We all know how important sales are, without sales your business won’t grow, and without growth, your business will collapse. Therefore, it is essential to account for sales and business development within your company.
Whether you’re managing your business development in-house or outsourcing to an agency, implementing a thought-out strategy will help to win you clients and give you the ability to positively influence the individuals within your company.
8 tips that will help you implement a successful business development strategy.
- Identify long-term goals:
82% of B2B decision-makers think sales reps are unprepared.
However, have you ever questioned why this might be?
Tips:
- Establish what success looks like for your business
- Ask why you’re deploying a business development strategy. Have you experienced a drop in inbound enquiries, are you lacking qualified leads or are you aiming to make enquires more consistent?
- Set clear milestones and incentives to achieve the changes needed to reach success and give your team something to work towards
- Measure your current performance:
65% of CEOs rated “inclusive growth” as a top-three strategic concern.
Today, businesses are no longer assessed on traditional metrics, instead their relationships with workers and their impact on society is just as important as financial growth and this, in turn, heavily affects success.
Tips:
- Combine revenue growth and profit-making with the need to respect and support the people which make up your environment
- Invest in a performance management tool. The Performance Climate System for example, is a management tool which can extract information on the current productivity, climate and perception gap between your team and the leaders
- Allow your leaders to implement the changes needed for a more positive environment, a boost in team engagement are highly linked to an increase in sales
- Establish what clients you’re looking to win:
42% of start-ups failed in 2017 because there wasn’t a market for their offering.
Not everyone wants to buy what you’re selling, which is why it’s so important that you identify the needs of your target market.
Tips:
- Think quality over quantity
- Create a client profile to give you a clear indication of who needs your product or service, understand their pain points and what long term goals you can help them to achieve
If you’re looking for ‘The Ultimate Guide To B2B Sales Prospecting’, Air’s Group Director, Richard Forrest has all the tips in this world-class book.
- Hunt down your next opportunity:
80% of buyers are those which you must go out and find and it may take an average of 8 cold call attempts to reach them.
Tips:
- Pick up the phone and be persistent in your efforts to build rapport.
- Focus on your prospects need and be prepared to objection handle. For 3 killer ways to handle objections, take a read of our blog here.
- Don’t become a sales robot, your priority is client satisfaction, so don’t let the relationship go cold.
- Make sure your new opportunities qualify:
Business Development Executives make between 100 and 500 calls for every lead they qualify.
Setting qualifying criteria is a way of making sure your business is concentrating on leads that can really benefit you.
Tips:
- Be clear on the decision makers you need to be talking to and what makes a good meeting
- Analyse your prospects BANT (Budget, Authority, Need, Timeframe)
Need more tips on the golden questions you should be asking to qualify leads? Read more here.
- Top ‘Sales Professionals’ don’t sell:
1 offline word of mouth impression drives sales 5x more than one paid impression, and as much as 100x more for higher-consideration categories.
Being a sales professional is not actually about selling, it’s about building relationships and solving problems.
Tips:
- You must be out there, have a presence and be the expert. Offer guidance, regardless of whether it results in a sale or not. You can guarantee that the person you helped, with no immediate benefit to yourself, will come back or refer your next customer
- Use your marketing resources:
Only 54% of professionals across service industries said their marketing and business development activities were strongly aligned.
Lack of integration between the two can result in wasted efforts and lost opportunities.
Tips:
- Partner with a marketing agency or department! Events, content and consistent company messages can really help nurture leads through your pipeline and close deals
- Checkout our sister company, Roots to Market, who can offer a full-service approach to your marketing strategy or aid in bespoke projects such a nurture campaigns
- How do you know you’ve achieved success?
Business Development is a long-term investment.
Tips:
- Remain realistic when visualising what your success looks like, how much you’re prepared to invest and how long success will take you
- When you have reached your initial end goal, it’s time to start the process again, establish what success looks like now, set a more ambitions turnover, find new competitors, hunt for more rewarding opportunities and create new milestones in order to progress further up the ladder
Done well, Business Development has the potential to transform the dynamic of your business and get you working with more of the right clients. Whether in-house or outsourced, everyone who touches your Business Development Strategy needs to be fully engaged in your long-term ambitions and understand what needs to be achieved to get there.
Get in touch:
Need help with reaching your audience, increasing your client base and growing your business? Contact #TeamAir today on 03332 581394 or via contact@air-marketing.co.uk
