As a telemarketing company filled with seasoned sales veterans, you can imagine we’ve heard every objection in the book.
One of the most common objections that we get is “Telemarketing doesn’t work for our business because our market is too complex.” Or “because our product (or service) is too high-value for it to work.”
But are these objections often accurate? No. No, they aren’t.
While some markets or products may be more complex or high-value, that doesn’t mean that telemarketing doesn’t work, it just means that you need to develop the right approach to penetrate the market, generate opportunities, and nurture strong, long-lasting relationships with your customers effectively and efficiently.
Even if your offering is high-value or has a long and complex sales cycle, that doesn’t always mean you need a complex and extremely expensive marketing strategy to generate qualified opportunities. In fact, developing a more targeted and strategic telemarketing campaign can often provide a massive ROI when dealing with high-value offerings, sometimes even from a single sales conversion.
Assuming that grabbed your attention, let’s talk about why telemarketing is ideal for more complex, and high-value products or services.
Penetrating the Market.
Some online marketing methods, especially inbound channels, can take a considerable amount of time and money to produce large scale results. Marketing tools such as social media can help to improve brand awareness and reputation, yet mostly prove ineffective at generating conversions for high-value offerings. Businesses are often left waiting for the customer to come to them when using these strategies, costing them valuable time and budget before any results are seen.
As well as results, it can take a while for optimisations to be identified in online marketing methods, sometimes weeks or months depending on the strategy. If you are pouring your money into these strategies like an online advertising campaign, it may take a while before you start to see consistent data and metrics that can be analysed. Before any major changes and optimisations can be made, the online advertisement campaign may have already run its course and used a fair amount of the budget without providing the right results.
Many of these online marketing methods tend to be far less effective when it comes to generating new business and penetrating the market for high-value offerings. Instead, by utilising telemarketing it can provide a more direct approach to marketing, allowing you to make immediate contact with relevant decision-makers if the strategy is approached correctly. Telemarketing is a far more proactive way of generating new business, compared to most online methods which tend to be reactive.
Generating sales and opportunities for high-value offerings can take a lot of nurturing, which makes telemarketing ideal. With each call that is made to a decision-maker, you can provide value over the phone by answering questions, reassuring their doubts, and giving them any information they need to make a buying decision. This improves the relationship you develop with prospects, as they become more confident and assured in purchasing the high-value offering.
As your telemarketing campaign gets off the ground, optimisations can be made along the way to improve the success of your sales pitch. Adjustments to sentences that didn’t resonate with audiences can be made, finding out what works with each call that is performed. If prospects are consistently interjecting during a certain section of a pitch, optimisations can be identified, and changes can be implemented to create a fully streamlined campaign.
When attempting to penetrate the harder to reach markets, you will need to hit it hard with a targeted campaign. By using the right targeted contact data, telemarketing can be highly effective for reaching these complex markets. You can start getting in front of your ideal decision makers and generating interest in your high value product directly with the businesses.
The Longer Sales Cycle
When dealing with larger customers who have the budget and interest in these more high-value offerings, they are unlikely to make their purchasing decision straight away. These customers will require more time to consider the offering and evaluate how it could be beneficial for their business.
Throughout this longer sales cycle, more time will need to be spent nurturing the leads and building a strong sales pipeline. It’s essential for the contact between you and a potential customer to be maintained, so your offering remains at the front of their mind. Persistence is key and by regularly staying in touch with your prospects more rapport can be built, increasing your chances of success.
Each time a prospect is contacted, it should be managed correctly using an efficient CRM system. This will allow the conversion progress to be tracked and call backs to be scheduled at appropriate times, ensuring no prospect is forgotten. Regularly updating the CRM system with relevant information can help to provide an overview of your entire sales pipeline and effectively manage multiple prospects.
By implementing the right systems to track the contact you have with prospects, you can better monitor the longer sales cycle and ensure every lead is efficiently nurtured, with every one of their needs understood. When the longer sales cycle is managed correctly, telemarketing can become more efficient at selling these high-value offerings and generating quality opportunities.
Massive ROI Potential
When the strategy is utilised in the right way, telemarketing can have a massive return on investment potential for businesses with high-value offerings.
Telemarketing can be highly successful at generating qualified opportunities and sales, compared to many other marketing methods that can sometimes provide little or no return. When using some marketing strategies, it can be a challenge to identify tangible results that have led to a sale. In telemarketing, the results and effectiveness of a campaign are clear, with the ROI being far easier to calculate. This allows the telemarketing campaign to be more accurately analysed, to maximize profit and ROI potential.
The costs of running a quality telemarketing campaign can sometimes be high, compared to other strategies, especially when starting out for the first time in-house. Although just one successful conversion from telemarketing can potentially cover the costs of the entire campaign for a high-value offering. When telemarketing is used to sell high-value offerings, the ROI potential is far more significant as just a few conversions can generate high profits for a business.
For example, if a business with a high-value offering wanted to run a telemarketing campaign it may cost them around £15,000 when outsourced. This campaign would need to be run for around 60 days, usually over 15 weeks with telemarketers dialling 4 days per week. This would be a particularly longer campaign than most, to accommodate the longer sales cycle within the more complex market.
If this business wanted to generate opportunities for their high-value offering that was priced at around £20,000, just one conversion would need to be made in order to cover the costs of the entire campaign. Over the length of the campaign, if around 10-15 opportunities were generated and just 4 had converted, the ROI for that business would be 433%.
This example should hopefully help you to picture the potential ROI that can be generated from these types of campaigns and understand just how valuable these telemarketing activities can be.
This ROI potential is often most substantial when the telemarketing campaign is outsourced. When outsourcing to a company with the right experience and knowledge in telemarketing, the usual start-up costs of running a campaign in-house for the first time are minimised. Many of the initial expenses like telemarketing headsets, staff training, CRM systems, etc. are all covered meaning the ROI potential is far higher. The campaign is also more likely to yield better results as the outsourced team already have the experience to generate quality sales and opportunities.
As well as the higher potential for your return on investment, there are a variety of additional benefits that come with outsourcing your telemarketing activities.
Potential for Huge Success When Outsourcing
Telemarketing campaigns take a lot of time and effort, with many companies not having the resources or expertise to make it work, which is why so many people choose to outsource. By outsourcing your telemarketing activities to a company with the right experience, you can generate quality leads and opportunities without the hassle of setting up a campaign in-house.
Outsourcing can help to free up your sales team to focus on converting opportunities rather than prospecting all day. It leaves your campaign in the hands of experts, who understand what needs to be done to generate the most optimal results. In fact, outsourced lead generation is reported to be 43% more effective than generating leads in-house.
So, if you are looking to utilise telemarketing to promote your high-value offering, but aren’t sure where to start, try outsourcing.
At River B2B, we have an expert team of telemarketing professionals that can help to get your telemarketing campaign off the ground. We provide a range of telemarketing services from telesales to lead generation, creating a campaign fit to your specific requirements and needs. Our team of telemarketing experts have previous experience promoting and selling high-value offerings, with the know-how to generate effective results.
If you are interested in promoting your high-value products/services using telemarketing, find out more about how we can help by visiting the ‘Our Services’ page!
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