How to develop an effective Business Development Strategy
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The document outlines a comprehensive business development strategy by Roth Associates, addressing typical issues faced by businesses, such as lack of structured strategy and engagement. It emphasizes the shift from traditional outbound marketing to an inbound, information-driven approach, advocating for relationship-building and value provision to meet modern consumer expectations. Key components include a structured development program, utilizing both inbound and outbound strategies, and the importance of effective online presence and SEO.
How to develop an effective Business Development Strategy
- 1. BUSINESS DEVELOPMENT STRATEGY 74 Beachside Parade, Yanchep, WA 6035 Phone: (08) 9561 1738 Mobile: 0410 043 877 Email: info@rothassociates.com.au Web: www.rothassociates.com.au Developing a Balanced Business Development Strategy Prepared by: Hein Roth Principal Consultant Roth Associates
- 2. BUSINESS DEVELOPMENT STRATEGY Outline ROTH ASSOCIATES 1. Typical Issues 2. Information Age Business 3. Creating a Balanced Business Development Programme 4. Structured Business Development Programme 5. Questions ROTH ASSOCIATES BETTER LEADS. BETTER BUSINESS.
- 3. Typical Issues Reactive No structured strategy No staff engagement Predominantly outbound Inbound strategies are foreign ground Converting enquiries into sales BUSINESS DEVELOPMENT STRATEGY ROTH ASSOCIATES BETTER LEADS. BETTER BUSINESS. “WE NEED MORE OF THE RIGHT KIND OF BUSINESS”
- 4. Business Turnover Drivers Five turnover drivers to grow any business … Get more inbound traffic Convert more enquiries into business Increase repeat business Increase average sales value BUSINESS DEVELOPMENT STRATEGY ROTH ASSOCIATES BETTER LEADS. BETTER BUSINESS. Increase profit margin per sale
- 5. The Changing Face of Business Industrial Age Business Money driven Greed and exploitation Hard-sell approach 1760 - 1990 Information Age Business Information driven 1990+ BUSINESS DEVELOPMENT STRATEGY ROTH ASSOCIATES BETTER LEADS. BETTER BUSINESS. Sharing and generosity “Soft” approach
- 6. Information Age Business Traditional lead generation yields less Longer sales cycle Companies are not achieving targets Major competition for business Increased outbound marketing costs BUSINESS DEVELOPMENT STRATEGY A major shift in business … ROTH ASSOCIATES BETTER LEADS. BETTER BUSINESS. Major shift to self-education – “DIY” Access to the Web has changed client expectations Knowing before interacting
- 7. Business Development BUSINESS DEVELOPMENT STRATEGY 1970s – 1980s Trade Shows Magazines Sales Rep Peers Analyst Direct Mail CLIENT ROTH ASSOCIATES BETTER LEADS. BETTER BUSINESS. CLIENT 2013 Online Video Email Marketing Magazines Twitter Social Networks Business Networks Online Q&A Peers Blogs SEO Optimisation Trade Shows Mobile Marketing Virtual Events Sales Rep eBooks Direct Mail Analyst 1995+
- 8. ROTH ASSOCIATES The Changing Face of Business BUSINESS DEVELOPMENT STRATEGY ROTH ASSOCIATES BETTER LEADS. BETTER BUSINESS.
- 9. The Internet Boom 9.46 Billion web pages 100,000 Tweets/minute 2 Million Google searches/minute 680,000 pieces of Facebook content/minute 200 Million emails/minute Some interesting statistics … BUSINESS DEVELOPMENT STRATEGY ROTH ASSOCIATES BETTER LEADS. BETTER BUSINESS.
- 10. The Internet Boom 80% of all adults use the Internet daily 90% visit a social networking site at least once a month 78% gather information informally 59% engage with peers on the topic What’s happening in the business world? BUSINESS DEVELOPMENT STRATEGY 50% read blogs at least once a month 48% follow industry discussions on the topic 37% post questions on the topic ROTH ASSOCIATES BETTER LEADS. BETTER BUSINESS.
- 11. The Internet Boom A couple of interesting business facts … 33%+ companies use Blogs for BD Companies that Blog get 55% more website visitors 57% of B2B companies have acquired a client through the company Blog BUSINESS DEVELOPMENT STRATEGY 41% of B2B companies have acquired a client through LinkedIn ROTH ASSOCIATES BETTER LEADS. BETTER BUSINESS. 41% of B2B companies have acquired a client through Facebook 42% of B2B companies have acquired a client through Twitter
- 12. The Internet Boom BUSINESS DEVELOPMENT STRATEGY “What we really need is a mindset shift that will make us relevant to today’s consumers – a mindset shift from ‘telling and selling’ to building relationships” Jim Stengel Former Global Marketing Officer, Proctor & Gamble ROTH ASSOCIATES BETTER LEADS. BETTER BUSINESS.
- 13. The Internet Boom How does that change the way business is conducted? Be where your prospective clients are Be what your prospective clients are really interested in Be generous with your information Focus on benefits and added value BUSINESS DEVELOPMENT STRATEGY Develop the right mindset ROTH ASSOCIATES BETTER LEADS. BETTER BUSINESS. SEO is key for getting found Give great directions and clear calls to action Invest wisely!
- 14. The Internet Boom Successful Information Age B2Bs do the following: Use the right bait Target the right prospects Are creative Focus on what prospects really want Don’t let prospects form an opinion of them – they do it for them Are in the right place at all times BUSINESS DEVELOPMENT STRATEGY ROTH ASSOCIATES BETTER LEADS. BETTER BUSINESS. Name themselves and their service Are consistent and never slow down Make it easy for prospects to respond
- 15. Creating a Balanced BD Programme Inbound Business Development Strategy Outbound Business Development Strategy Behaviour-driven Sales Mastery “Remarkable is the new ‘business as usual’” BUSINESS DEVELOPMENT STRATEGY ROTH ASSOCIATES BETTER LEADS. BETTER BUSINESS.
- 16. What does this mean for your business? Website Visitors Convert visitors to leads Get found by visitors through : • Publishing great content • Promoting via SM • SEO Optimisation Convert these leads into clients by: 1. Inbound BD Strategy: BUSINESS DEVELOPMENT STRATEGY ROTH ASSOCIATES BETTER LEADS. BETTER BUSINESS. Clients • Email • Lead management • Behaviour-driven sales approach
- 17. What does this mean for your business? 2. Outbound BD Strategy: Online Campaigns • Banners & displays • Virtual events • Webinars • Emails Offline Campaigns • Trade shows • Direct mail • TV & Radio • Printed Advertising • Electronic business card Field Marketing • Cold calling • List purchases • Telemarketing • Targeted events BUSINESS DEVELOPMENT STRATEGY ROTH ASSOCIATES BETTER LEADS. BETTER BUSINESS. • Bill boards/Poster campaigns • Public relations Corporate Marketing
- 18. What does this mean for your business? 3. Behaviour-driven Sales Mastery: Developing unstoppable confidence Sales facilitation techniques Lead qualification and service alignment BUSINESS DEVELOPMENT STRATEGY ROTH ASSOCIATES BETTER LEADS. BETTER BUSINESS. Conducting winning presentations Building and nurturing long-term business relationships
- 19. How does your website stack up? Does it draw immediate attention or does it have a dated appearance? Is the content benefit-driven? BUSINESS DEVELOPMENT STRATEGY When has it last been updated? Does it display your business’ uniqueness to the extent it could? ROTH ASSOCIATES BETTER LEADS. BETTER BUSINESS. What is your website’s real SEO effectiveness? How many pages does your website have in total?
- 20. What is your business presence? BUSINESS DEVELOPMENT STRATEGY ROTH ASSOCIATES BETTER LEADS. BETTER BUSINESS. CLIENT 2013 Online Video Email Marketing Magazines Peers Blogs SEO Optimisation Trade Shows Mobile Marketing Virtual Events eBooks Direct Mail Analyst Business Networks Social Networks Sales Rep Twitter Online Q&A
- 21. Structured Development Programme BUSINESS DEVELOPMENT STRATEGY What differentiates your service from the rest? - Developing a great value proposition Value Proposition - Company BD Plan - Communication Preparation ROTH ASSOCIATES BETTER LEADS. BETTER BUSINESS. - Developing unstoppable confidence - Sales facilitation techniques - Lead qualification & service alignment - Winning Presentations - Building long- term business relationships Behaviour- driven Sales Mastery - Online strategies * Emails * Virtual events - Offline strategies * Trade shows * Road shows * Direct mail * TV/Radio * Printed advertising * Electronic Business Cards Outbound BD Strategies - Social Network profile and groups - Business Blog and SEO - Professional PDF, Video, Podcasts and presentations Inbound BD Strategies - Company video - Case study slide shows - Staff resumes/ videos* - Website SEO Company Website
- 22. BUSINESS DEVELOPMENT STRATEGY ROTH ASSOCIATES BETTER LEADS. BETTER BUSINESS. ROTH ASSOCIATES BETTERLEADS. BETTER BUSINESS. Phone: (08) 9561 1738 Mobile: 0410 043 877 Email: info@rothassociates.com.au Web: www.rothassociates.com.au