There are two main types of sales strategies. The first is inbound, and the second is outbound. In this descriptive article, we will discuss the difference between inbound vs outbound sales strategies and how they can be used to increase revenue for your company.
Inbound vs Outbound Sales
Inbound sales means that customers come to you on their own accord or as a result of an advertisement or referral from someone else. An example of inbound sales would be when you find a product online because it was suggested by another website you visited before coming to ours. Another way people reach out for products and services is through word-of-mouth advertising. If one person tells another about something good they found, then the other person might go investigate that product or service.
Inbound sales is a great way to grow your company since it does not require as much effort from the business. They only have to promote their website and social media accounts, which can be done with little cost. In addition, inbound methods produce more leads for companies since people often make purchase decisions based on what other customers have to say.
Outbound sales means that the company is actively seeking customers instead of waiting for them to come on their own accord, as in inbound sales methods. An example of outbound would be a telemarketing campaign or sending letters and emails through various marketing channels such as post mailers or email marketing companies.
An advantage of outbound sales is that it provides businesses with control over the entire sale process, which means they do not have to wait for customers to come to them first before selling their products or services. This also makes it easier for marketers because they can say whatever they want about their company and product instead of being more restricted by inbound sales.
Outbound marketing is also the most common type of sales strategy used today, which means that businesses are well-versed in how to do it effectively and efficiently. For example, telemarketers have professional scripts they use when trying to convince people over the phone to buy their products or services. Another advantage outbound methods have over inbound is that they can reach a much larger audience, which makes up for the lack of engagement with customers.
Building Strong Inbound And Outbound Sales Strategies
You need to build a unique strategy that caters to the difference between inbound vs outbound sales and help in creating a unified sales strategy. Here are some strategies to build outbound and inbound sales:
- Strategic Goals- When you’re picking a sales approach, it’s important to consider your company’s overall strategy. Some companies might be focused on growth and market share, while others may want to focus on profitability or customer satisfaction.
- Define Performance Expectation- Define what is expected of the sales team. For example, revenue goals or the number of new customers acquired. This will help to determine the best approach to create a sales strategy.
- Role Assignment- The role of a salesperson is to attract customers, and the job of marketing is to create demand. So as you can imagine how these two departments might not always see eye-to-eye, but they must work together in order for your business to thrive. Delegate the responsibilities based on the set KPIs, and it may require collaboration across different departments.
- Identify The Tools You Will Need To Support Inbound And Outbound Sales Goals: Consider the tools that you will have to invest in to cater to inbound and outbound sales objectives.
- Determine How Your Team Will Report Out On Performance: Are you looking for a weekly report? Are you considering trade show attendance as part of the performance metrics? Will your team be required to present product updates at regular intervals or will they need to close their doors and communicate exclusively with leadership? You’ll want to make sure that there are very clear lines of communication throughout the company, especially between the sales team.
- Define Skills And Methodology Your Sales Team Require: Layout the skills and methodologies that both inbound and outbound teams need to employ. Moreover, these should align with the processes and help with the bottom line.
Inbound And Outbound Sales Best Practices
When it comes to inbound vs outbound sales practices, the way you communicate holds the prominence. Following are some of the best practices that will ensure that your inbound and outbound sales strategies work effectively:
Uncomplicate The Sales Conversation
The biggest challenge is to simplify the conversation so that prospects are never confused. Making it simple means eliminating all jargon, nomenclature, and buzz words from your vocabulary. Don’t let self-imposed limitations limit you either – keep an open mind about everything while talking with potential clients. Craft your message around positivity and confidence. If you can stand behind what you’re selling, then prospects will feel more comfortable buying from your business. Moreover, you should leverage a connection point to build the conversation.
A sales call is a conversation. That means you have to actively listen in order to get the most out of it. This entails being present during your interactions with prospects, even when they’re not talking about their business or industry-specific. It also helps if you ask relevant questions that are directly related to what the client wants. Just don’t overdo it
If you can find a way to be helpful and informative in your approach, prospects will see how valuable your business is. The key takeaway here is that sales conversations should never feel like an interrogation or make people uncomfortable. They need to be open-ended so both parties can ask questions and find the best solution together.
Customizing Messaging for Current and Prospecting Customers
Make sure your message is personalized for current customers. If you’re emailing everyone on a list, make it clear who the message is coming from. Are they getting an order update? Or maybe just someone reaching out to say hello? If this isn’t immediately evident in the subject line, it will be a turn-off for customers using personalized messages.
You can also create specific messaging that targets your potential customers based on their stage in the buying process. If you know they’re just getting started, introduce them to some of your products and services with a more general message. But if they’ve already expressed interest in the product, tailor your email to focus on the next step in their journey.
You know how it feels when you get automated marketing or sales calls that ask if this is a good time. Of course, it’s not! So don’t send out mass emails with generic messages.
If you’re emailing everyone on a list, make it clear who the message is coming from. Are they getting an order update? Or maybe just someone reaching out to say hello? If this isn’t immediately evident in the subject line, it will be a turn-off for customers used to personalized messages.
Coalesce Support Among Decision Makers:
Buying decisions are made by groups today; therefore, the sales team must coalesce support among different decision-makers and ensure they are communicating with the buying team. To build strong support among various stakeholders, professionals must ensure that:
- They are respectable as the primary contact.
- They deal with resistance from insights rather than being defensive.
- They understand the needs of the customers and help them make an informed decision.
The decision between Inbound vs outbound sales can be difficult but together can help your business optimize its sales objective. If you are able to build an effective and comprehensive sales strategy, it will pave the way for higher revenue and growth.