Put the “Development” in your Business Development Plan
If the pandemic has taught us anything about business development, it’s that we need to keep learning and trying new things. Not a revolutionary observation but one that many of us have largely ignored. If you’re still doing the same thing that you did one year ago, the likelihood is that you haven’t realized your potential growth. When we talk about putting together a business development plan, we often talk about the strategy and tactics we’ll be using to generate more brand recognition and leads. What we can overlook sometimes is the need to develop ourselves and our people and I’m not just talking about new tactics, although that is certainly an important piece of the puzzle. When we talk about professional development as it pertains to business development there are three things that come to my mind: tactics, technology & skills.
As I mentioned before if you’re still using the same tactics that you used this time last year such as networking you’ve likely limited yourself to meeting new prospects and partners. There are many other tactics that you can learn to help expand your network, build more partnerships and close more deals. Those tactics include center of influence marketing, strategic alliances, content strategy, in-house (and hopefully soon in-person) educational and partner events and referral strategy. And yes, it takes some time and effort to learn these new tactics however if you can focus on just one or two of them this year and step out of your comfort zone it will open up a whole new world of relationships.
When we talk about developing ourselves from a technology standpoint, there are a whole set of tools out there that can help you develop your network, organize your contacts and deliver more value to clients. And just like new tactics, learning new technology can take you time at first but the payoff can be huge both in saving you time and creating a better system. The technology tools that I most often think of when it comes to business development are network-building tools, organizational tools and communication tools. Networking technology would include platforms like LinkedIn or locally, Treble. However, it’s certainly not limited to those two, there are a multitude of platforms to try. I recently started an account with Lunch Club which connects people from all over the country based on your areas of interest. I’ve met several people from other states that are now good connections. In regard to organizational tools, I’m mainly talking about CRM’s. If you’re not using a CRM, I’d highly recommend it. Again, there are multiple platforms to choose from and seeking the advice of an expert is a good idea. Lastly, communication tools which include anything from automating your calendar invites to video presentations to email automation. There are countless communication tools, and I would advise seeking the advice of an expert to help you understand the best tools for your business. The point in all of this is to think about any new technology that can help you reach more clients, build relationships and help you bring in more business.
Lastly, improving your business development and sales skills is something all of us should be working on continuously. When I think of skills as it pertains to business development, I think of those things that will help you communicate, convince and build rapport with prospects and partners. These micro skills could include email writing, prospect research, positioning, adding value, differentiation, collaboration, finding commonality and much more. Think about what skills you excel in and continue to enhance those skills, while at the same time seek advice and training on the skills where you’re not as strong.
As someone who is always looking to help other people learn more about business development, I’m a perpetual student. I’ve learned a lot from my colleagues and advisors over the past year and look forward to more learning opportunities this year. Continuing to develop ourselves and our teams is something we all need to practice especially as we get back to in-person meetings and the new ways we’re doing business moving forward. In addition, through the learning process, we’ll meet new people, gain more confidence and build more relationships.
