The key first steps to improve demand generation are all about funnel quality. Walk your way back with the end in mind, and find the areas where your funnel is leaking or clogged, before you pour in more fuel.
Dashboard - Do you have reliable data across the various stages of the funnel? Make sure to follow some of these best practices and work from the right assumptions.
Landing Page - Is the page where people end up actually working? Is it great quality and do the right people who you are servicing convert?
Plug the funnel - Do you lose anyone either at the landing page stage or right before? Why?
Lead magnet - When people are on your page longer than say 10 seconds, do you have something pop up to bring them along to the next stage? Here are some great examples of lead magnets for the various stages of the funnel, and how to build a great one.
Open doors - Are you picking up the phone when people call you and are ready to buy? Is your phone number on the website? Do you have online chat for people who don't want to buy yet? (check out Drift and Mightycall).
Before you buy more clicks, develop more content or send out more emails, make sure your funnel is flowing without leaks.