LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global outbound telemarketing market is expected to grow at a CAGR of 4.8% over the next five years due to the increase in technological advancements in telemarketing software and higher conversion rates.
The research report titled ‘Global Outbound Telemarketing Market: Procurement Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“The direct marketing method offers two-way communication and immediate feedback, which helps firms realign their market strategy as per the customer's preference,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “In addition, the growth in the number of mobile phones allows telemarketers to contact customers in several ways such as calls and SMSs, which will also drive the market,” adds Angad.
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Cost saving opportunities in the outbound telemarketing market
The adoption of various cost-optimization levers helps buyers of outbound telemarketing realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the outbound telemarketing market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Technologies such as agent desktop, soundboard technology, call and speech analytics, and call tracking can all minimize outbound telemarketing costs, sometimes up to 18% of the total category spend.
Buyers look for suppliers that have a proven track record in lead conversions to measure the reach of a telemarketing engagement. Some of the common metrics that are used consist of lead conversion ratio, gatekeeper percentage, and telemarketing appointments per hour.
Supplier competition saving aspects
Optimization of supply pool segregation is critical in the global outbound telemarketing market. Technavio analysts suggest a selection of telemarketing firms based on experience, expertise, value-added services, and transparency in pricing.
Several large organizations look for firms that have qualified agents with professional experience who demonstrate qualities such as responsiveness, communication, persuasion, and the acumen to execute a successful telemarketing campaign.
Bundling of services saving aspects
One of the most opportunistic strategic cost saving levers in the global outbound telemarketing market is the bundling of services such as analytics and customer call data analysis to help buyers understand the customer's mindset better.
Technavio analysts believe that for a telemarketing campaign to be effective, it is imperative that the prospect list is based on demographic data and psychographic data that identifies the customer's needs and wants. This information needs to be handled by industry-specific agents, who are well-informed and versatile to deal with various types of customers.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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