Is It Time To Outsource Your BD Process?

Are you constantly fighting an uphill battle to improve your ROI on your sales and marketing spend? Are you finding it 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 the experts 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 sales targets aren’t being met

A sales team comes with a significant cost overhead, and if this is coupled with sales targets not being met and this will have a substantial effect on the overall business.

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 fintech, IT 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. Your 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 fintech, IT and industrial markets. And as a result, building a strong sales pipeline with the right opportunities is becoming increasingly challenging.

The right business development and marketing partner will qualify activity into short, mid and long term. They’ll have the market intelligence and industry expertise 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 example, if you’re looking to break into a new country, you will not only need someone to organise the initial introductions, but you will need someone who is familiar with the culture of that country and that speaks the language. Different countries require different approaches and you need to make sure that you are working with someone who is well versed in this.

They will be in a position to advise you on the best way forward, and let you know whether your expectations are realistic.

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.

Sound familiar?

If so, outsourcing your business development to an expert is an effective way to overcome your challenges and achieve your goals. Get in contact with our team for more information on how HMC Global can help you meet your sales and marketing objectives.

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