What Are Business Development Services – Many of our team members here at Lighting BOSS are former contractors, so we understand the daily struggles of the outdoor professional. A real pain in the growth process is that developers have historically had to go through multiple shops to meet all of their business development needs. We’ve simplified that process by creating the ‘one-stop shop’ you see below. Technology, marketing, workflow, ROI…we can help you understand it all and build a strategy based on YOUR goals. Click on the sections below or call us anytime at 729.565.0900 for more information.
I have personally known Ryan Jaso for 9 years. I have witnessed firsthand his passion for the outdoor lighting industry through his efforts as a distributor and now a program developer. He has worked tirelessly to bring Lighting Boss to lighting contractors and designers to simplify their daily processes in the field. He has made quite a mark on the landscape lighting industry with this unique mobile app.
What Are Business Development Services
Ryan is a good guy. He puts a lot of work and passion into his craft and it shows. Lighting Boss software is the next level for quick and easy lighting design and planning. Takeoff takes place automatically. Small jobs can be designed and closed in one visit without compromising quality. As we know, it’s often the first guy who shows up with the numbers who gets the job. Be that guy. Be a lighting director.
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Ryan and the Lighting Boss team are the best of the best. Ryan strives to be more than just your average distributor. He is always looking for ways to educate the lighting community about the latest products, price adjustments, etc. Whether you’re new to the lighting world or a veteran, Ryan Jaso is a great resource that I rely on regularly. Separate yourself. business development so you know what your BD department does and how to best utilize their skills.
Anyone who works in business development knows that it can be difficult to explain. If someone asks you what you do for a living and you say “Business Development” or “biz dev” you will probably get a question mark.
So if you don’t have a thorough grasp of what business development is, don’t worry – you’re not alone. The best way to understand biz dev is to break it into clear parts.
Keep reading to explore business development in all its facets, including how to create a business development strategy.
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Business Development (BD) is a strategy used to identify and nurture new opportunities to promote business growth.
, business development is “the creation of long-term value for an organization from customers, markets and relationships.” This is a simplistic definition, and it still faces the hurdle of trying to cover the enormous range of responsibilities that come with BD. All efforts involved in business development are activities that help make a business better. But it could be argued that that definition describes every action of every employee.
The easiest way to understand BD is to think of it as the umbrella that works to improve all other departments. Although BD is not sales, it helps to improve sales; it’s not marketing, but it improves marketing.
When it comes to sales development, more emphasis is placed on researching and identifying leads and pushing them through the sales process to close a deal.
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Business development involves finding new ways to grow and forming partnerships that can help open doors to new markets and opportunities.
New business development means that an existing company is developing a plan to introduce a new product or service under a new business model in a relatively unknown market. It is aligned with business development because it seeks to expand and generate more revenue for the business. It has its own title because it can be a radical and risky approach.
Unlike normal business development, new business development takes the company out of its comfort zone and tries technologies that the company has not tried before.
Example: A sit-down restaurant that serves diners only uses a new business trend when it starts offering delivery or partners with a food delivery service like Grubhub.
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BDRs work with nearly all of your departments as they search for and implement new strategies, goals, prospects, and technologies for your business. Since BDRs work with many people and have diverse skill sets, they need to bring specific experiences and attributes to the table.
Considering the broad scope of responsibility, it is impossible to list all the activities that go into business development. That said, here are the key tasks your BD team will likely focus on:
Learn about the most pressing issues facing sales organizations today, what the beginning of conversational CRM means for your technology stack, and how you can come out stronger.
All BD programs start with a plan and goals – start developing your own business development strategy by following the steps below:
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You need a concise 30 second pitch for any plan, including a BD plan. Want to go the extra mile? Create a few sales pitches and see which ones are most effective. You will be able to present while doing market research.
An elevator pitch summarizes what your business does, who you serve, and how your business differs from the competition. The goal of your elevator pitch is to open the conversation about how you can serve your customers. Here are some best practices to follow when creating pits:
The SMART system is a great tool for business development goals. SMART goals are those that are specific, measurable, attainable, relevant and timely. For example, a good SMART goal for a business development strategy might be:
“I will aim to improve the first response time for customer issues by increasing the number of staff in the customer service from 10 to 15 people in the next three quarters.”
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By following the SMART system, you will keep your goals aligned with those of other departments and ensure that they can be achieved with your existing resources.
SWOT analysis stands for Strengths, Weaknesses, Opportunities and Threats. It is an effective business development tool because it helps you identify your growth areas. The best way to use SWOT is to choose a specific aspect of your business to analyze. When conducting a SWOT analysis, keep these questions in mind:
Example: If you’re looking for a new product, you can look at what your company does well, what it does poorly, where it might be missing opportunities, and what other companies might be doing better.
Next, define your target audience – this can help you determine who you want to attract as potential new customers. While you want to be specific about who to target, avoid being so specific that you run out of options. You can do this by:
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Conduct research to determine who your competitors are and what your customers want and need. You should know your customers’ problems and how you can solve them.
You can gain valuable insight into your audience’s needs with business surveys. Eighty percent of companies seeing year-over-year growth use surveys to gather information about customer experience. Here are some tips for creating a survey:
To measure the success of your program, you need to identify measurable data points where you can document positive (or negative) results. You can do this with key performance indicators (KPIs).
Depending on what you’re measuring, these KPIs can range from changes in revenue to leads and conversion rates. The important thing is that you choose specific KPIs to add to your plan. Some biz dev KPIs include:
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Perhaps the most important aspect of your plan is your budget. Your company must be able to afford your plan before it accepts it and begins implementation.
Keep your proposed budget realistic, but don’t be afraid to push. After all, if your plan works, you should be able to get that money back. Be sure to include these factors in your business budget:
High quality customer service should be top of mind – it could be the difference between a customer choosing you over a competitor.
Maintain good customer service with existing customers as well to ensure you build a lasting relationship with them. Plus, if they have consistently positive experiences with your team, they may refer other contacts to your company.
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A business development strategy is not complete without a sales plan. A sales plan helps outline your sales strategy and includes:
While this is about the sales team, it can provide useful insight to your biz dev team.
Once you have a solid plan, execution will ideally be just a matter of delegating and monitoring. The implementation steps will vary depending on the parameters of your plan, but here are some things to keep in mind as you get started:
Business development is all about facilitating communication between departments to achieve new business goals. The best way to align your business with a unified vision is through a CRM.
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With a simple CRM like Sell, communication between your business development team and all other departments becomes effortless. Plans can move and adjust in real time to respond to everything from marketing clicks to sales tracking. (If you’re new to the CRM world, we’re happy to walk you through it with our CRM software tutorial.)
Your BD team already has a thousand things to fix each
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