Get Offshore Leverage
The average sales organization will close between 20% to 25% of their sales-qualified opportunities, commonly referred to as SQL’s. That means 3 or 4 opportunities for every new customer you win, will be “Closed Lost”. Statistically, you’re most likely losing these deals to Status Quo, not a competitor. This means there is a “Buy Later” opportunity… but will you harness that opportunity?
Here is what we’ll cover this week:
- Unlocking past “Closed Lost” deals with an offshore team.
- Outsourcing sales support will dramatically reduce your Cost of Customer Acquisition (CAC).
- How do we produce so many videos?
Unlocking past “Closed Lost” deals with an offshore team
The opportunity to raise deals from the dead is real. The sunk cost you’ve already put into these deals is probably immense (time, $$$, energy), but you don’t have to let that Endowment Effect you. You can raise these deals from the dead in a cost-effective manner.
Here is exactly how we do this in my company Pipeline Signals:
- We have a fractional offshore Sales Development Representative (SDR) in the Philippines keeping an Excel database of the +100 SQLs we’ve created since early 2022 (when Pipeline Signals launched). Cost = $500/month for the SDR. Excel = $0.
- On the 1st of every month, we make a content calendar. There are 4 storyboards (1x week). We develop a storyboard of valuable insights, competitive intelligence, market benchmarks, sales tips, etc. Cost = 30 minutes of time.
- We make videos, downloadable assets, identify Signals, etc. for this database of “Closed Lost”. Cost = 1 hour of time.
- Every week, the SDR will take the insights we’ve created + email / LinkedIn copy, and personally send this to all accounts & contacts in the Excel database. The email goes out as “Jamie Shanks, CEO of Pipeline Signals”.
Without fail, each week or so, we’ll have a past sales opportunity resurface to discuss the opportunity again, or showcase our solution to another part of the organization.
This is so inexpensive, yet so effective at resurfacing past opportunities.
You can create sales support like this in your business, whether the offshore talent supports a Founder-led sales motion or your sales team.
Outsourcing sales support will dramatically reduce your Cost of Customer Acquisition (CAC)
CAC is typically the anchor holding back growth in a company. You want to pour gasoline on your GTM, but you can’t afford to scale. Marketing feels like a money pit akin to the sand monster in Star Wars, and sales people are crazy expense:
Consider looking at the challenge in a different way. To achieve creating Leads and Opportunities, there are $5/hour tasks, and $500/hour value creators.
The shiny expensive outcomes are:
- Marketing campaigns for Demand Generation
- Sales Demos
- Closing the Sale
But the support necessary to create these big outcomes should NOT be expensive, onshore resources:
- Social Media post creation (videos, guides, podcasts)
- Social Media posting
- Prospect list building
- Email/LinkedIn prospecting
- Inbound lead qualification
- Key Account sales intelligence
- Job Change monitoring
So many SUPPORT opportunities for you to:
Remove – are their human capital expenses we can remove?
Replace – classic offshoring. Switch onshore teammates for offshore.
Reduce – time management within each role. Are there fractional working opportunities? Can I create capacity by switching offshore to tasks, so onshore can be more strategic?
Replicate – scaling up a department by creating a model of specialists and/or 3, 5, 10x roles.
How do we produce so many videos?
I get asked all the time about our video production. I own 3 companies, and each company is producing multiple videos per day for social media.
- It’s much easier than you think
- It’s much more affordable than you think
- It’s the most important marketing ROI in each business.
First of all, without an outsourced fractional video editor, this wouldn’t be possible.
- WAY too expensive in North America
- Not a chance I could do this myself (time and expertise).
The fractional video editor costs $250 per month, per company. YES, for $250, my iPhone videos are:
i. Filmed with my iPhone camera
ii. Uploaded to Google Drive into the respective folder
iii. Post produced in Bangladesh in 24-48 hours
iv. Shared on all our social media platforms.
I grew my LinkedIn network from 0 to 21,000 people, and a big part of that growth came from this simple system. The typical week will have 15-20 new LinkedIn connections, see my videos and Follow/Connect with me. This grows all our businesses organically.
1 hour of content creation a week + $250… and there is nothing I do that can provide greater ROI.
Don’t Forget – Benchmark your team against offshore talent.
- What is the profit increase you could expect?
- What is the sales relief/reprieve you could expect to generate the same profit?
Get ready to be shocked!