What Are Business Development Companies – Often, in our rush for shortcuts and easy ways to success, we overlook the main routes—the paths that get us there but require us to travel some distance first.
It happens to me all the time, anyway, when it comes to business development – it’s not the same as sales.
What Are Business Development Companies
As I mentioned recently, it all starts with research – but what does it mean and how can it be done more effectively?
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The model pictured above is a five-step process that works for me, but I often have to remind myself to follow it.
The main choice we have to make these days is not what to include, but what to leave out.
It’s easy to want to be seen as someone who can do everything, but that just means you need to know about everyone.
And since that’s impossible, it makes sense to filter the universe out there and focus only on the prospects who need your services.
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This filter can be simple, it is limited first by networks, then by companies and then by people.
For example, you can choose to focus on the oil and gas sector, billion-plus companies and pipeline technical managers.
Ironically, with so much information around us, we quickly search for a company, read a few pages, and then try to contact someone.
But if you take the time to read about the company, what it does, what its finances look like, and what’s in the news, you’ll get a much richer picture of what’s going on.
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For example, this includes things like Evernote or OneNote, or if you like open source, things information security professionals use like Basket Note Pads or Dradis.
Now you can study with your own material – and look for people and what you have in common.
The point isn’t to chase, but to be curious—take the time to understand what’s out there so you don’t waste someone else’s time when you reach out.
On social media, you’ll have connections designed to see if you’ve reacted at all and then follow up on a series of posts.
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It probably works for people – and they do their numbers, but more people should be outraged by this approach than welcome it.
If you want to establish a business relationship with a new person, it makes sense to keep it ethical – because otherwise you will start it on the wrong way.
If you take the time to understand where the public is at and craft a message based on shared goals and values, you’ll still do better in terms of quality communications.
The sense of caution never leaves most of us. We’re not interested in what you’re proposing – we’re just looking at the first step and seeing if we have the courage to do it.
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So, you’re far from selling – instead, your approach should be designed to understand and educate the person you want to work with over time.
It can be difficult if you think you need to do it, but it can be easier if you think there are a few steps you need to go through before you can reach an agreement.
Yes, you may want to be informational and formal, but in most service businesses, one-on-one sharing with others is more important.
But whether its data or a reflection of how the last pass through the process cycle went, the key is to look and learn.
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Did you get enough information – did you miss something that helped the conversation later?
Are people responding to you – are you showing that there is enough shared value for them to take that first step?
The thing is, most of us would rather be busy than work on systems or improve our own approaches.
However, as the saying goes, you can’t rise to the level you expect – you’ll fall to the level of your training.
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It’s easy to skip one of these steps and try to go straight to a tight fit.
But by taking your time, you’ll build a better business that works for you and ultimately helps you meet your expectations.
I’m Karthik Suresh and on this blog I write about strategy, management, marketing and innovation, with a focus on model-based decision making using Visual Systems Thinking.
All content on this blog reflects my personal views and should not be taken as representing the views of any employers, companies, universities or social enterprises I am associated with. Imagine working at a company without employees dedicated to business development and growth. No one wants to tell you about improvements or new business opportunities, changes in the market, what your competition is up to, or how to engage your target audience more effectively. That makes it hard to succeed, doesn’t it? That’s why companies establish business development practices and hire employees to focus on these tasks (among others) to help drive growth. Business Development Business Development Representatives BDR Responsibilities Business Development Ideas Business Development Process Business Development Plan Business Development Business Development is the process of implementing strategies and opportunities across your organization to drive growth and increase revenue. This includes looking for opportunities to help your business grow, identify new prospects, and convert more customers into customers. Business development is closely related to sales – business development teams and representatives are almost always part of a larger sales organization. Although business development is closely related to sales, it is important to note what makes them different. Business development and sales. As mentioned above, business development resides more in the sales team, but it is different from the usual sales work and responsibilities. Business development is a process that helps your company build and maintain relationships with prospects, learn buyer personas, increase brand awareness, and seek new opportunities to drive growth. In contrast, sales teams sell your product or service to customers and work to convert customers into customers. Business development work simplifies the work of a salesperson or sales manager. Let’s take a closer look at what business development representatives—those responsible for various business development tasks—do next. Business Development Representative Business Development Representatives (BDRs) seek and establish new strategies, tactics, goals, personnel and prospects for your business. The goal of all BDRs is to find ways to grow and provide long-term value to the business. Having the skills and experience needed to grow your business will help your BDRs handle all of their day-to-day tasks and responsibilities. Responsibilities of a Business Development Representative Although some BDR responsibilities may change over time and as your business grows, the following list will give you an idea of typical BDR responsibilities. gives a clear understanding. 1. Lead qualifier. BDRs must qualify leads and identify ideal prospects to determine who to sell to. Typically, leads are qualified through calls, emails, web forms, and social media. The key to qualified customers (leads assigned to BDRs, as well as lead BDRs identify themselves) is to consider their needs and then determine if your product or software can be a solution for them. 2. Identify and communicate with prospects. BDRs identify ideal prospects by qualifying leads and searching for people who match your customer base. They can communicate directly with these prospects to learn more about their needs and pain points. This way, BDRs can determine whether they would really benefit from your product or service by becoming a customer. This is very important because it increases the chances of customer loyalty and retention. Once BDRs have identified ideal prospects, those prospects can be assigned to a sales representative (or sales manager, if applicable) on the team, who can move them to a deal. 3. Actively seek new business opportunities. Actively seeking new opportunities—whether in terms of product lines, markets, prospects, or brand awareness—is a critical part of your business’s success. BDRs work to find new business opportunities by networking, researching your competition, and interviewing prospective and current clients. If a new business opportunity is identified, BDRs should schedule marketing assessments and discovery meetings with the sales representatives on the team so they can assess whether there is potential for a deal. 4. Stay aware of competition and new market trends. It is important to stay current on competitive strategies, products and target audiences, as well as any new market and industry trends. This will allow you to identify your ideal prospects more effectively. It will also help you prepare for your business
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