Business Development is generally practised with potential clients (as opposed to Account Management which focusses on existing clients). Business Development Managers are responsible for finding new customers for products and selling to them. It is generally focussed on the first two stages of the sales cycle, suspect and prospect. A Business Development Manager is responsible for:
Promoting a product at all opportunities, such as trade shows, workshops or seminars;
Understanding and articulating the value of the product;
Understanding the potential market for such products and targeting only the most appropriate clients rather than all of them;
Building initial relationships with potential clients and understanding their needs.
Business Development requires a certain amount of ruthlessness. If a potential customer is not likely to buy a product, the Business Development Manager needs to move on to the next and avoid wasting time.
Some of the skills required for account management include:
Hoolock Consulting works with a variety of companies to provide business development services to them. This involves maintaining a database and profile of potential accounts and ranking them to identify the best ones to target; presenting products at all opportunities; interviewing potential customers to understand their specific needs and closing sales with those that want to buy. We provide a very specific Lead Generation service that just provides qualified opportunities rather than the whole sales process.
An effective sales strategy is an essential part of any business plan. It ensures that you use resources optimally and that the approach is coordinated across the business. It needs to be based on clear objectives and the market where you are working.
A sales process can be as simple or as complicated as you would like it to be. However, it essentially does one thing. It tells a sales person how to develop an opportunity into a sale.
All businesses need to create opportunities and close sales to survive. Of course, not all opportunities can be successfully closed. It may require 2-3 leads to create one opportunity and 2-3 opportunities to close one sale. As a result, the continuous generation of leads is a requirement for any successful company.