Outsourced Business Development: A Comprehensive Guide
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What is Outsourced Business Development?
Outsourced business development (BD) is the practice of partnering with an external company or team of specialists to handle all or part of your company's sales and marketing efforts. These efforts focus primarily on generating new leads, nurturing potential customers, and ultimately driving revenue growth.
The outsourced sales service market is worth billions and is projected to grow significantly. In 2022, it was valued at USD 3.96 billion and is expected to reach USD 6.52 billion by 2028, representing a growth rate of 8.67%.
What does Outsourced Business Development Involve?
No two outsourced business development companies are the same. However, as the activities of a business development team are fairly well defined you can expect some or all of the following:
Lead generation : Identifying and qualifying potential customers through various methods like email outreach, social media engagement, and market research.
Appointment setting : Scheduling meetings and demonstrations between your sales team and qualified leads.
Market analysis : Researching industry trends, competitors, and target audiences.
Content marketing : This is rare and is something we do at Outsourced BD. This involves creating blog posts, social media content, and other materials to attract and educate potential clients.
One of the key benefits of outsourced business development is its scalability. You can easily ramp up or scale back efforts based on your current needs and budget.
Outsourced business development allows you to tap into the expertise of a dedicated team focused on expanding your reach and closing deals. Whether it's finding new prospects through targeted email campaigns or nurturing relationships with informative blog content, an outsourced BD partner can provide the resources and strategies to boost your bottom line.
Why Would Someone Outsource Business Development?
Focus on Core Business: Many businesses, especially startups or smaller teams, struggle to dedicate the necessary time and resources to consistent business development while juggling their core operations. Outsourcing allows founders and teams to focus on building their core product or service and driving the company's strategic vision.
Cost-Effectiveness: Hiring and training an in-house BD team can be expensive. Outsourcing can be a more cost-effective solution, especially when you consider factors like overhead, benefits, and training costs.
Access to Expertise: Outsourced BD providers specialize in lead generation, sales strategies, and market analysis. They bring a level of experience and knowledge that may take time to build internally.
Faster Results: A dedicated BD team can often achieve results and generate a pipeline faster than if a company were to build everything from scratch on its own.
Flexibility: Outsourcing provides flexibility. You can adjust the scope of services as needed or scale your sales efforts quickly to match market demands.
What to Expect from an Outsourced Business Development Campaign
Initial Consultation and Goal Setting: A good outsourced BD partner will start with a thorough consultation to understand your business, target audience, and specific sales goals.
Strategy Development: Based on your goals, the team will design a tailored BD strategy.
Campaign Execution: The outsourced team will execute the agreed-upon strategy, handling everything from prospect list creation to email campaigns and content development.
Reporting and Analytics: Expect insights into metrics like leads generated, open rates, website traffic, meeting conversion rates, and more.
Optimization and Refinement: Successful campaigns are iterative. Your BD partner should analyze the data, identify areas of improvement, and refine tactics over time to maximize results.
Addressing Some Concerns with Outsourcing Business Development
Loss of Control: A good outsourced BD partner works as an extension of your team, prioritizing transparent communication and collaborative goal-setting.
Quality Concerns: Established outsourced BD providers have experienced professionals, proven methodologies, and a commitment to delivering top-notch results.
Maintaining Your Brand Voice: A reputable outsourced BD partner will ensure that all outreach aligns with your voice and effectively represents your business.
High Volume Outreach and Spam: At Outsourced BD, we have strict safety protocols to protect your reputation, including using separate domains and advanced personalization techniques.
How to Build a Strong Partnership with Your Outsourced Business Development Team
Teaming up with an outsourced business development (BD) partner can be a game-changer for your company's growth. But making the most of this partnership requires a focus on communication, collaboration, and smart management. Here's how to make it a success:
Communication is Key
Start by setting clear expectations about how you'll stay in touch (email, Slack, video calls, etc.) and how quickly you'll respond to each other. This keeps everyone on track. It's also smart to designate "go-to" people on both your team and theirs to handle the day-to-day communication for smooth operations.
Be Crystal Clear About Your Goals
Don't be vague when it comes to your goals. Instead of just saying "more sales," try something like, "increase sales leads by 20% in the next six months." And beyond the numbers, share the big picture – the "why" behind your goals. Understanding your vision motivates the outsourced team and helps them tailor their approach.
Give Them the Tools They Need
Provide access to the systems they need to do their jobs effectively, like your CRM or project management tools. And don't forget to give them a deep understanding of your products, your ideal customers, and how you like to present your brand. The better they know you, the better they'll represent you.
Check In Regularly
Schedule weekly or bi-weekly calls to talk progress, challenges, and how to move forward. Keep these calls focused on finding solutions and use the data from your regular reports to guide your strategy discussions.
Treat It Like a True Partnership
Encourage a two-way feedback loop. Let your outsourced team know what's working and what's not, and importantly, be open to their feedback too. Your BD team has valuable experience, so welcome their ideas... they might just have some brilliant suggestions that you hadn't considered.
Realistic Expectations and Room to Pivot
Remember, building a sales pipeline takes time. Be realistic about what you can achieve and when. And most importantly, stay flexible! Markets change, so be ready to adapt your strategies based on feedback and what the outsourced team is seeing on the ground.
Tech Makes Everything Easier
Use tools like Asana, Trello, or Monday.com to keep track of projects and make sure everyone's on the same page. Invest in video calls and messaging tools to foster a sense of teamwork even if you're miles apart.
Think of this less as outsourcing and more as building an extension of your own team. By following these tips, you'll create a strong and successful partnership that drives your business forward.
Who is Outsourced BD?
Outsourced BD is a specialist business development agency focused on helping startups and scaleups to accelerate growth through high-volume email outreach, targeted lead generation, and content marketing strategies.
Why Choose Outsourced BD?
Collaborative Approach: We work closely with our clients to understand their unique goals and create tailored BD strategies.
Safety and reputation are front of mind: We make sure we represent your brand in the right way, keeping your authentic voice.
Next Steps: Ready to Grow Your Business?
If you're looking to expand your reach, increase lead generation, and boost sales, Outsourced BD is here to help. Schedule a free consultation today to learn more.
About the Author
Daniel Radnedge, Founder @ Outsourced BD
Daniel has over a decade in B2B sales experience working at startups and big conglomerates alike. It was his own frustrations with existing sales providers that led to the creation of Outsourced BD.