Tips for hiring localization business development managers
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The document discusses the costs and consequences of hiring mistakes for Business Development Managers (BDMs) in localization, detailing the financial losses associated with early and late dismissals. It emphasizes the importance of hiring a BDM with relevant expertise, an understanding of buyer needs, and accountability to ensure alignment with company goals. Key insights provided include the significance of market segmentation, lead generation skills, and ongoing learning for sales success.
Tips for hiring localization business development managers
- 1. Taking the "Black Magic" out of Hiring Localization BDM’s Adam Blau Blau Consulting
- 2. @blauconsult Cost of a BDM hiring mistake If caught early and dismissed after six months Salary of EUR 15.000 Salary: EUR 2.500/month x 6 months = EUR 15.000 Lost opportunities of EUR 150.000 Quota: yearly EUR 30k commission @ 5% = Quota EUR 600.000/12 = E50k x 3 months
- 3. @blauconsult Cost of a BDM hiring mistake If dismissed after one year – typically too late Salary of EUR 30.000 Lost opportunities of EUR 300.000
- 5. @blauconsult Sales Underperformance: Causes Mismatch of buyer & supplier needs Poor understanding of buying steps Lack of Process Lack of Training Don’t have time or expertise in Sales – so I’ll hire a sales professional
- 6. Qualities needed to overcome these challenges
- 7. @blauconsult 2) Hire a BDM to figure it out for you. Options 1) Go through the exercise of developing a strategic business development framework.
- 8. @blauconsult Lack of growth strategy • No segmentation analysis You’re not differentiating buyers with varying maturity models or needs. • No target profile You’re contacting companies in various industries • No plan to defend against threats / to capitalize on opportunities
- 9. @blauconsult SO, WHAT TO LOOK FOR IN A BDM?
- 10. @blauconsult Insight #1 : Expertise Questions to consider: • Have they worked for a small company? • Did they grow business exponentially? • Do they have a management / business degree? • Do they know which attributes propelled their success in a previous role and how to apply them going forward? Look for a conscious understanding of what makes candidates successful in regards to the customers they attract.
- 11. @blauconsult Insight #2 : Understand the Buyer What is most critical? • Lead Generation Skills • Managing Opportunities • Both?
- 12. @blauconsult Typical customer opportunities & efforts to win business • Sample Translation • Quote • RFP - Is Procurement Involved? • Vendor Questionnaire required? Who completes the work to win business? • Production, Account Manager, Director or the BDM? Insight #2 : Understand the Buyer
- 13. @blauconsult Lead Generation, Opportunity Management … or both? Insight #2 : Understand the Buyer • Interview for demonstrated skills and strong work habits • In practice, do they excel at both?
- 14. @blauconsult Insight #3 : Accountability • Establish ownership and responsibilities • Set goals for the manager and BDM
- 15. @blauconsult Insight #3 : Accountability Set goals for the first 30, 60, 90 days • Define expectations • Establish reporting guidelines • Meet regularly
- 16. @blauconsult Insight #4 : Thirst for knowledge • Who are their favorite sales authors? • Have they ever: • Taught themselves a trade or skillset • Achieved mastery in a specific domain of expertise? • Do they appreciate evolving development, ongoing learning on the job and in life?
- 17. @blauconsult Insight #5 : Align correctly • Does their experience align with your company? • Are they accustomed to high travel budgets and large expense accounts? • Do they expect heavy marketing support? Questions to consider:
- 18. @blauconsult Summary Overcome lack of market segmentation Hire a BDM who knows which market segments are best for your business. Lack of sales or management experience? Be sure they love to learn and can apply new techniques quickly. Examine the clients you want to win Determine steps to guide the new BDM Before signing, establish goals and expectations Accountability to avoid future revenue loss
- 19. @blauconsult Questions & Answers ADAM BLAU adam@blauconsult.com @adam_blau blauconsult.com Facebook.com/blauconsult @blauconsult