By Neil Smith
What is Outsourcing?
Outsourcing is the process of externalizing a portion or portions of operations from the work domain to an outside vendor. In other words, seeking specialized help of a foreign setup, organization or a third party for taking care of business processes and or activities on your behalf. Commonly this is also known as contracting-out, which is mainly opted by companies in order to be able to focus their attention and efforts in their main line of business operations & being able to elevate peripheral/ additional expenses incurred in these processes.
Typical benefits expected often include a cost arbitrage and increased organizational ability to focus on core business areas.
Sales Outsourcing Services
In a recent survey by Marketing Sherpa, 7 out of 10 businesses admitted generating high quality leads is their top challenge and that outsourced lead generation gives 43% better results than in-house.
There is a great case to implement an outsourced lead generation program in your business. In 2013 revenues of 27.7 billion U.S. dollars was generated through business process outsourcing (Statista).
Do You Need Outsourced Sales Services?
So how do you as a sales leader figure out if you need to outsource your sales process and then going forward with the steps and criterion for selecting a sales outsourcing vendor for your business?
Here are the few quick know how questions to ask and evaluate for finding out if you really need a sales outsourcing service.
- Do you feel a big void in the current lead generation and lead conversion ratio of your in-house sales team?
- Do you feel that your client and process management cost is too high?
- Do you feel a need to decrease your sales cycle cost and time?
- Do you feel a lack in terms of capacity of manpower and team strength focused on opportunity generation for sales process?
- Is majority of your time going in only lead generation? And you feel devoid of concentration on your core functions?
If you score a 3 (one per yes) or more on these questions, then you can conclude that you seem to have an urgent need to go ahead and outsource your sales process. But, before you sprint ahead and actually take up the outsourcing as an action, you need to clearly know the parameters to follow in order to select the correct vendor from the numerous specialists existing in the market at your disposal.
Factors in Selecting a Sales Outsourcing Vendor
Check Past Accomplishment
The foremost thing to do is to check the past track record of the company which majorly incorporates a 360 degree evaluation of the company in consideration. Check for references of past and present clients of the vendor, go through case studies of previous projects undertaken and check the overall stature of the company. Though it might be a little time taking but this effort will surely pay off its value over time
Chuck Out a Proper Budget Plan and Consider all Costs Involved
Before you sit down for the round of process evaluation with the prospective vendors, it is very important to set a prime bar for your budget limit, you might end up considering a number of good vendors who fit the bill in terms of deliverable but it’s all in vain if you actually can’t afford them. Also you need to understand their cost and charge structure very clearly beforehand. No aspects should be left to the discretion of time to follow upon later. Cost break up sheet should be understood precisely and a ROI has to be forecasted on the same.
Evaluation of Vendor Employees
One of the other prime factors to consider before finalizing a vendor is to evaluate the personnel who are going to take charge of your sales process. Are they qualified enough to be able to understand the complexities and upcoming questions from prospects about your solution and product. Set a bench mark aligned with the requisites of your product that has to met by sales reps who are going to take care of sales on your behalf and the same has to communicated to the vendors clearly beforehand.
Versatility is the need of the hour in the entire dynamic scenario we are functioning in, checking the same is very essential and a must consider factor before decision making. The vendor in concern should have the ability to scale up as and when there is a requirement to do so. He should already be having the required infrastructure and employee strength to meet the fluctuating requirements.
Weightage to Certification
There are various certifications and credentials available for quality delivery and technical capability definition of the company, though this aspect does not hold a very high priority importance in regards but this is certainly one of the add ons, which helps you solidify you decision towards choosing a outsourcing vendor.
Age not only talks about the higher number that we get to consider but also talks a lot about the maturity and the level of experience one has. The higher the years of the business the greater the firm has an ability to survive by selling! It reduces the risk that you are going to take
The choice of a vendor is very crucial and you don’t want to zip through the transition process. The partnership will be more successful if you give the outsourced vendor a bit of control and assign falling tasks based on performance. This will allow you to ensure things are going well before entrusting them with a larger chunk of business. Ultimately the bottom-line is to select a vendor who is cost effective, understands your value proposition and aligns his deliverables in accordance to the goals set.
We really feel in order to choose the correct sales outsourcing vendor, enumerated factors should be considered, please add in more value to this if you have more parameters to you deem worth considering.