The term “outsourcing” has been coined since the early 80s, but its history goes back further than we may think. Ever since people have been performing tasks for employers, some duties have most likely been performed off-site. When a staff member didn’t possess the necessary expertise to perform a certain task at work, the task was delegated to someone else who knew how to do it.
In banking and financial services, outsourcing is the use of third-party parties/partners to deliver services or perform tasks that are usually performed internally. These third-parties may either be located locally or offshore as well.
Since the market is increasingly becoming more and more competitive, many financial institutions are partnering up with sales outsourcing providers so they can take advantage of low-cost yet high-quality services. Many investment banks have already outsourced about 50% of their financial services and continue on planning to offshore more highly complex responsibilities.
Sales Enablement
Sales enablement is the answer when you want to ensure that your reps have the right resources to boost conversions and work more leads through the buyer’s journey.
It is the repetitive process of providing your business’ sales team with the resources they need to close more deals. Contents included in these resources are tools, knowledge, and information to effectively sell your product or service to customers.
There are various aspects to sales enablement and your strategy including reporting and analysis, sales content, optimization, technology and automation, and sales enablement software.
Reporting and Analysis
Almost everything is driven by data these days. Of course, there are good sides to it and then there’s also the downside which in this case would be the constant stream of information as it can overwhelm sales reps and hurt productivity.
Reporting and analysis entail having control over standardize reporting, reviewing the sales process, and qualifying leads.
Sales Content Optimization
The thing that not many realize is that marketers aren’t the only people putting out content. There are many companies out there where their sales team produces just as much content as the marketing team. The only difference between sales and marketing content is the type of content that is being produced.
Examples of content that the sales department produces are customer case studies, whitepaper and ebooks, product demo decks, pricing, and discount information, competitive intelligence briefs.
Technology and Automation
Modern sellers don’t have to do heavy manual business anymore thanks to technology. Many processes that used to be carried out entirely manual can now be automated for sales reps which makes selling much better and faster via email sequences, automate prospecting, implement direct messaging, and the use of sales enablement software.
How Does Sales Outsourcing Help Financial Firms?
Sales outsourcing allows you to take advantage of untapped opportunities by boosting the number of additional salespeople through outsourcing.
Outsourcing, from a sales perspective, can help you target new or underserved markets as well as support new product/service rollouts, and provide expertise within a specific industry focus.
The main ways sales outsourcing can help financial firms are:
Supplying Sales Reps with High-quality Leads
Although you want to gain a larger amount of leads, you also want to make sure that they’re all high-quality leads as well. Outsourced sales services provide you with sales reps that help you grow your number of leads while also providing you with high-quality and sales-ready leads.
Create Resources/Material
Resources and materials are arsenals that are essential to your sales rep as they will make selling your services/products easier. If you have the budget to make a sales video, then we highly recommend that you do. Modern buyers appreciate audiovisual content that is short yet concise. Other printed materials such as sales documents, brochures, company one-pagers, business cards, and most importantly client testimonials are a great booster to your pool of materials.
Arm Sales Reps With The Right Tools To Sell Faster
The only way your sales reps will be able to sell faster and more efficiently is when you empower them with the right tools. The first and most obvious choice of tool is, of course, a good CRM software.
There are many other tools that can help your sales rep team. Here are some that we found are the most effective ones:
- Analytics Tool
- Content Sharing and Management
- Email Management Tools
- Sales Engagement Tools
- Sales and Market Intelligence
Conclusion
Since outsourcing has been around for decades already and has proven to be highly efficient and effective. It’s no surprise that more and more businesses are incorporating it into their sales and marketing strategies. We hope that this has given you a better insight as to what sales outsourcing can do for your financial business and how you can effectively adopt it as well.
