Whether you are an advanced account manager or a new business acquisition specialist, there are certain techniques and sales methodologies that will inevitably help the revenue generating numbers of a more seasoned sales professional. Despite the fact that, in the back of their minds, many know these techniques, they fail to implement them.
Inevitably, this failed tactical implementation often leads to less deals closed and the potential to miss quota. Below, you will find some more advanced business development and closing techniques that will help the members of any sales force increase their client hits and go well beyond their assigned quotas.
Do Your Research, Then Do More Research
As a mid to senior or even business development sales representative, doing the proper research on your target client is of the utmost importance. Too many professionals spend a lot of time and energy to gain a meeting with a target client, and then go into the in-person with little to no company and industry research completed.
This is one of the main separators between the average and the successful, heavy revenue generating business development representatives. Many companies and their respective employees don’t have the time to explain their business upon meeting any prospective sales professional. Therefore, they expect the business development professional to come equipped with their homework completed and with questions already set.
The basis of selling is asking the right questions and uncovering what the key needs of the client are. This is quite difficult to do when the sales representative knows little to nothing about the company and their prospective industry.
Listen, Then Speak
The most effective sales professionals listen more than they speak. The average sales representative will go into a prospective client meeting and do their “pitch” hoping only to hit one of the darts that they are throwing at those sitting on the other side of the table.
Instead, if the sales representative actually listens to the prospect, upon speaking they will know the right words to say and can easily pair the solutions that they have with the needs of the client.
Get The Client To Commit
Too many sales representatives put together great presentations and have great meetings with the client only to leave the further steps uncertain and in the air. Obtaining commitment is one of the key details that a sales representative must do. Therefore, instead of simply shaking hands and leaving the meeting, the sales representative should follow a set sales pipeline and get some sort of set obligation from the potential client.
This pledge can be something as small as another phone call at a specific date or as big as having the potential client ink the contract. Either way, commitment on the client’s side is key to a successful sales call for the business development representative.
Dress Like The Prospect
One of the biggest persuasion factors in both sales and in life is similar dress. Therefore, it is imperative that the sales representative finds out what the prospect(s) is going to be wearing – whether it be business casual or a suit and tie. On the sales representative’s side, this can be via a quick call or email to the prospect. This is just as key as the aforementioned tactics.
Business development encompasses a number of activities, techniques, and strategies designed to improve efficiency and increase productivity in a business organization or firm. Professionals involved in this process of development play an integral role as they help grow an economic enterprise. Some of the various techniques and methodologies used by these professionals are marketing assessments, learning about competition in the market, generating leads, follow-up sales activity, research on target markets, and evaluation of business potential.
When appointed as a business development manager, the duties and responsibilities dramatically increase. The entire load of promoting the business, improving credibility, and increasing productivity is laid on the shoulders of the manager. He or she has multi-task roles to play in such a situation. Some of the most important responsibilities of a business development manager are as follows:
• Investigate the economic conditions of the market.
• Research on the financial issues and bring out an appropriate solution.
• Learn about the latest trends and the growing competition in the market.
• Prepare a perfect business plan in accordance to the set goals and objectives.
• Maintain financial records of the company and stay within the proposed budget throughout the life of the business.
• Improve networking with other renowned businesses in the market.
• Strengthen customer base with commitment to quality issues and high customer satisfaction.
• Learn about the expansion of other companies in the same field of business.
• Motivate employees and push to work more efficiently and logically.
• Understand the needs and requirements of the business growth plan.
• Learn about the strengths and weaknesses that someway or the other impact growth potential.
• Develop innovative techniques and adopt new strategies to keep pace with the advancing business world.
• Explore new opportunities to achieve profit targets.
• Learn about new marketing tactics and implement the same for marketing specified products and services.
• Negotiate with clients and customers to enjoy higher profit margins.
• Ensure smooth functioning of all business operations within the organization.
The presence of an efficient business development manager is crucial to a business’ existence. It is one of the key roles of this age, that every business seeks to fill in, hiring a strategic planner, who can grow with the company. Those employed as the business development managers look after his/her team’s collective effort, looks for potential clients in the market, defines the target audience, and if needed, even redefines the company’s objectives.
These are top-level executives, who remain I contact with the management. Their ultimate goal is to create new business opportunities and ensure the company’s long- term growth. The term ‘business development’ can be described as an amalgamation of strategic planning, sales and marketing. Those holding more than 5 years of experience in sales can also be considered for this position. Besides, many leading firms consider MBAs to be hired as business development managers. Most commonly, those hailing from sales are seen heading for these career options. However, business development has a lot more than just sales, but the sales professionals are found suitable to fit in these jobs.
Defining target audience and looking for potential clients
Preparing strategies to pitch the products to clients
Marking team’s collective efforts and keeping a checking on the lead generation
Representing the organization in the corporate events
Preparing monthly reports and analyzing the same
Providing essential data to the management
Taking essential steps for corporate associations
Identifying new sales opportunities
Working in coordination with other departments such as sales & marketing
Key elements for a business development manager’s role
For every business development manager, the following elements are of great significance.
A business development manager can explore job opportunities in numerous sectors, including FMCG (Fast Moving Consume Goods), IT (Information Technology), Finance, Manufacturing, Consulting, and others. In any of these sectors, an understanding of the industry and the business is needed for the professional to possess. It will not just help him conveniently take on the role, but will also take the right decisions with an understanding of the business.
Management & Research
He plans as well as manages to take the business the next level. A professional serving as business development manager has to lead the team and direct it to the right path. For this, leadership and management are of great essence. Besides, research too is a major element for these professionals. They need to research well about the market, the prevailing trends, the customer’s requirements, and so on.
The business development managers are also involved in planning the campaigns to target the potential clients. They may even look for marketing and sales related data for the same.
Another major element remains the customer service. They need to ensure whether the customer their team is dealing with, is entirely satisfied with the services. They also need to constantly check on a crucial deal that has not been closed.
The Other Essential Details
In the recent years, the need to hire these professionals has been realized by most of the brands. They can explore the job offers from varied sectors as per their preferences and knowledge. However, some of the leading organizations they can aim to work with include Infosys, Deloitte, KPMG, Ernst & Young, Wipro Technologies, Cognizant, and many others. Further, these professionals can expect to earn Rs 578,392 per year in India.
Business development managers play a critical role in expansion and growth of organizations and hence there is a high demand for experienced and skilled professionals who can help the businesses in achieving greater heights.
The Growing Demand
In the present economic scenario, almost all major brands are scanning strategic locations with respect to their major expansion plans. It is indeed an action oriented role, for eager beavers who have the ability to track business leads, comprehend the products and services and develop an efficient process for ramping up the sales.
Business development skills have been a prominent requirement in job advertisements across several occupations. The typical industries where business development managers find work are insurance agencies and brokerages, commercial banking, accounting firms and many more.
The Job Functions of a Business Development Manager
Out of the array of job responsibilities, their primary job duty is to generate and follow up business leads, bring in more clients and other business proposals.
Besides, business development manager, is required to build partnerships and business relationships with other companies, vendors, and so on to add weight to the products and services. Another important duty of business development managers is to seek out new clients and keep tabs on the existing clients and their requirements.
They also work in collaboration with the product managers and marketing team in the development and implementation of the strategies, plans and business models. The job roles of these professionals may vary from company to company. Like for example, they may be required to formulate financial predictions for expansion and growth of the company.
What Do Employers Seek In Job Applicants?
Like any other job profiles, this profile too needs an array of skills-set and some specific personality traits to land in a job. In-depth industry knowledge, networking skills, marketing, sales, enthusiasm, ability to achieve sales targets, communication and presentation skills, researching and prospecting abilities, decent understanding of business models, customer orientation and multitasking skills.
Benefits and Bonuses
The complete package of benefits, generally provided in this position are listed below, take a look-
· Paid sick leave
· Relocation reimbursements
· Life insurance
· Paid vacation
· Private medical insurance
A Well Paying Job!
The salary depends on the factors like industry, company size, location, years of experience and academic credentials. As per the payscale site, the average salary package of business development manager is Rs. 5,82,211 per year. The top skills associated with such jobs are account management, sales, negotiation and business strategy.