Creating an itch that your company can help them scratch? Increasing FOMO-fear of missing out? Being so incredibly inspiring that they say “Wow, I must have that!”
These reactions indicate desire, want or need. In other words, demand. To boost revenue, your company must initiate and pursue a marketing effort that creates demand, as well as one that positions your company top of mind with your current and recent buyers. (Refresh your memory by reading this article on tactics for positioning top of mind.)
What is demand?
I believe that demand is when your buyer chooses to buy something that they weren’t planning to buy before you created demand for it.
Your buyers may first have come to purchase from you because they had a need. Or maybe they have not yet bought. They are on your mailing list, follow you on social media or connect with you on LinkedIn because they’re interested in what your company does. They have a vague idea in the back of their minds that they may need your offerings someday.
Creating demand is about moving them from someday to today.
Three tactics that create demand
Improving their lives
What is it about your offerings that makes buyers’ lives better? This goes far beyond features and benefits. Your marketing across all channels needs to create a vision for betterment: more of this, less of that, a completely new wonderful way to live or do business. It’s more than achieving their goals. It’s speaks to a deeper place inside them.
Good examples of industries that use improving lives as a tactic to create demand include: travel, personal care and lifestyle, shelter and decorating, certain legal specialties.
Relieving in itch
Many products and services are aspirational for large numbers of prospective buyers. They think these offerings are out of reach for them due to cost or a feeling that they’re inappropriate for people like themselves, whatever their socio-economic status. Effective marketing makes these prospects see themselves exactly in the situation or life created by your offerings. You cause the barriers to crumble and make them feel welcomed.
Good examples of industries that do this are: automobiles, lenders, home builders and garden landscapers, travel, business services, financial advising.
Fear of missing out
The near opposite of relieving an itch is making prospective buyers fearful that they’ll miss something important. This is cleverly shortened to FOMO across social media platforms. How do your offerings ensure that buyers will be in the know, full members of the current “in” group. Another version of FOMO is that buyers fear not getting all the benefits of their purchase. Your marketing will emphasize benefits that are harder to reach, so the buyer sticks with your company to get them all.
Good examples of creating FOMO: industries that do things that are hard to see, such as IT of all kinds (web design, apps, automated marketing platforms), financial advising (both by financial advisers and CPAs), certain legal specialties, certain medical specialties; fashion, lifestyle products and services.
Two marketing mindsets
Your company needs to invest—e.g. spend money for expert help—to effectively pursue both being top of mind and creating demand. This is sophisticated thinking and one size does not fit all. Social media and content marketing are still all the rage, and channels are expanding to include podcasts, tons of video and texting. The channels are not what makes a difference.
The content of what you distribute and to whom you distribute it is what makes the difference between more or less revenue.