Business Development – Fly or Die?
There is no getting away from it, unless you are in a very specialist market, new business development and new business is the life blood of any business.
No matter how good your business is, if you’re relying on simply servicing existing customers then by definition your business may be exposed, over exposed some could say, to competitive forces.
So, for many, the skill the business displays in the field of new business development may fully dictate the value, growth, profit and market share of the business.
There is a clear and direct relationship.
Firms that are typically great at generating profitable new customers, generating new business, continuous new orders, and who can keep those customer happy and free from attack by competitors, by definition will enjoy greater business success.
So, if you or your business, are not getting the business results you want, need or feel you deserve, then take a look at the business development skills, focus and direction within the business.
10 Reasons Your Buyer Turns Cold When You Start Selling
Here are some of the reasons your business development efforts might be repelling buyers, instead of attracting them.
- You’re selling too hard, too soon, without fully understanding the buyers position.
- Your sales pitch is generic, lacking the nuanced detail required to convince the buyer you can deliver.
- The sales process and presentation you use is confusing, lacks flow, and/or is illogical, which just confuses the buyer.
- Your solution solves some of the buyers issues and concerns but not ALL of them.
- You don’t ask for the business, which means the buyer is again left confused.
- When the buyer asks a question, you act like it’s an objection and get defensive.
- You talk too much, and therefore don’t listen to what the buyer wants, simply assuming you know what he wants.
- You lack discretion
- Your sales pitch is neither educational, entertaining nor challenging, and so the buyer is no better off for talking with you
- You spend your pitch defending your firms position against competitors instead of detailing your expertise in a specific niche
Any one of the above can switch your buyer from hot to cold very quickly, how about if your buyer experiences a whole handful? Imagine the impact then.
Don’t Be a Business Development Disaster
- Take time to get to know your buyer, do your research
- Asking good quality questions is one of the key ways to make sure you and the buyer are on the same page…and stay there
- Take the buyer of a journey of exploration, challenges and insights – be a sales person of value
- Make sure you don’t start selling until you know all of the issues, concerns, challenges, buying stages, decision makers, budget, timescales and politics…
- Alway ask for the business. Always, even if it’s only an in principal yes. Likewise always ask for commitment from the buyer for the next stage
- Treat all questions, objections and comments as if the buyer is asking you to help him understand. This changes your mind set, your language, your attitude, your body language and your manner. From no on there are no such things as objections, only statements that seek clarity
- You talk for no more than 20%, the buyer talks for at least 80%
- If you are going to name drop, be very very careful about the details you disclose…
- Be an expert in your industry and be an expert in what your solution can do for your buyer, in his industry to solve his specific problem
- It’s your job to create such a pitch that your buyer sees you and your firm as a highly valuable partner/asset and one without competition. Acting to defend your position against competitors tells the buyer you’re scared
Business Development Summary
- Don’t be just like every sales person that knocks on the buyer’s door.
- Find a sales process that works for you and work it.
- Be an expert in your field.
- Understand that every single customer and buyer is different
There is a whole world of skill in being a great business development expert.
You’ll find success comes easy, and the good news is, you only need to learn the skills once.
If you’re based in Sheffield or Yorkshire, then check this out – The Sales Improvement Workshop.
If you’d like your own specifically tailored sales improvement workshop – hit the link Fixed Price Sales Training
For a confidential chat about how to unlock the sales potential within your sales team, the contact details are below, call or email to book your confidential chat
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