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Outbound telemarketing is a marketing strategy used to draw in new customers and retain existing ones. Industries like banking, financial services and insurance (BFSI), information technology and telecommunications, and consultancy regularly employ outbound telemarketing to identify potential customers through phone calls where they are asked to buy products or services. Direct human involvement has many advantages in the outbound telemarketing sector, including lower communication costs, a larger clientele, and the growth of goodwill and public image. In order to interact with more clients, businesses all over the world are turning to outbound telemarketing, which is gradually becoming one of the most significant, effective, and economical marketing strategies.
Business Research Insights estimates that the outbound telemarketing market size was valued at USD 10.23 billion in 2020 and is expected to reach 12.94 billion by 2026, exhibiting a CAGR of 3.0% during the forecast period.
Post-COVID-19 Impact: Positive Effect of Pandemic Propelled Industry Growth
Telemarketing is more necessary than ever. The pandemic affected every market and had a long-lasting effect on market growth. On the other side, pandemics had a positive impact on market expansion because the lockdown promoted the development of many goods and services. The introduction of various things required promotion, but field marketing was not allowed while the area was under lockdown. Businesses were forced to use the telemarketing strategy as a result. The emergence of the outbound telemarketing industry was greatly influenced by the demand for product promotion in the consumer goods sector.
Suitable Supplier:
The outbound telemarketing services procurement market report offers an in-depth analysis of the various supplier selection criteria, RFX inquiries, supplier evaluation metrics, and service level agreements that buyers should take into consideration using to realize significant cost savings, streamline the procurement process, and lower category TCO while sourcing for outbound telemarketing service’s needs.
Businesses are focusing on offering their customers better services in terms of things like connectivity and communication quality in order to maintain a competitive edge in the diverse telecommunications sector. Outbound telemarketing strategies enable businesses to connect with the right clients directly, offer them enhanced services, and simultaneously solicit their feedback. The global outbound telemarketing market's top revenue-generating segments are the BFSI sector, consulting, and others.
There is no denying that on-site call center services are frequently expensive and ineffective. The following list of reasons why the efficiency is compromised:
- Subordinate team members who are less skilled at effectively communicating the marketing message make calls.
- Team members who are already overworked with other duties are given the telemarketing activities.
- The results of telemarketing are frequently postponed by periodic training, list development, and other accountabilities.
- An ineffective call agent will be disheartened by termination and look for anything else to perform. Additionally, internal telemarketing services require explicit managerial skills and administrative tasks, which only serve to drive up costs.
Legal Restriction on Telemarketing
Since many Americans have already added their phone numbers to "do not call" lists, it is illegal for businesses to contact individuals with sales calls unless you already have a working relationship with them.
Numerous factors affect how much a telemarketing program costs. These factors include how many phone lines you decide to set up, how many telemarketers you hire, how many hours they spend calling potential clients, how many calls they make per hour, and how many leads are produced by each telemarketer.
Conclusion:
One of the most crucial campaigns in the toolkit of businesses and entrepreneurs on the planet today is outbound telemarketing. Very monotonous and boring duties are now delegated to machines thanks to AI-based technology. When it comes to telemarketing, the screening call can be handed off to a voicebot, and as soon as the lead qualifies (which the bot can detect), it can smoothly transfer it to a live representative. In this manner, the live agent is still in charge of the art of selling, and the machine eliminates the tiresome and unpleasant task of phoning and receiving a rejection. The advice for effective outbound telemarketing is still relevant, though, because human-to-human communication cannot be left to robots.