Posts Tagged ‘Business development’

The Golden Moments in Business Development

Thursday, March 4th, 2010

There are many companies (notably, those in the business of selling professional services) who have a business model structured around “business development.” They use the term “business development” rather than “sales” because their focus is growing the business through expanding the base of customers or clients using their service and finding leads on potential customers/clients. Meanwhile, there are companies who may have a “business development” person or team as well as people in a “sales” capacity. In either case, business development people are also in the practice of selling and follow the same procedures as salespeople.

Typically, the people who are part of a company or firm’s business development team are sales people by trade; they have a sales background and a sales person’s mindset. Also, they use a sales person’s approach and tactics, such as cold-calling prospects, scheduling presentations and engaging prospects in follow-up discussions to win the deal or business.

Although my book, “The Golden 120 Seconds of Every Sales Call” and my consultancy look at the “sales” process, the principles I discuss also apply to business development.

The person engaged in “business development” (he/she could be the business owner or someone in the role of heading up business development) is “selling” themselves, their company, their brand and their value proposition as well as the key features of their service or product. They’re trying to make an impression as, like the salesperson, they are often trying to set themselves apart from companies who are competing for the business.

For those of you in business development, there are also those critical junctures with a prospect — those golden moments — in which what you say and do can impact whether you win the prospect’s business. These junctures are brief and can come and go before you have recognized them and grabbed at the opportunity and acted upon them.

Like the sales person, preparation prior to a call or meeting is crucial, including planning how you’re going to engage the prospect in the first 120 seconds. You need to employ proactive behaviors to move things forward in your business development interactions, however you want to make sure you observe proper protocol for dealing with and winning over prospective clients.

By using the approach of acting on “The Golden 120 Seconds,” you can gain the confidence, the focus and the edge you need to close more business.