abc's of bizdev-4.0
TRANSCRIPT
The ABC’s of Business
Development
By Brad [email protected]
612-807-2891April 15, 2014
By PresenterMedia.com
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Are your sales all over the board?
You need more sales which means you need more prospects!
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Do you feel like you are missing the target?
Are you sending out a lot of emails or making a lot of phone calls
but not getting any leads?
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Prospecting is out!
The days of making a lot of calls or sending out a lot of emailsto find a hot prospect at the last stage of the sales cycle are
long gone.
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Business Development is in!
In todays market you need to find suspects in the early stages of the sales cycle and
develop them into prospects over a period of time.
You can mine a lot more gold this way!
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Business development is the creation of long-term value
for an organization from customers, markets, and relationships.
What is Business Development?
ON
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Business Development
A= Analyze the marketB= Build a contact databaseC= Contact consistently
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Study your customer base, do some reverse-marketing to find out who your BEST suspects are? • SIC- legal, manufacturing, wholesale, • Size- small, medium, large, Fortune 500• Situation- current system, in a contract
A= Analyze the market
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Someone once said that business development is right between
Sales and Marketing!
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What is their ‘probability of purchasing?”High - Medium - low
For example: We know a person buys a new or different car every seven
years.
A person who bought a car last year has a low probability of buying one this year.
A person who bought a car seven years ago has a
high probability of buying a car this year!
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If you ten contacts how many would buy from you?
If you had ten names that were all branch officeshow many would buy from you?
If it was one they then there would a 10% ‘probability of purchase.
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How do you eat an elephant?
One bit at a time! That means we want to
split up our database into segments.
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We will look at target marketing but first can I buy you a beer?
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Target Marketing
The better job we do of defining your target market the closer we get to finding new clients
Tip: Build your own Fortune 500 List
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Many companies have thousands of names in their CRM database….
but they have no idea where to find prospects!
Are you throwing darts blindfolded?
Are you missing the mark?
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Pareto’s rule says that 80% of your business comes from 20% of the contacts in your CRM.
Do you know who the 20% are?
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B= Build (and manage) your contact database
Based on your analysis, you need to start building your database. That means going out to a number of sources and finding companies that meet your company’s profile.
Missing the mark? How much business have you missed because suspects aren’t even in your database?
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If you have a lot of garbage in your database
What are the results going to be?
Garbage in- Garbage outGIGO (garbage in, garbage out) is a concise expression of a concept common to computer science and mathematics: the quality of output is determined by the quality of the input...
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That means the less focus you have the more ‘spread-out’ your resources get.
We want to ‘zero-in’ on our prospects!
The more contacts you have the more business you get!
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Which is more productive? Emailing 2500 one time orEmailing 500 five times ?
Some people think the more names you have in your CRM the more you are going to sell.
But the truth is the more focused you are the more you sell.
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That means there are only so many fish in the aquarium!
Most sales people think there are thousands of fish in the pond!
But the pond is only so big!
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Eliminate the companies that aren’t prospects and you get closer to those who are!
• Eliminate duplicates• Eliminate branch offices• Eliminate big companies
Prospecting is about the process of eliminationSeparating the dirt from the gold
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Missing the mark? Information changes at a rate of about 25-30% per year! How many prospects have you missed because your contact information isn't up-to-date?
….Manage your contact database
Now that you have built your contact database…You need to do something
to develop them into prospects!
CRM = Customer Relationship Management
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Rep A Rep B0123456
3- Emailing
2-Researching
1-Calling
Rep A spends 5 hours on the phoneRep B spends 15 minutes on research then spends 3 hours on the phone and spends 1.75 hours sending out emails!
Data ScrubbingIs it worth the time?
Which Rep is going to be more productive?
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C= Contact your suspects consistently!
This is where the ‘DEVELOPMENT’ part of business development comes in.
Be consistent in terms of both the time and the message.
Missing the mark? Marketing experts say that it takes 8-9 touches to develop a qualified prospect!
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The odds of cold calling and finding a prospect are 50:1
The odds are rolling snake eyes are 35:1You are better off playing craps!
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The power of three
plus
plus
Each method has it’s positives and negatives
The key is to use all three
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We need to step the prospectthro the sales cycle!
Awareness – the customer is aware of the existence of a product, service or companyInterest – actively expressing an interest in a product groupDesire – aspiring to a particular brand or productAction – taking the next step towards purchasing the chosen product
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No trust –”I don’t know anything about your company.”
No Need – “I don’t need your product.”
No Solution- “Your product doesn’t solve my problem. “
No Hurry – “You have a solution but I am going to wait.”
Once you have contacted the suspect you need to step them through the sales cycle.
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Follow the ABC’s of Business Development
A + B + C =
…and you will get results!
By Brad [email protected]
612-807-2891