There are a lot of things one needs to understand to run a business successfully. In today’s digital era, where the competition in the business industry is too tough, every individual who is looking forward to setting up a business must understand the marketing world beforehand.
It is immensely important as it is impossible to make a business a huge success without having in-depth knowledge about your field. This is the prominent reason why we are going to talk about demand generation and demand fulfilment, their importance and how they can affect the growth of a business.
These two significant jargons are frequently used by entrepreneurs and other marketing professionals. Even though both of them are easy to understand, they create confusion quite often.
If you think you are one amongst these confused individuals, then the following piece must be your read. So, let’s roll ahead and understand why demand generation and demand fulfilment have so much importance in the marketing industry.
What is demand generation?
To put it briefly and simply, demand generation is all about generating demands for a company’s services or products. It refers to creating awareness among consumers in order to popularize these products and services.
Other motives behind demand generation include creating hype and buzz, re-engaging existing customers, generating PR, getting lead data, understanding the needs of the target audience and building business-customer relationships.
As it helps in letting your target audience know about your business, it is exceedingly important for every entrepreneur and marketing professional to learn about it.
There are a lot of strategies that are followed in order to carry out this demand generation program successfully. And there is a whole team of demand marketers that is working for it.
What is demand fulfilment?
As clear from the name itself, demand fulfilment refers to the process of fulfiling the requests of your customers. It is all about figuring out the demands of consumers and providing them with the same.
However, there is a lot more to know about it. If you are really looking forward to making your business a success in the market, you need to understand everything about the demand fulfilment program.
It is all because it will help your business gain popularity as well as loyal customers. Eventually, it will help in growing at a fast pace eventually.
Major differences Between Demand Generation and Demand Fulfilment
There are a lot of differences between demand generation and demand fulfilment. As both the jargons have completely different meanings, you must not use them interchangeably. And to avoid doing that, read on the major differences listed below:
- Demand generation is all about creating awareness and the need for your services and products amongst consumers. And demand fulfilment is all about meeting the requests and desires of your customers.
- Demand generation is not necessary for every business, while demand fulfilment is very important for each and every kind of business in order to deliver satisfaction to their customers and survive in the market.
- Demand generation is generally used by companies focusing on B2B marketing and is rarely used by B2C organizations. And demand fulfilment is used by each and every type of organization.
Hope these differences had cleared your doubts about demand generation and demand fulfilment. Now, let’s talk about how a business can get affected or how a business can experience growth with these two processes.
How to Grow a Business with Demand Generation and Demand Fulfilment?
By now, you must have understood that demand creation refers to informing consumers that your company is providing products and services and why they need to buy them.
And demand fulfilment refers to selling these products and services and fulfiling their demands once your customers have recognized your company. Isn’t it? But how can you grow your business with the help of these marketing processes? Well, there is a lot to learn to understand here. Let’s take this way.
By considering demand generation tactics, you can have consumers converted into your customers. Once they get to know about the services your company is providing, your business will soon become a popular name in the market.
This, eventually, will help you gain success within a minimal timeframe. But, wait! Is this really possible without demand fulfilment? Well, never! Now, this is where the demand fulfilment program comes into being.
With the help of demand fulfilment tactics, you will be able to develop a customer base. This customer base will help your business penetrate the market.
However, the major thing you need to keep in your mind is that the services your business are providing/going to provide should solve the problems of consumers in one way or the other. Otherwise, it would be too difficult for your business to make a mark in the industry.