Business Development is one of the most obscure industries that I've come across in my 20+ years of working in the corporate and independent business worlds.
Some say business development is selling. Others say it's the behind the scenes pre-planned, strategic and tactical actions to add more clients. While others say business development is similar to marketing.
The answer is all three explanations are correct! Business development is like an amoeba. It's shapeless, or like the little kid product, Silly-Putty, where you can form something out of a malleable, rubbery substance.
The cool thing about business development is it can be whatever you want it to be as long as the sales system design results in low investment, high ROI sales for your company or client. For example, it does not make total sense for a company to pay $10,000 in marketing expenses for $3,000 in new sales. The only exception would be if the $10,000 marketing expense generates future sales above and beyond $3,000. And sometimes, additional sales will come from one-time or ongoing marketing expenses.
Note: a marketing expense becomes a marketing investment as the company generates more in revenue than in expenses at a minimally, acceptable ROI.
Now, with Covid-19 lockdowns and small businesses experiencing unprecedented revenue generation obstacles, it is the perfect time for people with business development skills and experience to come to the rescue.
321 Biz Dev LLC has a business development component in our consulting firm. But first, let me highlight a few definitions.
Sales system: a predictable set of actions to deliver predictable client growth.
Sales pipeline: the phases including contacting, prospecting, appointment setting, closing and receiving referrals.
Contacting: communicating with people or businesses who might need your product or service.
Prospecting: the phase determining who wants your product or service and can afford it.
Appointment setting: an agreement on a date, time and location to meet to begin a conversation to see if a product or service is a good fit.
Closing: the phase where the prospect and salesperson have mutual agreement that the product or service IS or IS NOT a good fit. Note: this is not the phase where the salesperson discusses a specific product or service. This phase is about getting mutual agreement.
Referral: an action where the now, client, eagerly wants to communicate his or her great experience with the salesperson to friends, family and colleagues.
Acquiring or building skills to contact, prospect, set appointments and close have different requirements. For people looking to become a business development specialist, let me briefly discuss.
On a podcast episode, I will expand the conversation about what skills are needed. The good news is you do not need a great college education to work as business development specialist. All the skills people need are already inside them...but these skills may need to be turned on or elevated.
The skills needed to contact people
Self-confidence
Understand the sales system
Internalize a script
The skills needed to prospect people
Self-confidence
Listening skills are a must
The skills needed to set appointments
Self-confidence
Respect the prospect's time
Not selling on the spot
The skills/behavior needed to close*
Do not act like a typical salesperson
The ability to ask questions
Listen 80% of the time and Talk 20% of the time
Summarize the prospect's situation and/or concerns
Allow the prospect to close himself/herself
The skills needed to get referrals
Do the first prior four functions well
Validate client had a great experience
Which of the four phases (contacting, prospecting, appointment setting or closing) do you believe is the most challenging? We will answer the question on the podcast episode.
Which of the four phases (contacting, prospecting, appointment setting or closing) do you believe is the least challenging? We will answer the question on the podcast episode.
*Most people who want to work with 321 Biz Dev LLC will start with mastering the CLOSING process which requires no technical skills knowledge about legal, accounting, dentistry, medicine, insurance or real estate.
So what is a Business Development Specialist (BDS)?
A BDS is a person who understands how to do manage the entire sales-pipeline for success for the consulting firm, the white-collar small business client and the new customer.
The small business white-collar client benefits by having an on-demand stream of new business per month. The consulting firm grows its expertise and reputation by delivering new business to white-collar business owners. Finally, the new customer enjoys the journey of bringing their business to the white-collar small business owner, assisted by a professional consulting firm.
There is a 6- to 9-hour sales system training class to either:
Hire 321 Biz Dev LLC to work with your white-collar business, or
Learn the sales system to work with 321 Biz Dev LLC as a BDS.
321 Biz Dev LLC sales system training is comparable to training provided by corporate training programs like Miller Heiman, an international training school headquartered in Reno NV and Denver CO, but scaled down in detail and price, and for time.
321 Biz Dev LLC offers sales system and business development training to individuals or small business owners seeking to work with 321 Biz Dev LLC or improve business development.
321 Biz Dev LLC serves the U.S., Canada and any country where English and Spanish are spoken.
Thanks for reading this article.
For more information, contact Clarence "Rick" Nappier, CEO, 786-697-3401 or Yeilyn Rodriguez, VP, Bilingual (English/Spanish languages), 786-697-3400. Or interested parties, can complete a 5-minute questionnaire on our website under the "Services" tab.
Make it a great day!