Navigating challenges and running a startup are, almost, two sides of the same coin. Generally, most startups are created when enthusiastic entrepreneurs identify a market requirement. Such entrepreneurs work tirelessly to develop the product, solution or service and want to bring it ‘to-market’, into the eye line of all the possible prospects and potential customers as quickly as possible. While when the startup is at its nascent stage, the entrepreneur can leverage his personal influence and networking to get the sales machinery started, this is in no way a long-term, scalable and sustainable method. Having a good lead generation and sales machinery is critical to get the money coming in and hence is crucial to the success of a startup. At the same time, it is also a reality that there is a big capital investment to have a competent and skilled lead generation team in place. Considering that most startups have to work with restricted resources, how can they ensure that that they have a skilled lead generation team in place without the excessive cash outflow? The answer lies in outsourcing lead generation.
That being said, the value of outsourcing lead generation for a startup does not begin and end with the financials. In this blog, we cover some pertinent points that startups should consider optimizing lead generation by simply outsourcing it.
Reduced cost of lead generation
The most apparent and the most tangible benefit of outsourcing lead generation is the obvious cost advantage. How? Outsourcing lead generation eliminated the need to hire expensive in-house marketing and lead generation teams, spending time and money training them, investing in infrastructure and other associated costs such as phone bills. By outsourcing lead generation, you can also ensure that your sales resources are utilized well and instead of wasting time making cold calls focus on closing the qualified leads passed on to them.
Increasing Qualified leads
Lead generation companies have deep insights into the marketplace and know the market trends and customer preferences. They leverage this experience to identify and target the right customers for you and initiate a conversation with those who matter. Lead generation teams filter out the noise and make sure that the sales people only speak to those leads that are worth the time investment. In short, these teams help you focus on other priorities such as managing and training your sales team and working on your product and do all the ground work for you.
Lead generation has changed significantly over the past couple of years. With the rise of digital marketing, lead generation has entered a new age. Leveraging social and digital channels, content marketing, email marketing and marketing automation have become an intrinsic part of qualified lead generation. The days of carpet-bombing cold calling are over, and the new breed of lead generation professionals have mastered the art of leveraging digital connections and offline channels to identify and target the right prospects and initiate the first round of discussions to gather requirements and feedback that can be leveraged by the sales team to close the deal.
Increased experience – instantly
Startups, along with many other things, are also time crunched. They need to make sure that the product or service they have developed reaches the market before someone else takes it out there. For this, they need to depend on a fully equipped and stellar sales team. However, there is a lot of training that goes into place when it is an in-house sales team that also does lead generation. It can take anything from a couple of months to a full year for a startup to feel out every individual sales person’s strengths and weaknesses and assign him/her a market. And while this process was going on, the market might have shifted entirely. When you outsource lead generation, you gain access to a trained set of people who can get to work scoring leads for your company from ‘that very moment’ and completely eliminates the ramp-up time.
Access to meaningful and actionable insights
Lead generation is a lot more than setting up appointments and a few quick notes. However, a good lead generation company will not only give you this but will also deliver a whole lot more via meaningful and actionable analysis of every new lead. You also get a peek into what marketing strategies are working and which ones need to be tweaked to make them more efficient and gain insights into who are the key buyers, which industry converted the most and who evinced most interest into the product.
Lead generation professionals have the tough tasks of weeding out the interested prospects from a vast pool of customers. They take on the arduous task of reaching out to a vast number of people, locate and target customers and discover the customer who can be potential buyers and then connect the sales team to the decision maker. Outsourcing lead generation ensures that this process is managed in an organic and efficient manner and that your sales team does not waste time and money on unproductive leads. When the sales team gets a mature and qualified lead then sales closures become much faster leading to greater profitability.
Finally, outsourcing lead generation means quantified responsibility. Start-ups can set evaluation metrics for the outsourcing company and assess them on a regular basis. This not only ensures that the outsourcing company is performing optimally but also gives the start up an opportunity to identify strategies and processes that might or might not be working and take proactive steps to make the adequate amends.
While all of the above-mentioned points show how a lead generation team can add value to a start-up, in order for the entire process to be a success, the lead generation company has to function like a natural extension of the start-up. When a lead generation company views itself as a partner of the start-up and understand its goals, the company culture and the product as their own then higher conversion rates and profits happen naturally and organically. If you are the leader of a startup and want to get your idea to market – consider partnering with an outsourced lead generation agency. It may be the fastest way forward!
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