Demand generation is a key goal of all types of businesses, but not everyone is successful in achieving it. According to a recent survey, here are the top priorities of B2B marketers when it comes to improving their demand generation efforts.
Achieving these goals by yourself can be difficult and that’s where a good B2B demand generation agency can help you.
With a reputable agency, you get access to professionals with years of experience and proven demand generation strategies that deliver results.
However, finding the right agency is not as easy as it sounds. You need to analyze your requirements, compare the various options within your budget, and then make a decision.
Not sure where to start?
This post is for you. We’ll discuss the step-by-step process of choosing a B2B SaaS demand generation agency and leveraging it to meet your goals.
Let’s get started.
The Step-By-Step Process for Choosing a Demand Generation Agency
From identifying your needs to evaluating potential partners, we’ll help you make informed decisions. And pick the right demand generation agency for your business.
Just follow the steps below.
1. Identify your needs
The demand generation process is different for different types of businesses. Even within the same industry, businesses may approach demand generation differently.
So, the first step toward finding the right business demand generation agency is identifying your business requirements.
- Start by auditing your current marketing and sales processes and identifying gaps. Which areas need improvement?
- Do you need help with generating leads and driving brand awareness? Or, are you generating leads but losing them along the sales funnel, in which case, you need to focus more on lead nurturing?
- Which channels do you want to focus on? Do you need a specialized niche agency or are you looking for an all-in-one full-service agency?
Understand your requirements before looking for demand generation agencies. Also, make sure you set a budget for how much you can spend.
2. Evaluate and compare different agencies
Build a list of all potential agencies that you can employ. Then, shortlist the best ones for your business using different parameters.
Here are some important factors to consider when choosing a demand generation B2B agency:
1. The services they offer
The most important criterion for selecting a demand generation agency is, of course, evaluating the services offered and whether they match your requirements.
Depending on your requirements, you may need a specialized agency or a full-service agency.
When comparing various options, try to do a like-for-like comparison. For example, one agency may be offering fewer services at a lower price while another may be offering a lot more services at a slightly higher cost.
So, evaluate which services you need and then compare only the companies that are offering almost similar services.
2. Access to advanced technology
A good demand generation agency needs access to best-in-class technology and tools, especially data analytics tools. It should have the capability to analyze huge amounts of data to run research-backed demand generation campaigns for your business.
Most agencies will provide some information about the technology they use on their website. If not, you can always reach out to them and ask about which tools and technologies they use and how they will approach demand generation for your business.
3. Their past track record
Always check the past performance of a demand generation agency before you hire it.
Most agencies will have case studies, performance metrics, and customer testimonials on their website. Ensure that you check these out to shortlist companies that deliver maximum ROI.
4. Their reputation
Read what past customers have to say about a company and check review sites like Trustpilot to see the ratings of each agency that you’ve shortlisted till now.
The customer testimonials you find on a company’s website will always be favorable to them. If you want a real assessment of what people think about the company, review websites are your best bet.
5. The cost of their services or service packages
Lastly, compare the various shortlisted options based on how they price their services.
You need to figure out whether or not they fit your budget. Also, compare the features offered for the price to make a fair comparison among companies.
You should check the pricing model that each agency is offering and choose the model you prefer and the agency that fits your budget.
3. Ask the right questions
Once you’ve shortlisted one or two agencies, you need to get in touch with their teams to find out more information and make the final decision.
Asking the right questions at this stage can help you find the right fit.
Here are some things to keep in mind:
- If a company claims to offer end-to-end services, ask them for a detailed list of services offered.
- Understand a company’s approach to demand generation. Do they have a one-size-fits-all strategy or are they flexible in their approach? How do they create a strategy and familiarize themselves with a client’s business?
- Ask them about their team members – their experience and specializations. Also, inquire about the person responsible for your account.
- Seek clarity on timelines. How long will it take to deliver results? What results are they promising within a specified timeframe?
- Get clarity on how frequently and what kind of performance reports they will share with you. Will you get weekly reports? How involved will you be in the day-to-day tasks and how quickly will your feedback be accommodated?
Choose an agency that has experience working with different types of clients and is more flexible. Agencies that tailor their strategies to each client’s needs are better than those that use the same old demand generation strategies for everyone.
4. Understand the different pricing models
Next, you need to evaluate the pricing models offered by various agencies and choose the one that suits your budget.
Here are some common types of pricing models:
- Retainer: Full-service agencies often use this model to offer a suite of services for a fixed monthly fee. The prices may seem high for such agencies, but they also offer a lot of services to justify the price.
- Cost per lead (CPL): This is a model where you pay a fixed amount for every lead the agency delivers. Depending on the cost per lead and the number of leads, this can skyrocket easily.
- Cost per appointment (CPA): For most B2B businesses, generating an online lead is not as valuable as setting up a face-to-face meeting with a prospect. This model charges a fixed amount for every appointment that the agency helps you schedule.
Given that these are qualified leads, the charges may be higher than the CPL model.
- Flat rate for buying leads: A lot of companies opt for bulk data purchases where you pay a certain amount for buying the data of tons of leads. Given the leads are not always relevant and unqualified, this may be a cheaper option but not the best one.
If you want multiple personalized, high-touch services, go for the retainer model. If you want to pay only for the leads generated, go for CPL or CPA pricing models.
Avoid companies that offer bulk data purchases as that’s not the most sustainable way of lead generation.
5. Establish a partnership with the agency of your choice
After comparing the pricing and features, you should be able to choose the right demand generation agency for your business. However, the process does not end there.
You also need to establish the partnership on the right foot by establishing clear expectations, deadlines, and processes.
Start by asking for a clear scope of the project, which details:
- The overall goals and expectations from the campaign
- What the agency will do for you.
- What the timelines will be for each deliverable.
- What performance metrics will help measure success.
- How often you will get reports on the progress.
The image below lists some of the key points to include in the project scope. You can and should, however, make it as detailed as possible and include everything relevant to your business.
Clearly communicate how much you’d like to be involved in the process and how often you’ll need updates and reports.
Understand the process of how you’ll communicate with the team and who your point of contact will be before you sign the contract with them.
Are You Ready to Outsource Your Demand Generation Work?
Outsourcing the demand generation process to an agency can help you get better results, including more qualified leads and better conversion rates.
However, finding the right demand generation agency that fits both your business needs and budget can be tricky.
This post provides a detailed guide on how to shortlist the best agencies and make the right choice, including the key criteria to consider when making this decision.
Use this as a reference when shortlisting a demand generation agency for your business. Follow the simple five-step process and find the right agency that can help you achieve your business goals.
Looking for demand generation services that could deliver high-quality leads? You may also want to check out what we offer.