What are Inside Sales and How Does It Benefit Your Business?
[This article was written by Hannah Boothe.]
If you’re a small business owner or thinking of becoming one, there are several things you should know about organizing your company and making a profit. Inside sales is an essential part of many companies and could help you stay in business for years to come. If you’re wondering “what is inside sales?”, this practical guide can help you decide how to incorporate inside sales into your business model.
Is Inside Sales the Best Move for My Business?
If you’re deciding whether inside sales will work for your company, consider the type of products and services you sell. Different businesses have different needs, which means so your sales tactics may be different from a business owner in another industry. However, inside sales can be very productive and have a great cost-revenue ratio. This means that you have a higher return on investment for every dollar you invest in inside sales. Keep in mind there are some sales with extremely high costs that require outside selling. If you’re not sure whether inside or outside sales are best for you, talk to a business consultant to help you build an inside sales model and/or add outside sales regions.
What Are the Benefits of Inside Sales
You can expect several perks when you include inside sales in your business model. These types of sales allow you to effectively penetrate applicable small and mid-size business markets. Inside sales also result in more activity for your business since you’ll be spending more time making calls and closing deals. You may also experience more sales productivity and you won’t have to drive or fly to meetings or clients. With inside sales, you can affordably and quickly adjust the size of your sales team according to your business strategy and market conditions.
Inside Sales Can Provide Better Data
Inside sales can help with the data and analytics of your business. This gives you information on who to target and how to appeal to your customers. Data can give you a map for your company’s success including touchpoints and ideal times to engage with established and potential customers. When your sales reps have the right tools, they can target the right prospects and contact them using the right methods.
Inside Sales are Efficient and Convenient
Phone calls have always been a huge part of inside sales. Due to advances in technology, web conferencing and meeting software benefits companies who use inside sales, particularly when employees need to meet with each other to create new inside sales strategies. However, web conferencing can also make it easier to explain products and services to customers. These features give you more accurate revenue predictions and can reduce the cost of customer acquisition.
Inside Sales Improves the Customer Experience
The process of buying goods and services has changed significantly in the last few years. The traditional method of company representative selling products to a customer has been replaced with compelling advertising. Now that social media, digital, and online marketing is prevalent, customers prefer virtual interactions instead of face-to-face meetings with companies. Research has also shown that customers prefer to contact the sales team with questions and concerns instead of salespeople reaching out to them.
Challenges to Consider
Recent research shows that half of all customer purchases are finalized with an in-person meeting. This means that local face-to-face meetings with customers could be a challenge for some businesses that rely on inside sales. Building rapport with customers over the phone can be difficult and clients who want to purchase larger or more expensive items often prefer direct interaction with retailers. Meet with your sales team often to come up with creative ways to promote and sell your products to boost your bottom line.
It’s also important to find and develop the right talent for your sales team. You’ll need to train your staff inside sales and the difference between inside and outside sales. This can make a huge difference in the public’s perception of your business and can eventually lead to more sales from clients who have come to know and trust your company.
Be sure to utilize the right tools for inside sales as well. Analytics and sales acceleration programs can boost productivity and improve communication with your prospects so you can make more sales at a faster rate.
Hannah is a graduate of the University of Washington in Marketing and English. With dreams of becoming a professional novelist, she also enjoys taking care of her dogs and helping out on her parent’s farm. She loves to read and enjoys cuddling up to a good movie.