Are you still employing and training your B2B sales team on-site? Are you yet to implement outsourcing into your business model?
Stop being outdated. Start with outsourcing.
Although ten years ago, any proposition about contracting a third party sales team sounded risky and full of uncertainty. Few frequently asked questions were:
- Can the third party team be trusted with valuable sales numbers and sensitive company information?
- Will outsiders ever be able to understand our product, our target audience, and our ethos of doing business?
- What’s the backup, should the plan backfire, or cause heavy losses due to improper targeting, or unverified content or inept sales lead generation techniques?
In ten years, the B2B world underwent many revolutions and surely we live in changing times now. In today’s age, there’s absolutely no reason as to why a B2B company should not outsource sales. If you still aren’t convinced, read on!
Here’s why you should seriously think about outsourcing your B2B Sales
The time is perfect to experiment with some modern trends. In fact, according to this study, more than 37 percent of all B2B companies have been using sales outsourcing. Here are some key reasons as to why it is so-
Reason 1: The decline in traditional sales due to CoronaVirus
The pandemic has left the traditional sales team scratching their heads. It is extremely hard to get high sales numbers with no social interaction. After all, sales depend highly on personal meetings and following up on connections or leads. It is common knowledge that most salespeople spend a lot of their time outdoors and it’s considered an extremely important part of their job.
With this strategy totally defenestrated, B2B companies have been left with no choice other than to improvise and rethink their entire sales strategy. A third-party perspective from someone whose sole responsibility is to find sales leads and convert them into returns on investment is a welcome move in these times.
Reason 2: Outsourcing saves time
Training a new set of Sales Representatives takes a lot of time. Hiring managers are under tremendous pressure and receive many applications on a daily basis. According to this report by Belkins, it takes at least 3 interviews and 4 applications on an average for a suitable hire.
Time spent on inhouse hiring can be successfully utilized in making the product perfect. It can also be used to streamline products, manage clients, and find other useful ventures.
This also builds synergy and leads to the discovery of entirely new avenues where otherwise the possibility of sales would not have been imaginable.
Reason 3: Outsourcing saves money
According to this report by Bounceless, hiring, and training a single in-house sales employee cost 4000 USD on average. For this much money, an entire team can be contracted for a lengthy period of time.
When it comes to saving money outsourcing is simply the best bet. There are more than a few reasons as to why.
- Outsourcing usually happens in countries where the conversion rate of a currency is higher. This means it would cost less to hire similarly proficient talent
- Sales teams are often smaller groups or even individual entities. So a commission-based model could be agreeable. It would be an incentive for them to get results while being lighter on the wallet for you.
- The contract agreed upon could be based on the performance of the third party, solely. If results are not satisfying, payment would be likewise. It would mean that you will save on overbearing expenses.
But the most important monetary benefit is the focus shift to the product betterment, now that managing sales are not on your plate, which would reap high returns in the long run.
Reason 4: Potential of a multi-pronged sales strategy
A multi-pronged sales strategy is a dream come true for a new product and often requires relentless market research and optimization of new avenues. A sales team in-house with such levels of experience and dynamism are hard to come by.
Whereas most sales outsourcing companies bundle up their services with a bunch of other services that include: social media management, lead generation, lead management, business development, and other indirect factors that can boost sales numbers.
Opting for additional services might cost extra, but if these services turn out to be beneficial, we don’t think that you’d be complaining.
An integrated sales model, which uses top-notch data analysis and a killer social media presence, does much more than just spike sales numbers. It also makes the brand more visible and its services more audible.
Reason 5: Maximizing scalability
More often than not, scaling your team up while launching a new product, or diversifying to a new location or a new audience, is extremely tricky. Not every market is fair playing ground, neither does every competitor play by the same rules.
Also putting your existing employees under the extra stress of new changes or new learning modules might prove counter-productive. Increased demands of flexibility and dynamism might be unsavory for job satisfaction.
Whenever there is a need for scaling, the demands for a low-risk model, controlled environment, and high-class experts soar exponentially.
Your ideal sales outsourcing company will offer a large variety of project management models enabling you to best control operations within your in-house and off-site teams.
Furthermore, you can mix and match various experts in the outsourced team to align with the needs of the ongoing project, in a modular fashion.
Reason 6: Integrating advanced technology
The sales-generating companies and the B2B industry churn out software after software on a daily basis. Many of them are very expensive, hard to manage, and regularly updated. There are a gazillion different tools from email automation software, to CRM, to database management systems. Also, much of this technology is very specific and works best only in a few select markets.
It has become unfeasible to keep track of, let alone buy, B2B software for gathering prospect data and monitoring the way prospects move through a sales pipeline. It can often be a frustrating and time-consuming process.
Fortunately enough, at companies like Lorac, there are many business suites available at your disposal, for your many different business needs. This software is completely licensed and non-breachable.
Reason 7: The hope for a higher ROI
A higher ROI is the need for every investment ever done. As we adapt to this changed reality, it is imperative that you have enough cost-cutting measures in place while expanding your revenue sources.
In such a difficult situation, is outsourcing sales a good idea and will yield higher ROI every time? We think it depends on the market and the client.
A good B2B sales outsourcing company never gets started without exploring the client’s niche, analyzing the market of potential buyers and target audiences, and even studying the performance of competitors, to understand what works best in the market.
Based on the large data analytics and numerous case studies a B2B sales outsourcing company can estimate what to expect and what ROI would be suboptimal given the scenario of the market and the stage the client is in.
Change is Constant
All in all, the traditional methods of sales and lead generation are fast becoming obsolete, and considering faster and cheaper alternatives can surely help. In this changing environment, those who wouldn’t adapt, are sure to perish. For all your novel marketing and sales needs, Lorac Media can help you transition seamlessly. For further queries, you can reach our team of experienced professionals at Lorac Media.