Author: Yafit Davis, Your Business Development Team, TAB Member since 2017
Many business owners I meet feel that new business development is a bit like going to the betting shop, sometimes it yields some profit and others it turns out a complete waste of time. I agree that it can feel that way as with most marketing activities, you don’t really know how it works until you start. Having said that, this process is never a waste of time if you ensure you learn from it and keep on honing and developing it.
One of the key things to remember is to stick to the process and not try and bypass important stages which contribute to developing relationships. In my line of work, I come across a lot of business owners and sales people who give up the game by trying to sell and push people to a decision far too early. I therefore thought it might be useful to define the process of new business development below:
The lead generation process:
- Obtain Leads - Begin by attracting prospects to your website by generating engaging content that can be shared through various marketing channels, wherever your potential customers are active
- Nurture Leads - Once you have captured the prospects contact information, you have a lead. it is now important to nurture them and build up a relationship with them.
- Evaluate Each Lead - It is important to know which leads are more valuable, so you can focus more of your attention on the ones that are more likely to become customers.
- Pass Leads to Sales - When the leads have been, captured, nurtured and desire created by the marketing team it is time to pass the lead on to the sales team to convert in to a sale.
- Review Lead Generation Process - Constantly review your lead generation process to ensure it is as effective as it can be.
When the prospect has been turned in to a lead, nurtured and qualified, it is ready for…
The sales process:
- Make contact - Get in touch and start building rapport.
- Find the need/pain - Talk to the prospective client about his business, his issues, find out what problems he has that your product/service can help with.
- Offer Solution - Show them how your product/service offers them a solution to the problem they have or how your product/service will benefit their business.
- Overcome Objections & Close the Sale - Objections aren’t always a no, see them as a request for more information.
- Maintain your relationship - Keep in contact with the client, make sure they are happy. Happy clients will bring repeat business and referrals.
Businesses need a consistent flow of good quality leads in their sales funnel, so your sales team have plenty of opportunity develop relationships and increase sales revenue.
A lead generation strategy is essential for a successful business. There are several ways to generate leads, some of which have been discussed in previous blogs. Take a look at 4 SME Marketing Tools or 5 top SME’s off-line marketing strategies . What is most important is working out what works best for your business and having a plan in place to create consistent leads.
Many companies have the capacity to create good strategies in house but If you don’t, , we can help you put one in place or maybe make improvements to a current one that isn’t achieving what you hoped it would. Contact us at Your Business Development Team and we’ll help you work out what is best for your business.
