Are you constantly fighting an uphill battle to prove ROI on your sales and marketing spend? Are you finding it more difficult or time consuming to get meaningful opportunities with decision makers? Or maybe you have a specific project that you lack the in-house capacity to complete?
Whatever challenge you’re facing, outsourcing part of your business development process to a telemarketing and research expert is an effective – and cost effective – way to realise your goals.
But how do you know when it’s time to outsource? Here are 4 signs.
1. Your team is struggling to meet sales targets
Sales people are a significant cost overhead, and if your team is failing to meet its targets it can spell disaster for you as well as the business. And we’re not just talking about number-based targets – we’re also taking about your contribution to the business’ wider strategic objectives.
Outsourcing your business development is an incredibly cost-effective way to meet your sales targets because it frees up your team to sell more. The construction, built environment and industrial markets have evolved, and sales processes have become longer and more complex. This means that no one can effectively manage the entire sales cycle, from pre-engagement onwards.
Outsourcing the pre-engagement part of the sales process ensures that your people only meet with qualified decision makers who have a genuine interest in your product or service. Salespeople won’t waste their time and the business’ money attending meetings that aren’t going to be beneficial. And they’ll be able to excel at what they’re good at – selling!
The result: you’ll close more business, faster.
2. You need to build your sales pipeline with medium to long-term opportunities to sustain growth
The changes in the economy in recent years have made it more difficult for businesses that sell products and services into the construction, built environment and industrial markets.
Building a strong sales pipeline with the right variety of opportunities is increasingly challenging.
The right business development partner will stream activity into short, mid and long term. They’ll have the market intelligence and industry knowledge to identify and engage your ideal customers at all points in the sales cycle.
Ultimately, they’ll carry out the groundwork to ensure that you build lasting relationships with the exact individuals and companies that will most benefit your business.
3. You want to break into a new market, or develop a new route to market, but haven’t been successful in your efforts so far
Even if you’re operating successfully – achieving some sales success and moderate growth – you could still benefit from outsourcing if you’re trying to do something new. An external expert will supplement your existing knowledge to help you home in on exactly which businesses and contacts to target.
For instance, if you’re looking at market diversification, there are genuine links between certain sectors. Universities and hospitals, for example, are similar in terms of the nature of the estates and the way they make decisions. Different markets require different approaches – for example, retail is very different to commercial office – and you need to know the nuances in order to expand effectively.
The right partner will help you identify natural opportunities to diversify and grow your business. They’ll carry out all the research necessary, contact the right people and will fully brief you in advance of a meeting.
They’re also in a position to advise you on the best way forward, and let you know whether your expectations are realistic. For example, there’s no point in focusing on getting specified if you compete on cost and fast delivery.
4. You’re struggling to prove ROI on your sales and marketing spend
Proving ROI is the ultimate challenge for any sales or marketing director.
The right outsourcing partner will be totally transparent, so you’ll know precisely what you’re spending and how you’re benefitting. They’ll be up front about what they can achieve and will work with you to define tangible objectives, delivering a quantifiable pipeline of opportunities.
You’ll have your own dedicated account manager and will get real-time updates, so you will always know precisely where you are on a project.
What’s more, your sales people will become more efficient, as the right outsourcing partner will only pass on opportunities that meet agreed criteria. And they’ll be constantly reviewing and refining, so that your strategy evolves to give the best value for your business.
Do any of these scenarios seem familiar?
If so, outsourcing your business development to an expert is an effective way to overcome your challenges and achieve your goals.