There are many benefits to outsourcing your sales process. In this article, we will discuss how outsourced sales and marketing can lower costs, increase revenue, and innovate your sales process. The below points are some of the several ways sales outsourcing can take your business to the next level. No matter the size of your sales and customer base, your sales process can easily be outsourced to an outside company.
Visible Reduction in Costs
Many businesses think that sales outsourcing is not the way to go, because they think it might be costly. However, this is false, as many businesses have been able to cut costs by outsourcing sales. In addition, the costs of hiring a sales team are less because the outsourcing party does not have to pay extra costs of infrastructure. Outsourcing your sales function to a third-party sales organization reduces costs that would otherwise be spent on IT, staffing, training, and other aspects of sales growth. Be it a real estate business that deals in homes for sale, or a business in any other industry, any business can see cost reduction with sales outsourcing.
Dynamic of Low-Cost Outsourcing to Third World Countries
One of the biggest reasons to outsource your sales is cost-effective labor. Third-world countries offer specialized sales outsourcing services. Not only do these countries offer cheaper labor than the first-world countries, but their wages are generally lower. For example, the minimum daily wage in the Philippines and Bangladesh is significantly lower than the minimum wage in the United States and Canada.
Boost Business Revenue
There are many reasons to outsource sales, including identifying product-market fit, scaling up, and entering new markets. Outsourcing sales is also the fastest way to achieve the latter goal. One big advantage is that outsourcing firms have experience and knowledge that complement the strengths of an in-house sales team.
Combined, they can provide increased sales through extensive outreach and customer-centric support. Research shows that when in-house sales teams work in collaboration with outsourced sales teams, then the win rates go up by 12%. This increase of 12% is made possible with the collaboration and contribution of outsourced teams.
Additional Value While Boosting Revenue
Effective sales outsourcing includes several key components. One essential element is that outsourced sales teams can handle strategy development, launching tools, and generating leads. Most companies struggle with effective pipeline management in the sales funnel.
However, effective outsourced partners bring with them proven strategies, trained sales reps, and quality data analytics to help businesses monitor their sales pipeline and introduce changes to sales and marketing strategy accordingly. These factors can result in a 15% increase in sales revenue. Also, outsourcing sales is more cost-effective than in-house sales teams – which is the main point above all.
Minimum Risks Involved with Expansion
Expanding an internal sales organization can be risky, as a rapidly growing business can quickly lose focus on the more important aspects. A dedicated sales team costs a significant investment, and a lack of technological support can negatively impact the customer experience.
By outsourcing sales to a professional third-party, such risks become much fewer. Furthermore, sales outsourcing helps startups balance the top and bottom lines. Sales outsourcing bolsters an organization’s sales capabilities and minimizes expansion risks.