Inbound sales and outbound sales are two different methods of marketing that can be used to grow a business. They have their unique advantages and disadvantages, but both can lead to increased revenue. Let's take a look at what outbound sales is, how it works, and its strategies
What is Outbound Sales?
Outbound sales is a process of going out into the world and finding new customers. An outbound sales process starts with identifying your target market or niche as well as potential customer personas within that group. You can create outreach plans like cold calling or emailing leads from public databases.
How Does it Work?
1) First, outbound sales representatives will create lists of prospects to reach out to by collecting emails or contact information from the company's database and website.
2) Then, they'll craft a message for these potential customers with an offer or other content centered on their specific interests as well as any relevant product updates that could be valuable for them.
3) Outbound salespeople may also use social media platforms like LinkedIn to find leads via searches based on location and experience to connect with prospects who might not have come across the company's content online otherwise.
4) Once this initial email is sent, there are two possible outcomes: either the prospect opens up communication with the seller, indicating interest; or the prospect does not respond to this first contact, indicating that they are not interested.
5) If a salesperson's outbound strategy has resulted in an opening email from a customer who is interested enough to reply (i.e., "outbound success"), the next step will be for them to continue their conversation by asking questions about the company and its products or services. \. Their goal at this point would either be to book an appointment with someone at their own office/facility, set up some sort of online demo using web conferencing software.
Inbound Sales vs Outbound Sales
The difference between outbound and inbound sales is that when you are selling through outbound, it means you're going to find the customers yourself. With inbound marketing, people come to your website or store.
Outbound Sales Strategies
As you know outbound sales involves reaching out to prospects, there is no one set rule for applying outbound sales. There are different strategies one can use to reach the prospects in the list that are relevant to your business. Here are 4 outbound sales strategies:
1. Cold Calling
This is a traditional outbound sales strategy where the seller calls on the potential customer. This is done through phone calls or in-person visit, whichever makes more sense for your business’s profile and prospects
2. Video Prospecting
This is a strategy that can be used to generate leads and contact prospects. Video prospecting is creating the video content of your business, showing it on social media and websites like YouTube and marketing blogs for instance, then tagging in relevant search terms so you are visible when people look for them online.
3. Gathering Customer Insights
Studying available customer data and insights to identify potential prospects is helpful for outbound sales because it provides a broader view of the marketplace and helps the seller create more targeted messaging and offers.
Outbound Sales Steps
1. Study Market Segmentation
You will need to first study the market segmentation of potential prospects.
This may include territories, industry types, or other segments within a target market that have been identified as possible outbound sales targets for the company's products and services.
2. Create a Theory based on the Market Segmentation
You will need to create a theory based on their market segmentation.
This may mean that they are targeting certain industries, territories, or individual decision-makers within those segments who might be interested in the company's products and services.
3. Gather Data
This may involve researching individual prospects or creating a list of potential targets from their market segmentation theory – for example, by compiling information about decision-makers in specific industries and territories.
4. Analyze Data & Categorize
Now you need to analyze and categorize the data into different segments such as "high priority," "low priority," or "unlikely."
This may also involve looking for potential prospects' contact information, analyzing their level of interest in the company's products or services, assessing what else they're currently using (or not using) so that this can be used as a tool throughout the campaign, and finally creating lists of prospects by the degree of interest.
5. Study Effectiveness of Segments
It's important to study the effectiveness of each segment. This will ensure that outbound sales teams are only targeting prospective clients who are actually interested in what they have to offer, and not wasting time on those who aren't going to be persuaded by their efforts.
For example, the most effective segment might turn out to be "high priority and close to the decision-maker."
6. Prioritize Most Effective Segments
It's important for outbound sales teams to prioritize segments that could turn out to be the most effective. This allows you to focus on generating results, instead of wasting time and energy by chasing low-priority prospects who are unlikely or uninterested in what you have to offer.
Outbound sales can help with revenue for a company if implemented correctly. It provides an opportunity for businesses to generate leads without having to invest as much time researching potential prospects - all they need is some creativity and willingness out there!
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