Inside sales is an unknown term for the saas players in the market, rather it is an underrated marketing tool that has a lot more potential than what it currently derived from. Inside sales include contacting/reaching out to prospective customers via the email/ telephone medium. It may include cold calling also but mostly it is an interactive procedure performed by the caller to inform, educate the user about the product to solve their end-user requirement over the basis of trust
Will be discussing few advantages inside sales bring for a business, no matter what stage they are on, in the following subtopics
In the early days, most tasks were performed by the founders and initial team which resulted in a very high rate of conversion due to passion and knowledge but as the team grows, challenges arise. New team members have to perform this task, though opportunities are higher in number but the winning rate gets a bit diluted.
Due to the various factors of founders being involved in other duties and team is winning deal in absolute number are on rise but the absence of winning rate has also to be optimised using the methods, routines, process & approach to the sale’s closure, which needs to be iterated to get a final outline of streamlined process to make it a systematic process rather than a routine challenge. This is the point where scalability comes into picture Scalability is something which is easily achievable through inside sales as reach out is on a very high number, touchpoints are high and can be increased further basis continuous feedback and audit. Just to give a hand on scalability, here at MyOperator, we are generating 8000+ unique leads through our in-house marketing campaigns (Mainly digital) which as of today made us get 400+ customer onboarding for cloud telephony service, in current flow, we have potential to increase the volume by minimum 2x at any point of time which further can be increased with a systematic approach.
As systems are giving real-time picture it is easy to monitor and manage the process to get maximum control on the process to achieve maximum output. Along with system quality and audit team provide more control in terms of aligning process and outcome.
Also as Inside sales is a structure approached where process and steps are pre-defined it is easy to bring control in the process along with improvement implemented as an when required.
As everything is predefined and in a closed-loop (as presented in below image) it is justified to say,
“Control the call, control the sale”
Here, we can see that in the cycle of first touch and the final purchase various types of CAC are encountered, the vast difference between these two approaches can be seen as follows
- CAC of field sales is 25 – 37.5 times that of light touch & hight-touch inside sales respectively
- Even considering the base cost we can unanimously say that inside sales are the tool for best bet on RoI, scalability and it has the much-needed potential for the market growth as a source of solid revenue stream.
The above data gives an insight into the medium of customer acquisition is much better in the inside sales as compared to the outside sales :
- More calls than outside rep give an indication about the phone calls being the first and foremost source of customer interaction
- Emails are the lifeline of the secondary customer interaction in which the details and important product/service details are pitched, discussed
- Increase in social media touchpoint through retargeting basis the last step of communication makes it easy to be in touch with the prospective customer
- An increase in the voice mails tells us the story of recorded messages that are to be reverted back promptly and converting an already interested customer with a required resolution of query or doubt.
- More Transparent
- Increased Flexibility
- Assisted Selling Model
- Accurate Tracking
- Easier to manage
- Improved Customer Experience
- Building Trust
- Quota-setting fairness
- Sales forecast accuracy
- Staying motivated in a structured environment
By going through the above-mentioned points we can easily conclude that this promising business process can help business not only in terms of scalability but also in terms of cost-efficiency, control, and effectiveness. As processes always run in a controlled environment with pre-defined stages we can easily leverage the advantages of this technique for maximum sales.