Business Development

Business development should be a top priority for any organization that is looking to grow. The strategies for successful business development are endless, and some may work better than others, depending on your business and its goals. Something that many businesses fail to fully take advantage of are the resources and networking opportunities in their immediate area. There are tons of opportunities for new markets, customers, and clients on a local level that can be easily tapped into with just a bit of creativity. I would like to talk about some of the key business development strategies, mostly been overlooked.

·        Social Selling

For most, social selling is nothing more than a nice idea. It is looked at by sales teams as a marketer's responsibility. Social selling is overlooked and underutilized day after day across B2B sales organizations.

·        Building Deep Customer Relationships

One recurring theme across any business right now is the sudden onslaught of technology, but is this what the customer desires? Tech may be great for measuring ROI, but most sales organizations need to go back to fostering relationships by hand. The hours of building trust or learning about a customer in greater depth, while long and tedious, will prove to unlock greater revenue potential. - 

·        Giving Back to The Community

One of the most overlooked, yet most satisfying, methods of bringing in new business is through involvement in charitable causes. People like to do business with companies that give back to their community. Finding a meaningful philanthropic organization that aligns with the mission and goals of the organization is something worth considering. It is a win-win, benefiting everyone involved. -

·        A Micro-Vertical Focus

Do not just pick a popular industry and say that it is a target market. Dive deep into an industry's micro-verticals to identify their needs. The more you cater to their specific needs, the more efficient you will be, which will be reflected in your metrics. Meeting set rates, conversion rates and close rates will lift because you are not trying to be everything to everyone.

·        Social Media Networking

One hugely overlooked strategy for business development is the use of social media. I find that I make so many connections, friendships, and business relationships through social media. My favorites are LinkedIn and Instagram. Depending on your business model and needs, you can usually get in touch directly and immediately with the appropriate contact. Social media also helps put a name to the face!

·        Revenue Enablement

Revenue enablement aligns all customer-facing teams along the buyer journey and ensures that every touchpoint, virtual or human, delivers the same high-quality customer experience. Research from Sirius Decisions demonstrates that "organizations that maintain a focus on alignment achieve up to 19% faster revenue growth." Alignment via revenue enablement is the approach you need to implement. - 

·        Encouraging Referrals

Ask existing customers for referrals to other prospects. As obvious as this is, it does not occur often enough. Much focus is placed on landing and expanding in an existing account. Successful customers know your business and have established trust. Asking them to expand the circle of trust with those outside their organization will yield rapid results for obvious reasons. -

·        Talent-Based Hiring

Hiring the right people is often more important than tactics, as natural talent has proven to be a strong predictor of performance in a role. Data-driven methods should be used to select team members who possess the talent to be successful and individuals should be positioned to leverage their strengths.

·        Asking for Testimonials

Business development reps should ask for testimonials at every point in the process even if they do not close a sale because the customer experience is everything. Treating people right is everything. Testimonials drive future behaviors and your frontline salespeople should drive those online reviews as much as CX teams. It creates accountability throughout the entire value chain. 

·        Careful Research and Listening

If the client values you and your solution, you are developing business. The client only values you and your solution if you understand their business and position your solution in the context of their business. To do that, you must take the time to research their business, ask questions and listen to their answers. There are no shortcuts! - 

·        Focusing on the 'Human' Element of Client Service

The ability to connect authentically with qualified candidates, know who's a prospect and know who is a waste of time and have honest, authentic conversations with individuals to establish a client-product fit is one of the most overlooked, timeless "strategies" to sell. Simply be real, authentic, knowledgeable, ethical, and relentless and the results will follow.

·        Harnessing All Talents Within Your Company

Oftentimes companies do not harness the full benefit of non-business development staff. Educating those individuals on how to identify business opportunities, ask the right questions of prospects with whom they may meet and bring those opportunities to the business developers’ attention can yield pleasantly unexpected ways a company can grow its business, increase morale, and foster teamwork.