Navigating the unpredictable waters of lead generation and business development can often feel like an uphill battle. The stress of not knowing where your next lead will come from, combined with the pressure to consistently grow revenue, can be overwhelming.
You’re not alone in this struggle. Many agencies, ad tech sellers and sponsorship sellers find themselves proficient in generating business for their clients, but ironically, not for themselves.
Maybe you’ve attempted to build a business development team in-house, only to encounter obstacles and no meaningful results. This situation can leave you feeling stuck and uncertain about the best path forward.
It doesn’t have to be this way. Outsourcing offers a way to gain control over your lead generation process, ensuring a steady flow of opportunities in your pipeline without the unpredictability that’s been keeping you up at night. But how can you be sure that outsourcing is the right move for your business? Read on to find out.
5 Signs It’s Time to Outsource Your Business Development
Feeling anxious or stressed about not knowing when your next new customer will come in is entirely understandable. This uncertainty can often stem from a feeling of not having full control over your business’s growth trajectory.
It’s a challenging position to be in, as it complicates planning and can put additional pressure on you to find immediate solutions. If these feelings resonate with you, it’s time to bring in a dedicated person to manage your outsource your business development.
But just to be sure, read on to see if any of the following can confirm the need to bring business development out-of-house:
1. You solely depend on referrals
Did you know that 65% of B2B leads come from referrals? While referrals are great- depending solely on them can put your business in a tough spot– especially in an unpredictable economy.
It means you’re waiting around for new customers to come to you through word of mouth, which can be really hit or miss. This approach doesn’t give you much control over when or how your business grows, making it hard to plan for the future. Plus, it limits who you reach, since you’re mostly getting customers from within the same circles. Not having a variety of ways to bring in business can also mean you’re missing out on building your brand and standing out in the market.
So, while you may win new clients this way occasionally, it’s a reactive approach that keeps you waiting instead of in control of your revenue growth.
2. Your in-house resources are strained
Maintaining an in-house business development team is certainly easier said than done. First, you may not currently have the resources needed on your team considering the expertise and time needed to effectively generate leads and close deals. In-house teams may also lack the specialized skills or networks necessary to penetrate new markets or industries.
3. You’re trying to build a business development function without an experienced sales leader
Outsourcing business development becomes imperative when faced with the challenge of navigating sales management without expertise. Directing a sales team effectively requires a deep understanding of sales principles, strategies and tools.
Without this expertise, managing internal sales efforts quickly becomes overwhelming and ineffective.
4. Scaling in-house has proven to be too expensive
Expanding in-house resources for business development can raise concerns about overhead costs for several reasons. First, hiring and training new employees requires significant investment initially. Recruitment expenses, salaries, benefits, and ongoing training starts to add up quickly.
In addition, maintaining a larger in-house team entails fixed costs that remain consistent regardless of fluctuations in business demands.
5. You want fresh ideas and perspectives to growth
If your org is looking to stay ahead of the curve, in-house business development may not cut it. With rapid growth in AI and other industry trends, innovation is more critical than ever, and businesses must be constantly looking for new ways to stay competitive and achieve growth.
Benefits of Outsourcing Business Development
If any of the above pain points struck a chord… it’s time to think about other options that will drive results. Outsourcing can provide your business the team, tools and strategy you’ve needed for years. Best part? You can be in market and driving qualified conversations within weeks rather than months with an in-house hire. Here’s some of the key benefits of outsourcing your sales function:
1. You get a team of experts (bye-bye guesswork)
As cheesy as it sounds, when it comes to business development success, it really is best to leave it to the experts. By partnering with external professionals, businesses can leverage their knowledge and experience that may not be available in-house.
Whether it’s market research, overall strategy, or complex negotiations, outsourcing provides access to the specialized skills needed to grow your business with confidence.
2. It’s scalable and flexible
Unlike traditional in-house expansions that typically come with complex HR processes, outsourcing enables teams to pivot quickly depending on changing market conditions or project requirements. This agility is a huge advantage when it comes to optimizing resources, and empowers businesses to take a proactive approach rather than reactive.
3. It saves you money (and a lot of it)
Cost savings… These two words are music to any leader’s ears. In-house business development initiatives require substantial upfront costs and time commitments getting new hires up to speed. Necessary sales tech alone can cost up to $100,000 to get into place. With an average onboarding process of 6-9 months, the costs continue to accumulate before seeing even a glimpse of ROI.
By outsourcing these efforts, you can bypass the prolonged waiting period for ROI and gain access to specialized experts who will streamline operations in the long run. Cost savings represent a key advantage of outsourcing sales efforts, stemming from factors such as reduced overhead expenses, elimination of in-house tech investments, and the flexibility to convert fixed costs into variable costs.
4. Go-to-market exponentially faster
Utilizing external resources for business development gives you a strategic advantage when it comes to executing your go-to-market strategy. This is because building GTM strategies is what they do. Competitive research, sales messaging, capes deck development, demand generation strategy development? It lies within their bread and butter. While it might take you weeks to learn these steps, outsourced companies have a proven playbook they’re ready to customize to your needs and start executing upon within weeks of onboarding.
Additionally, Outsourcing allows businesses like yours to leverage the expertise, networks, and skills of external partners, ultimately speeding up the process to establish a presence in new markets.
5. Get new, innovative and fresh ideas for growth
With a different background of experience and viewpoint, external resources are able to uncover opportunities that may have been overlooked internally. Using a new unique vantage point, businesses can leverage fresh ideas on tapping into new markets and accelerating growth overall.
Conclusion: Start Building a Sustainable Business Development Pipeline Today with Catapult
Recognizing when to delegate certain aspects of business development can be daunting, but if you find yourself aligning with any of the warning signs mentioned above, it’s time to stop ignoring those signs. Outsourcing business development offers not only relief from these challenges but also unlocks access to expertise, scalability, and innovation essential for growth.
If you’re ready to build a stronger, more effective pipeline and no longer want to rely solely on referrals, let’s talk. At Catapult, we’re all too familiar with these common challenges and work with our clients to develop strategies that prioritize consistency and alignment, ensuring long-term success for your business.
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