If you want to succeed in business development and sales is learning how it works. You have the power, you just need some understanding of what makes other people buy from us so that they’ll trust their money with yours!
Business Development And Sales
If you spend any amount of time in this area, there are certain skills that will become second nature to your brain. You’ll find yourself building a puzzle-like image with all the pieces fitting together perfectly because if have enough expertise on hand when it comes down to how best to sell or develop products for clients!
It’s important for any company to be able not only to produce a good product or service but also to promote and sell it as well. The key component in this process?
Business Development (with marketing on your side)!
It’s the big picture.
It’s a strategic activity from a business perspective.
It is the driving force.
It is the long-term goal of the business to generate sales and make an impact.
It’s about closing deals with paying customers.
Sales however are tactical, so it’s at a different level.
In order to be a successful executive in today’s business world, you need more than just sales and marketing know-how. In fact, it is imperative that your leadership abilities extend beyond these core skills if they want long term success with their company’s goals!
You should have an understanding of what makes other companies tick so well – especially those outside our industry or sector – -but also how we compare against them when dealing directly on price points/quality levels etc., as customers will always choose one competitor over another.
From a sales perspective, getting the day-to-day work done and executing tactical operations is hard. But it’s important for them to see what their bigger picture looks like so that they can be successful in reaching goals!
In order to be successful, your business needs a customer – someone who will buy from you.
In today’s competitive market it is difficult finding potential customers especially when they’re hiding in plain sight! So how do we make our product or service stand out? One way might just be by understanding their wants and needs: what does this person want more than anything else right now? And why should he/she choose us over the competition?
Sure, this is partially the role of marketing. But most businesses that struggle, fail to map internally the heads of sales, marketing and business development.
On the larger contracts for services, it takes time to build those relationships.
The marketing drives the message and plants the seeds.
The business development team drive new leads for the business and the sales teams nurture those leads into contracts.
Despite this not being rocket science, many businesses fail with this simple process as all three departments work often against one another when the reality is they should be aligned with their goals, mission and messaging.
But what about businesses that are early on in their journey with low staff and resources at hand. The founder (or core team) must have all three processes nailed in order to build momentum in sales.
If you’re from a sales background with a good understanding of business development, you’re already ahead of your competition… Seriously
If not, then the core of solid business development comes from various factors – the primary having a solid perspective on the current state of the business.
We all know the importance of looking at your strengths, but it’s important not to neglect your weaknesses. Don;t let vanity get in the way of growth and sustainability. You should be on guard for any potential threats that could harm or put you at a disadvantage in ways other people might fail to see coming – this is where being aware comes into play!
The key to success in any industry is understanding the trends and challenges that face your business. In order for your company’s brand, products or services to stand out from competitors it will be necessary to make sure they’re better than their counterparts by having a strong understanding of what makes each one unique – including an analysis of where both parties excel at certain things like cost-effectiveness versus quality/trustworthiness.
Don’t sugar-coat it – be honest as hell as this process will allow you to refine and align with your audience in ways most companies aren’t willing to delve into.
Honesty is key and this includes being honest about you, your business, your market and the competition. It’s from these (sometimes) uncomfortable discussions where true growth potential lies (excuse the pun).
Think about it this way: when you’re talking to a lead, you need to be able to explain how you compare to the competition, from a genuine place of honesty without being distasteful about your competition. This puts you in an incredibly strong position as it shows you are honest and humble from the beginning.
This allows you to explain why your solution is the one that the customer should purchase – If it isn’t then you need to address your offer.
Another good point to discuss internally is to formulate a good understanding of where your sources of sales are currently coming from and where you think new opportunities may lie. The answer is always in the data and the more things you try, the more options of analysis you have at hand to explore further with the intended focus.
This is a saying that I intrinsically feed to my team @ MarGen Group. I find it incredible how many businesses scale briefly, and then hit a wall simply because they failed to understand underlying truths, both within the market and within their own services.
Understanding your customers’ needs, challenges and desires will help guide future product design decisions as well as provide an understanding of how best to reach out with marketing campaigns or other initiatives designed for success!
By understanding all of this, you are able to establish a clear idea of future products and services along with expansion opportunities further down the road.
Always play the long game!
As well as delving down this process, you begin to fully understand both the opportunities and the pitfalls within your service, business costs as well as what the lifetime of a customer is, allowing you to refine and improve in ways that ultimately drive more business and makes you more profitable.
So where does this fall into the realms of business development?
Knowing your products and services inside out allows you must also know your (potential) customers inside out, allowing you to improve the business and, from a customer perspective, what you can offer to them as a business. Knowledge is power and with this information built solidly in your mind, you are able to explain to leads exactly how they can benefit from working with you.
But this goes somewhat further than that.
The more the team knows these factors, the more each department is able to progress, working alongside one another and collectively strengthening your position within the market.
Marketing, sales, and business development working in unison to improve and grow as a team – not as separate departments.
How is the marketing team going to know what the customer even needs (or the objections they have) if this isn’t relayed from the sales team?
How are the sales team ever going to be able to drive the business forward if they don’t understand the positives and negatives the solution they provide has?
How will business development ever refine and rebuild if the feedback is looped into the discussion?
Open, frank conversations covering the greats and the pains and working collectively to implement changes so that you can offer better services and scale.
Sure, there are tricks that each department and role can learn such as copywriting for marketing or how to engage in sales meetings that position the customer correctly for your product (I’m putting together a great piece on this which will be released over the next week or so), but if you don’t discuss these issues internally and constantly refine the product, processes and messaging, you will never be able to scale properly and will be forever hitting a ceiling of growth.
This is basic 101 yet I talk with many businesses that fail with this simple process of refinement and engagement internally. Departments work apart from one another instead of together.
So, if you are struggling to scale your sales and business development and reached a point of stagnation, get back to basics and start again the process of refinement and discussion.
Want to work with me one-on-one? Book below and most importantly, keep thriving to enjoy the process you are in.
You got this!