Business Development #winning

Business Development (BD), the Disneyland of career fields - or so it seems.  Playing golf, drinking at mixers, and rarely doing the “important work”. While it may appear, from afar, that business developers are “professional partiers”, their job is far less glamorous; they drive sales through lead cultivation, and customer engagement, all while maintaining alignment with industry trends in various markets.  They are the strategists; the offensive or defensive coordinators managing the players on the field. In this article, the discussion will center around the measurement of return on one’s investment (ROI) relating to business development, a glimpse of what “success” looks for professionals in the industry - whether private or public sector, and lastly, the challenges facing BD professionals today.

Good business development professionals are like spies - they hear everything the market has to say. ~ Jennifer Delaporte, Director of Business Development, Pepper Construction

If a project is happening, a proficient business developer knows about it (Delaport).  The typical weekly grind for a BD professional is comprised of many late nights, and tiresome days; and, a seemingly never-ending obligation of networking events, industry functions, volunteer committees, and customer meetings.  As the company cheerleader, the BD professional uses targeted sales techniques to create a diversified customer portfolio for the company. It is not uncommon to see a strong partnership between BD professionals in like industries.  Partnering with another professional with an analogous mission can capture more leads more quickly. Cynthia Wrasman, Principal of Kefi Catalyst LLC., discussed, in her presentation, the value of return on one’s relationships, specifically how leveraging one’s network can churn out continuous leads.  

Often professionals overlook the importance of internal customer service, while also forgetting the most significant customer, your company (Wrasman).  In the presentation, The Anatomy of the Chase, Sandy Werthman and Nicole Snyder shared how team qualifications and industry dynamics affects the pursuit process.  They also discussed, the link between a strong comprehensive strategy and awarded contracts. Positioning talent in a viable market is key for success.  No one remembers Bo Jackson’s football stats, and for good reason.

Let’s talk challenges.  Goldbricking can have debilitating effects on a BD professionals, today.  The seemingly ubiquitous divide between the sales and operations teams appears to always drive a wedge in productivity.  How can a BD professional gain the buy-in of their key internal players? Know your company! Know their mission! As the business developer’s primary responsibility, outside of tending to customers, and cultivating new leads, is to “rally the troops” toward the company’s mission.  The resulting disconnect from goldbricking can breakdown the necessary bond a BD professional needs to be a successful leader in the charge.   

As the BD role is overhead, the pressure is on from day one.  The expectation is set, and goals must be met. Depending on the industry, leads could be expected within the first few weeks, while other industries allow for a longer term conversion.  The issue with tracking return on lead conversion is that all leads are not created equal. In regard to the construction industry, a lead conversion can turn into months, or even years, worth of work.  While others manifest into visibility with a potential customer, or the dreaded, dead end. Productivity is not as tangible as other departments. The other teams, including leadership, do not translate the daily interactions, the endless cold calls, the continual events, and the interminable meetings and conversations into tangible action that produce to the bottom line.  There are many deals that at one point were viable that fizzled out. That does not mean one’s time was not well spent, although less tangible. Business Development professionals time is split between the office and the market. The office is their decompression chamber, essentially their refueling station to recharge before going back into the frey - fresh faced.

So how can value be determine in regard to business development?  How quantifiable is their time? Some would say through lead conversion and opportunities, others would argue completed projects.  Business development can be a very productive source of revenue for some industries. The Motorsport industries, for example, generates considerable profits on partnerships, licensing, publishing, and acquisition.  Other industries simply leverage business development for project and customer positioning, or otherwise brand exposure. That said, the economy plays a large role in the growth of a market. If the economy is doing well, the industry typically follows.  When the economy shifts back down, productivity reduces and thus, the workforce. In those instances, BD professional can be the first to go. However, if a company aligns strategically with their market well, and the BD talent is recognized as an asset that cannot afford to be lost, their efforts can be proven to help the company weather the storm.

How does one influence a lagging team or a downturn in the economy?  Divide and conquer! Start with leadership and work your way down the food chain.  Influence is the fundamental skill necessary for success in a BD professional role, no matter the industry.  Whether one is influencing others to support the sales strategy or attempting to sway a customer toward products and services over a competitors; influence is key.  If one cannot successfully convince leadership to “buy-in”, good luck getting the rest of the team to on-board. This one factor can make or break a BD professional, and ultimately the productivity of a team.  If there is a major breakdown in communication or commitment toward the mission, teamwork will dissolve. To be successful in this industry one must tactfully influence leadership to support the business development strategy, and most importantly, hold them accountable to follow through on their word, so to gain the support down the ranks; consequently, solidifying engagement from the rest of the team.  Once established, a well-oiled machine begins to churn out information in unison to the market and its players; at this point, a brand begins to build, and a reputation and culture grow.

How does business development in the public sector differ from the private sector?  One could say the public sector is more challenging due to the resources typically available to build a professional network.  What happens when the golf outings, networking events, industry seminars, lunches, retreats, and happy hours are no longer in one’s wheelhouse?  Creativity must be a strong component to one’s strategy. The relationship is far more straightforward - a product or service available and a consumer in need.  While the private sector seems to adopt a more liberal philosophy relating to the dynamic of business relations. The public sector facilitates a more stanch approach.  Customers are converted built solely on qualifications and trust, and the players cannot be bought.

One could say tenacity and enthusiasm are the nucleus for success.  A successful business developer is measured by the leads they bring in that produce profit to the top-line growth.  Another efficiency for the BD professionals is to align tangential goals with the company, and having strong communication skills.  Know their business model, margins, products and services and be able to communicate well with customers. Being the expert for your company and the industry is essential.  One could argue that the measurement of success for a BD professional comes down to one objective, creating value through development. The methods used to facilitate value and growth could be in the form of relationship building, increasing brand visibility, building a larger network of providers and/or business partners, or continuously promoting the services and products one represents.  Ultimately, success is built through connections.

To close, there is no sure-fit, one-size-fits-all, template for success in this industry.  One must be resourceful and independent to survive in a business development role. There are very few nine-to-five, Monday through Friday BD gigs.  The position is a balance between working remotely, positioning around customer schedules, and relentlessly chasing industry information. One must be engaged, fun (but, not too fun), have impeccable decorum and professional sagacity, all while having a wealth of industry knowledge.  An efficient business developer must know their industry, build a network of trusted professionals, leverage their network to convert leads, and have enough enthusiasm and grit to continue moving forward in the face of rejection.

In this article, the hope was that it shed some light into the world of business development, while helping professionals in operational, leadership, and other supportive roles empathize with the sometimes challenging grit of the industry that business developers do not share with their teams.  In closing, business development is an exciting career, but equally challenging. One has to be flexible, willing to put in the work, have proficient time management skills, and an understanding that the operations and leadership team may not always see the value you bring to the table. That said, the position is highly influential in the overall strategy implementation process and should always align with the company’s growth plan.  Worst case scenario, your golf game will improve.