Business Development Process

Product/Service Knowledge => Prospecting => Pre-Approach => Approach => Proposal => Objection Handling => Negotiation => Follow Up...

Now, let me try and explain the technicalities in each process and it's relevance to Software Industry.

1. Product Knowledge: This is a basic aspect which is a must in each and every sector. As a business developer you must be aware of the product line of your company, the latest happenings and technologies related to your industry and how your product lines up against competitors. You should know your product inside out. Having sound knowledge enhances your confidence while dealing with clients. It is advisable that you spend considerable amount of time studying the company products before actually going on a client meet.
2. Prospecting: This is the part where you start prospecting who your possible clients and users can be. For this you need to find out the market potential and identify your customers. It involves physical as well as manual search. Now "Software Companies" is too big a classification. The process might differ radically depending upon how big a company you are working for. This process is absolutely crucial for a startup or a small company to target the right people. Two ways to reach out to the client i.e. 1) Email Marketing & 2) Cold Calling. Collect the database of all respective professionals from you targeted companies lists & send them emails in bulk with attractive subject line & relevant email content. You can also reach out to the individual by cold calling with a proper cold calling script.
3. Pre-Approach: Pre-Approach is basically the client study before actually meeting him or her. You look up to the customer profile, analyse what is it exactly that he or she wants, the price that prospective customer is willing to pay, past dealings with the company. Now in case of software companies for example you are offering to develop a website for a firm, then be aware of the business vertical of that firm and how a website will help them with their business.
4. Approach/Proposal: The actual meeting with the client. Decide a time and place to meet with the client. Do not start with the drone of what you have on offer. Make sure to hear out what he or she has to say. Recognize the problems and an apt solution for it. Create value for the customer. That is the best and only possible way to develop a business.
5. Objection Handling: Be calm and patient and make absolutely sure that the client is in no doubt about your product or service. Be ready to give a demo or show some previous work done by the company.
6. Negotiation: Decide upon the right price for the product or service on offer. Make sure that it is the correct value for all the parties involved. Customer should feel it is the right price and at the same time it should earn your firm a profit.
7. Follow Up: Ask for feedback for the customer. Post purchase service and customer experience are the two factors that determine whether or not the customer makes a repeat purchase.
8. Business development ends with client/customer satisfaction: There is nothing on the planet which is more awful than an enraged customer. In addition to the fact that it spoils the relationship of yours with the customer, yet it is additionally hurtful to your organization's reputation. Forget about everything else and fix your client’s problems first. If you take a quick action once your client’s complaints about an issue, you will make an enthralling impression on your client. You will get adulation from your client and your name will be circled in your industry individuals. Make sure to rehearse compassion when managing customers. Spot yourself in your customer's position and feel his concern. doing so, you will be adequately sustained your business.

“If I had one hour to save the world, I would spend fifty-five minutes defining the problem and only five minutes finding the solution. “ – Albert Einstein

“If you don’t ask the right questions, you don’t get the right answers. A question asked the right way often point to its own answer. Asking questions is the ABC of diagnosis.” – Edward Hodnett

“Quality is never an accident; it is always the result of high intention, sincere effort, intelligent direction and skillful execution; it represents the wise choice of many alternatives.” – William A Foster

“Pretend that every single person you meet has a sign around his or her neck that says, “make me feel important.” Not only will you succeed in sales, you will succeed in life.” – Mary Kay Ash

The purpose of creating a remarkable experience is to make absolutely certain no one can find a substitute for what your company offers. When there is no substitute for what you offer, you cannot be commoditized. When you cannot be commoditized, then growth, loyal customers and profits are yours for the taking.