Why is Business Development Important Strategically?
Your newest and most innovative solution, service, or product is worthless without paying customers.
Yes, you, too have a comprehensive marketing strategy in place to inform your customers and potential prospects about what you do and how.
However, one size does not fit all – maybe 70% to 80% of your marketing messages may be relevant and assist in creating credibility. But, do they drive REVENUES – both for you and more importantly for your customers?
Messages need to be customized to make a BUSINESS IMPACT.
This is especially true in complex B2B environments with long sales cycles, multiple decision makers, influencers, and recommenders. Inherent in complex B2B engagements are also lots of competitors and lots of me-too’s – lots of companies that could probably do what you do.
Finding NEW OPPORTUNITIES that are worth pursuing is a hard slog and requires a great deal of preparation, elbow grease, and a more STRATEGIC, PRO-ACTIVE, VALUE-ADDING approach.
It all starts with defining or reviewing markets you intend to enter and who your IDEAL CUSTOMER PROFILES are.
Evidence suggests that those who enter the fray EARLY have a better chance to set the agenda, the direction for discovery, and to be able to QUALIFY new opportunities. This means that every interaction and engagement need to be highly customized and targeted at individual people to impact business outcomes. It is the VALUE-ADD that you bring to the table that executives are interested in.
It means crafting WHY messages – why should identified executives engage with you? Rest assured, there are many like you. How are YOU (your firm) uniquely different – what is the specialness that you can bring to bear in the marketplace? What capabilities do you offer? Why do you offer them? And maybe most importantly, specifically, what business value are you bringing to the market. No one, and I mean no one cares about your product. People care about themselves and their needs. People want to know what BUSINESS VALUE you can afford them. Tell them how you can move the needle on their business outcomes and you will have a client for life.
It takes time to get an understanding of your ideal customer and the relevant real outcomes your solution, service or product can bring. Multiple decision makers, influencers, and recommenders may have differing expectations making it necessary for various interactions, reviews, and iterations over relatively long periods of time – which depending on your offering – may be 6 to 12+ months in duration.
It may also involve engaging your subject matter experts in the engagement early on in the process. This helps to further and deepen relationships and fosters trust.
People buy from people they like and trust.
Patience is of essence. The time and money invested in such relationship-building and discovery endeavors will not bring about a short-term quarterly fix…
However, chances are that adopting a more STRATEGIC, VALUE-ADDED approach will ultimately lead to HIGHER REVENUE STREAMS AND MARGINS and to further CROSS-SELL opportunities, increasing value to you and, most importantly, to your customers.
LutzSales Limited is a Sales as a Service provider based in Zurich, Switzerland. LutzSales Limited supports Managing Directors, Sales Directors and Marketing Directors selling high value B2B products, solutions and services to drive top line revenue growth focused on new strategic and existing enterprise customers both in Europe and abroad.