Inbound Sales: Net Fishing
Most companies receive small amounts of inbound marketing generated leads. Some don’t get inbound leads at all. Either way, inbound sales is what I like to call net fishing. The goal of inbound sales is to cast a net through advertising and generate interest. The benefit of inbound leads is that these prospects already know they have a pain point. Its sale’s responsibility to propose the right solution to convert the customer. This means a shorter sales cycle and low acquisition cost. But for most B2B companies, waiting for marketing generated leads isn’t enough. Scaling fast to exceed revenue targets is difficult and quality inbound leads are unpredictable.
Outbound Sales: Spear Fishing
All size companies struggle to generate enough inbound leads to sustain long term growth. That’s where outbound sales plays a vital role. Instead of casting a net and waiting, spear fishing allows sales teams to take control. Spear fishing is a great way to educate the market and make prospects aware of your product or service. Most business also report that revenue from outbound leads tends to be more than double inbound revenue.
That said, there are various ways outbound sales reps hunt for leads. The traditional way is to buy lead lists and have reps smile and dial. This is a numbers game but the biggest issue with this approach is data degradation. This means a lot of money spent on bad data which averages around 24-36% per year.
A less costly but manual approach is having reps find their own leads. The downside is that manual prospecting can be very expensive. It takes a lot of time and overhead which means this drives up the customer acquisition cost (CAC).
The third way is to leverage technology. Software has made it possible to decrease the cost of out-bounding while increasing return on investment. Most sales teams that use sales enablement tools can speed up the prospecting process by 3x or more. What use to take hours creating prospect lists and email follow ups, now takes minutes. Sales reps can now spend more time personalizing emails and A/B testing messaging. This in turn increases conversion rates while decreasing customer acquisition costs (CAC).
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