For example, you can create content that targets your prospect’s pain points using tools such as a company blog, cold emails, or social media posts. These can be used to educate prospects on how your software can solve their specific problems.