In the first installment of our Essential Guide to Understanding Demand Generation, we explained how we define Integrated Demand Generation (IDG) here at Intelligent Demand. So, now that you know it’s an integrated, holistic, measurable approach to growing revenue, how do you know if it’s right for your business?
Here’s a shortcut: answer the following seven questions. They’ll help you nail down some key attributes about your organization and quickly evaluate how much impact IDG could have.
WILL YOUR COMPANY GROW FASTER WITH INTEGRATED DEMAND GENERATION?
1) Do you have a complex sales cycle?
This is a cycle that involves more than one role or persona (decision maker, influencer, technical buyer, etc.) in the buying decision for your company’s product or service. The more complex the buying process, the more your company will benefit from IDG’s ability to speak to the unique needs and drivers of each buyer who holds your future revenue in their hands.
2) Do you have a lengthy sales cycle?
There isn’t a precise, textbook definition of a “lengthy sales cycle” but you know it when you see it. Two weeks? That’s pretty short. More than six months? That’s pretty long. The longer your sales cycle, the more your company will benefit from the lead-level automated follow up, scoring and lead management aspects of IDG.
3) Does your target audience need to be educated about your industry, product or category?
This often means you’re in a new or complex market or product space. If your company is struggling to get its value proposition heard and truly understood by the right people, the content marketing approaches that support (and fuel) IDG will directly benefit your ability to engage and connect.
4) Do you sell something with a high price tag?
Is your product or service a big purchase in the eyes of your customers? If it takes more than a junior person’s signature to green-light a purchase in your industry, then IDG is a proven way to help make both the rational and emotional cases for choosing you instead of your competitor. If you’re selling a low-cost product that’s driven by impulse buying, then you probably don’t need it.
5) Do your customers have a high lifetime value?
Does a single customer deliver a lot of revenue to your company over the course of the relationship? The higher the lifetime value of a customer, the more you should invest in creating a strong relationship with them — before, during and after the sale. IDG requires you to deeply understand every step of the buying journey and support it with the right experience, content and follow-up.
6) Are you pursuing a large pipeline of prospects? Is consistent follow-up critical?
How many leads would it take to jeopardize your ability to provide consistent and timely sales follow-up and nurturing? What’s the financial cost of a missed opportunity at your company?
7) Are your high-touch sales resources costly or limited?
Do you use a sales team? Do you need to ensure your resources are being used on the largest, most ready-for-close opportunities? When properly implemented, IDG is the single best way to make your sales force more efficient and effective. Why? Because they spend less time doing wasteful, unproductive prospecting and more time engaging with truly qualified prospects who are in the buying phase.
ADD IT UP
If you said yes to two or fewer of these questions, IDG might be a good fit but there may be other areas you should focus on first.
If you said yes to three or four, you should definitely consider IDG. A smart next step would be to examine your revenue funnel to identify untapped revenue improvement opportunities, then develop a demand generation business case to quantify the potential return on investment.
If you said yes to five or more, there is a very high likelihood that you would benefit from IDG.
Ready to see what Integrated Demand Generation can do for your company? We love talking about this stuff and would be happy to chat about it with you. Just drop us a line and an ID consultant will get in touch.
Next up: We’ll go into how IDG actually works, including lead capturing, permission marketing, segmentation and a whole lot more.