For tech companies that specialize in cybersecurity for the financial services industry, the demand for the product is already there. Finance companies already need the services you offer. Your demand generation strategy will help you position your company ahead of competitors and amplify your message to prospects.
It is no secret that cybersecurity is a huge concern for the finance industry. Financial services deal with a wealth of data, beyond clients’ actual monetary assets. Protecting clients’ actual accounts is a concern, but companies in this industry also have access to a wealth of sensitive information. They store social security information, personal and contact information, and financial information. Financial organizations cannot afford to be lax in their cybersecurity.
Outside the detrimental impact that a breach might have on their clients, a breach can also cost them monetarily and in loss of reputation. Even with these drastic facts, financial service organizations are only spending an average of 10% of their IT budget on cybersecurity. But they’re routinely concerned about the rate at which cybercrime is dramatically rising.
For marketers who are working with cybersecurity offerings, this is something to consider. It’s not a matter of convincing the client that they need your cybersecurity services. You’re already positioning a service that they absolutely need.
For tech marketers interested in increasing their leads in the financial services vertical, demand generation marketing offers an excellent solution. Demand generation gives you the technique to get in front of the decision-makers at these companies with your messaging and solutions. It’s about building awareness for your brand and, hopefully, relationships with potential clients.
Demand Generation vs Lead Generation
What is the difference between lead generation and demand generation? It really depends on who you ask. Some marketers will tell you that lead generation is part of demand generation while others will tell you that they’re the same thing.
And then some marketers will use the terms interchangeably. This tends to be the crux of the problem with marketing terms. But there is a distinct difference between lead generation and demand generation. And you should be using both.
Demand generation is everything that you use to build a demand for your services. These are the inbound marketing methods you use to amplify your brand and help build yourself or your company as an expert in the field. Demand generation starts immediately; far before you’re qualifying leads. Demand generation focuses more on clearly communicating your marketing position and who you are as a company. So ideally, this process helps you target the right audience to achieve a higher conversion rate. You’re reaching the people who are already looking for your service.
Lead generation is about qualifying those leads. Every audience member that enters your funnel through demand generation won’t make it to the lead generation step. Some will opt-out. Many will not make it onto your email lists or download any information that leads them further down the funnel. The people that opt out stay in the demand generation stage. With large investments and services that take a great deal of trust, like cybersecurity, prospects often need a great deal of cultivating. The target audience may stay in the demand generation stage, building trust over time before they move further into your funnel or reach out for information.
Lead generation is that second step. These are interested parties who have acted based on your content or messaging that you move further into the funnel.
The difference between these two things is that lead generation is segmented. It only works with closing deals and increasing conversions on leads that are already in your funnel. Demand generation targets your audience before they find you and keeps working to communicate with that audience all the way through their lifecycle with your company.
How Do You Create a Demand Generation Strategy for Cybersecurity?
Your demand generation strategy needs to start with your audience. The goal is to position your services as necessary or the best for that target audience, so it’s ideal that your demand strategy starts with your market positioning. For your financial services client base, that will mean delivering on the stringent privacy and regulatory requirements.
Today’s CFO is largely responsible for cybersecurity. They need perfect performance in regulatory requirements. They also need solutions to the top trending issues in the financial services industry. Current concerns include needed cybersecurity changes to address the increase in remote work, threats of ransomware which are on the rise in this industry, and attacks on FinTech and cryptocurrency, which has also increased. Moving to digital environments is a top priority as we move more fully to cashless transactions and an increasing use of digital wallet.
Review these key areas to verify you are aligning with the concerns of the financial services industry in the context of cybersecurity:
Who are you in the market? Why are you the best tech company to offer cybersecurity to the financial services industry? Do you have specific companies that you target or work with? Any niche in this field will help you differentiate your services further. Your market positioning might include a specific service you offer that your competition doesn’t.
Once you fine-tune your market positioning, you need to develop a comprehensive persona of your ideal customer. This will help your marketing department develop the right content strategy to help you amplify your message and build communication with your target audience.
Your content strategy needs to be developed specifically for your audience. It would include the social media channels where your target customer will find you. It should include your website content, email campaigns, case studies, and any content developed to add value or educate the audience.
Leveraging thought leadership pieces and guest posting helps get your brand in front of your target audience while adding to your authority.
Building Mailing Lists
Developing give-away content and building your mailing list crosses over to lead generation. This is further along in the funnel for your customer, and it is a part of lead generation. However, these audience members will still be part of your demand generation audience, whether they convert or not.
Rinse and Repeat
With your demand generation strategy, you also want to look at ways to encourage current and past clients to help you amplify your brand. This might include testimonials, reviews, and referrals.
Tech companies that offer cybersecurity as part of their services know that building a solid reputation is the most important asset that they have. And this is what demand generation helps you amplify. Financial institutions are looking for solid, dependable companies that can become permanent partners for their business. This is a longer marketing cycle but one that’s worth cultivating continuously.
Need Help Developing a Successful Demand Generation Strategy?
Selling technology solutions to finance is an intricate vertical to master. Emissary’s advisor network can help you gain valuable insights into your target accounts and develop the right strategy. Contact us today to get started or call us at (646) 776-0510 to discuss your business needs.