B2B marketers and leaders seem to be struggling with a very important part of building a successful sales funnel. 44% of executives surveyed reported inefficiencies in their sales pipeline management – directly affecting their ability to fill it with the right buyers. If you don’t have the right buyers at the top, they won’t continue down the nurturing path.
So, what’s a business to do? Hiring and retaining effective business development professionals is expensive – and churn is high. By the time you have recruited, hired and on-boarded business development professionals, they have likely moved on. The industry is tough and has a high burn out rate, thanks to aggressive goals, solitary work environment and typically have little to no information to go off of.
One solution is to outsource your business development needs. The benefits to choosing this path include: gaining a highly experienced team instantly, better leads to fill your funnel, time and money savings, and higher customer satisfaction and retention. You can read more details on these benefits here.
Do Your Homework
Regardless of where you are on the path in building your sales pipeline, there are several things you need to do before you start that can help you succeed.
- You must understand your own capabilities. To effectively outsource, or even build an internal business development team, you need to know your market and whether or not your own capabilities match or exceed the competition. Determining the size of your market will help you forecast how many people should be on your team.
- Ensure that your product, operations and internal staff know exactly how you track and record new customers. Proper attribution to the right project will help you know which efforts are succeeding and which are not.
- Get your teams in place. Nothing can leave a worst first impression than indicating interest in a company and then getting no reply.
What Should You Expect From a Business Development Outsourcing Project?
Lower Cost of Doing Business
A Business Development Outsourcing project can directly affect your bottom line – and in a positive way. With an outsourcing agreement, you can lower the cost of doing business, therefore increasing your profits and allowing you to focus on improving your product, solution and service, giving you the competitive edge.
More Experienced Business Development Professionals
With an outsourcing partnership, you gain a highly experienced team. Your team has spent countless hours finding leads for your business and others, giving them the knowledge of all the places to look to find new leads. As stated above, finding qualified business development professionals is challenging and while an in-house staff is savvy, the churn can make the group less efficient. You will not only get more for your money with an outsourcing agreement – but you also do not need to worry about regularly training new recruits.
The outsourcing project should improve the ROI for the company. Due to the reduction in expenses for your Business Development Team, you can expect to see a higher ROI when partnering with the right outsourcing team.
More Sales and Faster Market Penetration and Growth
When you have a dedicated resource focusing specifically on lead generation, you can reach a wider audience faster. Additionally, your internal staff and marketing team can free up resources to find additional sources to help your company penetrate the market faster and grow your business and revenue.
Build Your Funnel with Business Development Outsourcing
Lower costs, a highly experienced team, faster growth and improved ROI. These are just a few of the things you can expect when you outsource your business development needs. Premier BPO brings years of expertise to the table, from upper management to those on the floor, and we operate on the premise of “our customer’s customer is our customer.” This statement permeates all levels of Premier BPO’s workforce. Contact one of our specialists today to see how we can help you bring your business to the next level.