Where would it be if it weren’t for other businesses who help us run our business? Outsourcing some tasks is natural – and a far more economical choice than hiring talent across a broad range of disciplines, from the creative to the highly technical.
Understandably, companies would prefer to partner with another company that specializes in a specific area. In 2018, the global outsourcing market was worth $85.6 billion. Even you, working as a B2B trader, will be someone else’s outsource. Below, we will explore 4 areas you might not have considered outsourcing but can be highly beneficial for B2B growth trajectories.
Long-term customer relationships are near essential for B2B brand growth. Out of 1920 businesses contacted, one study found 45.9% of them are outsourcing are focused on their customer’s experience and how they can improve it, and that 86% of buyers will pay a substantial amount more for a company offering a good customer service experience. In comes outsourcing to a customer loyalty agency to do the hard work for you.
An incentives agency can help you to maximize every customer experience. Not only does it set the foundation for a stronger rapport through structured rewards – but it also increases the future profitability of that customer. The statistics show that 56% of buyers stay loyal to brands who understand them — rewards being a great way of showing that — and loyal customers can boost profits by up to 95%. The stats do the talking for themselves. You can find a good example of a rewards-based program at incentivesmart.com.
Recruitment is a long and stressful process for most businesses that could better put their resources into other tasks. Recruitment starts with identifying the need for a job vacancy, and that’s all you should have to deal with. Recruitment specialists can do the rest. As a business, you can still interview and select the right candidate – recruitment specialists handle the advertisement and procurement of said candidates.
You, as the business, still have complete control over the whole process; recruitment specialists just take the hard work out of it for you. There’s trailing through job applications, managing job adverts, and being inundated with calls – leaving you to focus on the tasks you’re confident doing. The only downside is the completion fee that comes with it, which covers the advertisement, the recruitment agency’s time, and the successful hiring of the right candidate.
As a guide, most recruitment agencies will ask for up to 30% of the candidate’s annual salary as repayment.
Leads convert into sales which convert into loyal and long-term buyers – therefore, it’s essential to get it right. B2C and B2B lead generation are very similar, and both should value it all the same. One study found that leads are 9x more likely to convert into sales if a brand responds within 5 minutes…who has the spare time to reply in 5 minutes? Not a busy B2B brand. That’s why outsourcing lead generation can be bountiful. Marketers specializing in lead generation focus solely on lead generation for your brand, meaning they have the time to reply within 2 minutes, let alone 5.
They can use techniques such as SEO and combine it with lead generation tracking software to deliver the best outcomes for your brand. A study by the Fearless Competitor found outsourcing lead generation amounts to 43% more positive results than if it were managed in-house.
Outsourcing tasks gives you time back in your working day to get on with the things you do best – running a B2B company. Naturally, over time, you will find what works best to outsource and what’s best to keep in-house. It is advisable to review whether outsourcing is cheaper than hiring an in-house professional.