Proactively pursuing new opportunities, whether in terms of product lines, markets, prospects, or brand recognition, is an important part of your business success. BBDs work to find new business opportunities through networking, researching your competition, and talking to potential and existing customers. If a new business opportunity is identified, BPRs should schedule marketing reviews and discovery meetings with the sales reps on the team so everyone can assess whether or not the potential for a deal exists.
Stay up to date on competition and new market trends
It’s important to stay up to date on your competition’s strategies, products, and target audiences, as well as any new market and industry trends. This will allow you to more effectively identify ideal prospects. It also ultimate guide your business prepares for any market changes that might lead to the need for a new approach to qualifying leads and engaging your target audience.
Report to vendors and development managers
As we reviewed, in most companies, BDEs report to sales representatives and sales managers. BDRS should contact these leads for multiple reasons, such as discussing lead qualification strategies and how to put leads in contact with sales reps to nurture them into customers.
BDEs also have to report their findings (such as business opportunities and market trends) to sales representatives and managers. Communicating this information and collaborating with sales representatives and managers to develop and/or update strategies that are appropriate for your business and audience is critical to your success as an organization.
Promote satisfaction and loyalty
A BPR interaction with a prospect could be the first interaction the prospect has with your business. Therefore, creating a great first impression early on is crucial to building interest early on. Whether a BDR is working to qualify the lead, learn more about the prospect and their needs, or find the right sales rep to work on a deal with them, their interactions with all of their prospects matter.
Once a BDR researches the prospect or begins to interact with them, be sure to tailor all communication to the prospect. Personalizing all content sent their way shows them that they are being heard and cared for. These actions are professional and leave a strong impression.
In addition to understanding how BDRs help you grow, business development ideas are another powerful way to engage potential customers and identify new business opportunities. Let’s take a look.
Business development ideas
Business development ideas are tactics you can implement to positively impact your business in a multitude of different ways. They can help you identify ideal prospects, network more effectively, improve brand awareness, and uncover new opportunities.
The following tactics are here to get you started: Every business and team is different, which means these ideas may or may not be right for your specific situation. (So feel free to modify the list!)
Innovate the way the network
It’s no secret that cold calling is less effective than it used to be. Instead, innovate how you can build strong relationships with your prospects. You can do this by meeting them in person at conferences, trade shows, or events related to your industry.
Explore your online networks, including LinkedIn and other social sites for leads, too. Contact people who sign up for your subscription via email or fill out other forms on your site.
Offer Inquiries
Offer consultations and evaluations for prospects. Talking about how your product or service applies to their needs will help potential customers decide whether or not to convert. Conversely, inquiries and evaluations can also bring to light the ways in which a prospect is not an ideal fit for your product (which is just as valuable, since it saves you from wasting time nurturing them or having to deal with a dissatisfied customer in the future).
