One of the greatest challenges for entrepreneurs is generating new business. For most business owners… that means selling and many of us have a fear of that.
If the thought of selling and promoting your business strikes fear in you, there is good news! There is a way to grow your business WITHOUT selling. I invented a methodology called Authentic Demand Generation™ that enables entrepreneurs to grow their business authentically, doing activities they enjoy!
The key is learning how to generate demand. Think of it as building a relationship with the buyer.
So, how do you generate demand?
- First, understand the difference between demand generation and lead generation.
- Second, don’t assume advertising creates growth.
Understand the Power of Demand (versus Lead) Generation
Most businesses try to grow by “selling” versus creating demand. So, what’s the difference? Whereas “selling” focuses on the promotion of a product or service, “creating demand” requires an obsessive focus on providing value. It’s critical to attract new prospects to your website while engaging them with valuable tools, educational tips and by cultivating a relationship with them over time. You have to give them a reason to buy from you.
Additionally, creating demand requires finding ways to engage satisfied customers in telling your story. When a customer believes in your brand and product, they will share your message and serve as a referral machine. By giving your customers something of value that THEY can give away (special discounts, free tools, samples, etc.) you increase the chances that current customers will promote your product for you.
There are two strategies to generate demand.
- Slow down and shift thinking from action to impact. What impact are you trying to make? Is it selling stuff or growing profitably? Impact is the key.
- Focus on differentiation. Differentiation isn’t just about “being different.” True differentiation is “being different in a way that matters to your target market.”
Don’t Assume Advertising Creates Growth
Small brands inadvertently assume that advertising creates growth and do not realize that promotions and discounts decrease profit and rarely drive consistent revenue.
Advertising is not effective at generating a return on investment. Especially for small businesses.
Every small business needs to grow, and every business owner makes the same fateful mistake – assuming advertising will singlehandedly change the company’s growth trajectory.
The truth is, your business should grow profitably, so discounting won’t achieve that objective. The key to small business growth isn’t more advertising. Period.
Small business growth is the byproduct of 3 things:
- Having a great product/service (which should remain your top priority)
- Understanding how to differentiate your brand in a crowded marketplace
- Implementing a consistent demand generation engine
Is your company growing? Maybe it’s time to consider a more authentic approach to demand generation. Create a growth strategy that includes building a relationship with your target market and cultivating value rather than offering discounts.
Authentic Demand Generation™ means that you won’t have to “get people to buy” anything. Instead, you’ll master skills to build relationships with buyers in an authentic and meaningful way. Over a short span of time, these techniques ensure buyers become aware, interested, and have a desire to do business with you.
Originally published on: Succeed On Purpose
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