Business Development
Indeed with unique insight about the company’s customers, the industry and competitors, the business developer will advise the marketing department on how to structure and set up automation processes that fit the long-term organizational growth.
However, the ability to streamline the sales process can improve the success of a business, which is why business development professionals and sales team members work closely together in this capacity.
The sole focus of a mature sales team is to close deals with the qualified leads that are coming from either your business development efforts or other lead generation strategies that are designed to start conversations with the right potential customers.
Business development professionals need to not only be able to define their brand but also be able to drive change throughout the marketing and sales practices of the company -- by defining an ideal client profile and qualifying which clients are a good fit (and which are not), marketing its firm, hiring and recruiting practices, and even determining its value through pricing.
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Today, the applications of business development and the business developer or marketer tasks across industries and countries, cover everything from IT-programmers, specialized engineers, advanced marketing or key account management activities, and sales and relations development for current and prospective customers.
If you’ve gotten clear market validation for your solution and are consistently closing a high proportion of the prospects you speak with, but just need a higher volume of leads to continue flowing through your pipeline, then hiring a business development rep and training them on how to prospect for the right leads should be your number one priority.
The usual funnel sees it the marketing department in charge of giving to the sales team a list of leads (people that might be interested in your product or service) they can work on and bring them in as customers.
When a company has mastered lead generation by automating part of the activities from its marketing department it is easy to have salespeople forget about the first and hardest stage, get in touch with people that don’t know your brand.
The purpose of business development (in the context of a sales team—NOT in terms of product validation) is to research, prospect and create a pipeline of targeted potential customers to pass off to sales for further vetting and closing.
For example, if you have a frozen yogourt shop and want to develop it by increasing sales or opening more shops, you could focus on the type of customers that patronize the business, the latest trends in the frozen yogurt market, and/or the relationship the yogourt shop has with its current customers, its employees, or even partnerships with other businesses.
When you have salespeople that are also doing their own prospecting (researching, qualifying, initial outreach), their calendars can quickly fill up with a myriad of different activities like conducting research, cold calling from a list of inbound leads and sending cold emails to prospects.
Furthermore, the downstream effect is that if this alignment between business development and sales teams isn’t up to par, your sales reps are going to have a difficult time closing enough deals with the leads they’ve got, which leads to frustration and a close rate below the 20-30% industry average for SaaS.
Business developers often work closely with sales team members to push qualified leads through the sales funnel and get prospects to the next level.
The responsibilities of a business development executive include calling prospects, maintaining long-term relationships, and sharing valuable information with those involved in the business.
In order to target opportunities for growth, a business development professional must be able to identify members of the company's target audience and effectively find and follow up on opportunities.
In many cases, having multiple touch points with a potential customer via proper marketing strategies is a good strategy as it makes it way more comfortable for your Salesforce to close a complex deal.
When you make the sales canvassing process yours, that is when your company can become sustainable in the long run as you won’t need to depend on other companies to provide you with a consistent stream of leads, you’ll be able to generate them on your own.
When you separate the responsibilities of business development and sales within your organization, you’re grouping similar activities together and making individuals responsible for a limited set of goals that are directly impacted by the activities they’re expected to do on a daily basis (having a clear connection to impact being one of the three things that make work most meaningful).
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