The Top 10 Business Development MISTAKES

Last month we covered my Top 10 Business Development Tips. This month, we’re talking about the opposite—the Top 10 Business Development Mistakes.

Over the years, I’ve seen it all. The good, the bad, and the ugly. To help you find the most success in your business development journey, here are some common mistakes to avoid:

1. Not understanding the difference between sales, marketing, and business development. When a business does not understand the difference between the three, they will find themselves hiring the right people for the wrong roles and asking them to do tasks that are unrelated to their positions. And when a person doesn’t know the difference, they can find themselves focusing on the wrong areas and struggling to find success.

Sales positions should focus on finding new prospects and bringing them into the sales funnel. They are also responsible for closing business.

Marketing is responsible for your brand and bringing leads into the sales funnel. They provide a clear and consistent message to your target audience to attract the right people to your business.

Business development positions should focus on creating and nurturing relationships with prospects, clients, and referrals. Proper business development ensures no qualified prospects slip away, clients are happy, and strategic relationships are cultivated.

2. Not researching to understand who your prospects are and where you can find them. Business development does not—and should not—be a guessing game. You should know exactly who your ideal client or referral is and where to find them. If you don’t know where to find them, start asking current ideal clients for suggestions or centers of influence you should meet with.

3 Not preparing for your meetings with clients, prospects, and referrals. This applies to everyone in the professional world, but you need to do your homework. Look up the person you are meeting on LinkedIn, check out their website bio, read about their organization and what they’re working towards. You want to be informed before you meet with someone, so you know the right questions to ask.

4. Selling before you get to the know, like, and trust relationship. People want to buy products and services—they just don’t want to be sold to. They ultimately buy from people they know, like, and trust. Focus on developing a relationship with the person first, being helpful, adding value, and let the selling come naturally over time.

5. Not nurturing your prospects and not following up with them. Many business developers miss out on opportunities by shuffling through prospects. One major component of your job is to cultivate relationships with prospects—which means checking in regularly and providing value over time. Don’t lose out on new business just because you are bad at staying organized and following up.

6. Thinking that activity equals productivity. I’m sure a lot of professionals can relate to this sentiment, but just because you are going to a ton of events and meeting dozens of people a week does not mean you are going to find success. Slow down and focus on a handful of relationships at a time.

7. Talking more than listening. For certain people, talking comes naturally and it’s easy to be the life of the party. Extroverts, I’m talking to you about this one! I’ve learned that people love to talk about themselves and remember conversations more if they were asked questions. So, ask questions, listen, and learn more about the person. The more information you know, the more you understand how they operate and how you can help.

8. Not understanding your clients’ business and needs. People buy the same products and services for completely different reasons. You need to first understand your client’s goals to accomplish them. Once you understand their needs and goals, you can guide them in the right direction.

9. Not providing some kind of value first. This is especially important for professional services. For example, hiring someone like a lawyer is often seen as a “necessary” purchase. You need to provide additional value that makes your clients feel like they are getting more bang for their buck.

10. Not believing in your company and your product or service. If you aren’t a believer, dig deeper to find something that resonates with you. Otherwise, it’s time to move on to another job. Trust me, nothing is worse than a person who doesn’t believe in what they’re pitching.

What business development mistakes have you experienced? I want to know. Share your stories in the comments!