The heart of effective business development (BD) lies in the pursuit of trust-based relationships. Unlike many other industries, BD for professional services is not about selling your firm's features. It is not about aligning with specific projects. It is not taking a shot in the dark with a canned message. Instead, it's a structured process encompassing Research, Discovery, Pursuit, Initiation, and Nurturing.
Research – The Foundation Every successful BD journey begins with research. Attempting other BD tasks without thorough research is counterproductive. While you might envision BD professionals as outgoing extroverts, meticulous researchers are the best. They align the firm's technical capabilities with the prospect's needs. They delve deep into the prospect's organization and culture before attempting to sell anything. Discovery – Building Connections Once you identify a promising prospect, BD professionals initiate contact. The "discovery" meeting serves to gauge the prospect's awareness of your firm and the reputation you hold with them. It's about establishing a personal connection and demonstrating genuine interest. BD professionals emphasize the seriousness of the firm's intent. Pursuit – Building Relationships BD is akin to dating – you spend time together to explore mutual attraction. It's essential to realize that BD professionals don't chase projects; they pursue relationships. The focus shifts to building connections between your technical team and the prospect's decision-makers. BD professionals serve as liaisons in the pursuit process. Initiation – The First Project Once a mutual attraction is evident, it's time for initiation. BD professionals and technical staff embark on the first project assignment from the client. This step is pivotal because it represents a significant leap of faith from the client. It's your first opportunity to prove the client's decision was the right one. While BD professionals play a reduced role during this phase, they continue to manage the relationship behind the scenes. They ensure open communication and perform regular check-ins. Nurturing – Sustaining the Relationship After a successful initial project and client appreciation, it's time to nurture the relationship. The primary responsibility falls on the technical professionals delivering the work. BD professionals offer support. They collaborate with the technical team to ensure consistent client care. This is particularly true when there are no active projects. Good nurturing means continuous research and discovery. A client's organization can change personnel, budget priorities, and infrastructure plans. Wrap Up Maintaining BD efforts is crucial, even during busy project phases and backlog periods. Ideally, BD professionals research and discover future clients 18 to 24 months before they order any work. Firms that understand and prioritize effective BD maintain a healthy backlog, even during economic downturns. The essence of successful BD in professional services lies in the cultivation of trust-based relationships. This includes meticulous research and a commitment to nurturing connections over time. This structured approach ensures that your firm thrives, regardless of economic fluctuations.
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You have numerous casual conversations with those in your network every week. Your network includes family, neighbors, friends, social groups, church, clubs, etc. Your sphere of influence is unique. How can you recognize opportunities for business and transition those casual chats into a business conversation?
Before you “freak out” and get some awful taste in your mouth about slimy salesy pitchmen, I am not talking about sales! I am not talking about selling like you are in the hottest new pyramid scheme. I am talking about discovering opportunity when it presents itself. The conversation should be organic, not contrived. Here are a few tips for helping you discover business opportunity in your network of relationships.
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I have sat in many trade show booths through the years. Inevitably, vendors of equipment and other service providers take advantage of the opportunity to come by the booth to try and sell something. Many are distributers of equipment used in our projects. Others are insurance providers or human resource consultants. Almost all are poor salesmen. Here are the most common traits of bad salesmen.
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AuthorGabe Lett, FSMPS, CPSM, LPC Archives
May 2024
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The views and opinions expressed on this blog do not necessarily represent the views or opinions of Prairie Engineers.
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