In the software sales industry, it’s a constant battle. You’re trying to protect your software’s market share against the influx of competition, yet you’re also trying to grow and advance your market share at the same time.
And, in that battle, you’re always faced with this same sales process dilemma. Do you focus on new customer acquisition? Or do you focus on maintaining your current base of customers and increasing your share of wallet through upselling and cross-selling?
It’s an age-old question of new lead generation versus old customer retention – and it’s not a question with a one-size-fits-all answer. To best determine your company’s approach, ask yourself this key question: What is the opportunity cost for your revenue generation when pursuing new customer acquisition versus increasing your share of wallet with existing customers?
For many businesses in the software sales industry, long-term customer renewal on subscription-based software is a much more lucrative opportunity. With that in mind, how do you keep the top of your sales funnel full of new sales leads?
The answer: outsourced lead generation.
When your sales team is already focused on renewals and upselling, you need an outsourced lead generation partner that keeps the top of your sales funnel full without wasting your time or budget. Here are the top five reasons your business software firm can’t ignore the benefits of outsourced lead generation:
1. You Hit Your Growth Numbers
When you outsource lead generation for the top of your sales funnel, you don’t have to reallocate your entire sales team or increase your own overhead and administrative costs for more sales staff members. At the same time, you still hit all of your growth targets. When you work with a software sales partner, you’re able to adjust your necessary bandwidth and funnel size to perfectly fit your business and never miss your growth numbers again.
2. Your Lead Conversion Rate Improves
Working with an outsourced lead generation partner doesn’t just improve your quantity of new leads, but also the quality of sales leads. Together, you agree on the specific factors for qualifying leads so that you’re working only with the perfect prospects. In turn, your lead conversion rate increases, helping you stay one step ahead of the competition.
3. You Gain Years Of Experience – Instantly
Hiring a brand-new internal sales team takes time and money that you don’t necessarily have, but it also requires you to feel out each new salesperson’s strengths and weaknesses and then experiment accordingly to find the right niche for each person. This whole process could take a year or more before you finally hit your stride – meanwhile, the market may have shifted entirely. When you partner with an outsourced lead generation firm instead, you work with someone who has proven results and seasoned sales staff, without the waiting and the yearlong ramp-up time.
4. You Get Meaningful, Actionable Analysis
When some business leaders think of outsourced lead generation, they imagine nothing more than an appointment time, a spreadsheet and some quick notes. However, with an expert software sales partner, you get meaningful, actionable analysis on each new lead and appointment. In addition, you receive further identification of your targeted customers with information like which industry converted the best, who the key buyers are and whether or not your list source offers robust leads.
5. You Increase Client Satisfaction
While an internal salesperson might not follow up with customer order fulfillment or thoroughly qualify a lead, the right outsourced partner delivers the best experience possible for your prospective and closed customers. An outsourced lead generation and sales partner always wants to demonstrate its value to your firm, so you’re more likely to get quality leads and better customer satisfaction.
In the software sales industry, you need to play to your internal sales team’s strengths. If client renewals and upselling are opportunities too critical to pass up, you benefit greatly by connecting with an external sales partner. As you consider the course of action for your own sales team, keep these five reasons in mind as to why your company can’t afford to ignore outsourced lead generation.
Navigating the world of software sales means you always need to be on top of your game when it comes to new customer acquisition. Click below to download a free tip sheet from Invenio Solutions® and sharpen your lead generation and sales process skills today.