As a business owner, you have probably spent a lot of time defining your sales cycle. But did you know that you should also be analyzing submarkets and building them into your sales cycle for maximum effectiveness? If not, you’re not alone. Many companies don’t really know how to define their sales cycle at all and instead outsource sales and let a qualified lead generation company do it for them. Lead outsourcing removes the difficult parts of sales from your plate and keeps it in the hands of experts. Here’s why that matters.
What is a Submarket?
At its core, a submarket is a distinct part of a larger market. For example, your overall market might be accountants, but a submarket would be accountants at medical offices. When you narrow your focus to a submarket, you can pinpoint microtrends that can impact your business. You’re also able to tailor your marketing efforts to a more specific audience, which makes it more effective. Why target all accountants if your software is really designed for accountants who work at or with medical offices? You’re much more likely to sell your product to the accountant who can use it to its fullest capabilities.
Submarkets in a Sales Cycle
A submarket is an important part of a sales cycle particularly at the beginning. Most sales cycles start with “prospects” or “leads.” You want to get the most qualified leads you can so that you can spend more of your time in the other parts of your sales cycle, particularly the closing part, where you seal the deal. If you’re spending too much time in the “prospect” and “connect” parts of your sales cycle, your leads aren’t very good. You probably haven’t spent enough time analyzing your submarkets.
How a Lead Generation Company Helps
When you outsource sales with a qualified lead generation company, you’re partnering with experts who know how to find the types of leads that are most likely going to turn into customers. They will work with you to identify your submarkets and analyze the prevailing trends within that submarket to create the most effective lead campaigns possible. While some trends in a submarket will be similar to the trends of your overall market, there are often small variations that you can take advantage of if you know how.
Lead generation companies know how. They have finely tuned their lead generation process to ensure only the most qualified leads based on your submarkets come your way. What they already know how to do could take you months to develop on your own. There’s no need to cast a wide net over your entire market in an attempt to catch one or two hot leads when you can be spearfishing in your submarket and catching everything that comes your way.
Conclusion
Even if you have a well-defined sales cycle, you might not be targeting the right customers during that cycle. Rather than spending your valuable time trying to find those elusive qualified leads, why not outsource your sales and let a lead generation company do the hard work for you?
