Demand Generation vs. Demand Harvesting: What's the Difference?

What's the difference between demand generation and demand harvesting?

So, what's the difference between demand generation and demand harvesting? Demand generation is the process of creating interest in your product or service. This can be done through marketing campaigns, PR initiatives, content marketing, and more. Demand harvesting, on the other hand, is the process of converting that interest into actual sales leads. This can be done through lead capture forms, landing pages, and other conversion-focused activities.

What is Demand Generation?

Demand Generation can be vital if you are a new brand or product or if you aren't the biggest player in your niche. Demand Generation can help get your brand, product, or service offering in front of additional eyes that can lead to potential sales with proper lead nurturing. Demand generation often targets individuals higher in the buyer intent funnel. We like to think of Demand generation as "hunting." As its name implies, we are attempting to generate demand where it may not currently exist, or we are "hunting" for new customers. These potential customers will often be at the top of the funnel in the awareness bucket. That means to get this person to purchase it will require a higher level of effort. Either from the standpoint of additional marketing efforts, higher touch from a sales representative, or some combination of both. A simple example of Demand Generation could be a billboard along the side of the road or a radio ad. While you may have been aware of the product or service before, you weren't actively looking for it when the ad was pitched. Thus the company is trying to generate new demand.

What is Demand Harvesting?

Demand Harvesting targets customers a little further down the buyer intent funnel. These potential customers are often already past the awareness stage and have moved into either the interest or consideration phase. This means these eyes are interested in products or services similar to what you offer! There's still work to be done to convert these individuals to customers, but it will require less effort than someone in the awareness phase. Demand Harvesting is more like "gathering," we are working to gather interest that is already in our territory and should be an easier target. Demand Harvesting examples include individuals searching in Google or another search engine for your product or service. 

Which one is right for you?

Choosing between demand generation and demand harvesting depends on your business goals and where you are in the lifecycle of your business. Demand generation is the way to go if your goal is to create awareness and interest in your product or service or if you are a new brand with little brand awareness. However, demand harvesting may be recommended if your goal is to generate sales leads and you have a well-known brand or footprint.

There are pros and cons to both methods of lead generation. Demand generation can be costly and time-consuming if not implemented correctly. However, it is a great way to build brand awareness and interest in your product or service. Demand harvesting, on the other hand, is less expensive and can provide you with results more quickly. However, it is important to note that demand harvesting can only be effective if you already have a steady stream of interested prospects.

Fortunately, here at Advantage Market Solutions, we have experience with both types of lead generation and can show you how we leverage different tactics such as Pay Per Click advertising and SEO to generate and capture demand for your business.

Lead Generation Columbus Ohio

No matter which method of local lead generation you choose, the most important thing is to have a plan. By understanding your goals and knowing which method will best help you achieve them, you can set your business up for success.

If you're not sure which method is right for you, our team of experts can help. Contact us today to learn more about how we can help you generate leads and grow your business.