How To Get More Clients: Hire A Business Development Expert

If your business has been struggling to get more clients in the last few months or year then consider hiring a business development expert that can find the right joint venture marketing partners that can deliver hot leads to your sales team. Many businesses can find themselves in a rut where it’s really difficult to acquire new customers. A joint venture marketing partnership can be the right strategy to get moving forward again. A business development pro will understand the process of putting together a solid business deal that can grow your company. If you feel that building a network of business partners can help grow your business in ways that are unachievable by yourself then find the right consultant or individual that you can bring in-house and do the deals that will get your company more clients.

Hire the Right Person

Hiring a business development person is different than finding a sales person for your team. While a business development expert can always play the role as sales person the opposite is not always true. A person that specifically focuses on business development will understand how to communicate potential business deals to perspective businesses in the right manner. They will understand that it is critical that a strong relationship is forged between the individuals doing the business deal and the company employees that will be involved in implementing the partnership.

Hiring a consultant or consulting firm to act as a business development team for you company is a great route for many small businesses. Many business that do not have the internal man power and capabilities to identify, engage, and do the business deals necessary for growth can benefit from a consultant or consulting firm that has access to the business decision makers or the experience necessary to reach out to companies and develop the relationships required to put together a great business deal.

While a consultants hourly rate may be higher than you’re comfortable with a deal can be put together much faster by a professional than someone trying for the first time to structure a business partnership. Consultants often will require an hourly rate or fixed salary as well as some kind of bonus structure for placing deals together which may be a single payout for each business deal that is signed or a revenue share that is paid out over a period of time based on the amount of business that is ultimately generated from the relationships. Most consultants will not work for pure commission deals unless they believe that a deal can be put together extremely fast and will generate immediate revenue. Most will want a cash payment coupled with a bonus structure. Companies that want to execute business deals with larger fortune 500 type companies should always highly consider hiring an expert that has preexisting relationships with the company that you want to do a deal with. It’s common to hire a consultant for one specific business partnership.

Managing a Business Development Team

Managing a business development team member is similar to a sales team member in many respects. It is important that as a business owner you control and own the data that is developed by the team member by making them use the corporate customer relationship management system and uploading any data and reports on potential business partners to the corporate document server. Failing to do this a common problem with companies and their sales teams and even more so with business development professionals as the relationships they have and bringing to the table are often held tightly and not given up easily.

If you are hiring an outside consultant there may be specific clauses in the agreement about who owns what data. This is something to be aware of as it can be very frustrating to be a month or two in developing a new business partner and have a person leave and take the contact information and data with them leaving you in a tough place to continue. It’s critical to recognize that a business development team member is going to need to spend time out of the office meeting with companies, going to business events and other functions that may be fruitful in finding and meeting the right business partners, however if you are paying for someone to be at an event then make sure the business cards that are collected get scanned and retained by the company.

If you have decided that in order to get more clients your business needs to develop strategic business partners than consider outsourcing the work to a consultant or hiring a business development expert in order to speed up the process. Avoid taking team members off their existing duties or forcing yourself to forge the relationships by yourself and add more duties to your already exhausting schedule.

Would You Aim for a Business Development Manager’s Role?

The presence of an efficient business development manager is crucial to a business’ existence. It is one of the key roles of this age, that every business seeks to fill in, hiring a strategic planner, who can grow with the company. Those employed as the business development managers look after his/her team’s collective effort, looks for potential clients in the market, defines the target audience, and if needed, even redefines the company’s objectives.

These are top-level executives, who remain I contact with the management. Their ultimate goal is to create new business opportunities and ensure the company’s long- term growth. The term ‘business development’ can be described as an amalgamation of strategic planning, sales and marketing. Those holding more than 5 years of experience in sales can also be considered for this position. Besides, many leading firms consider MBAs to be hired as business development managers. Most commonly, those hailing from sales are seen heading for these career options. However, business development has a lot more than just sales, but the sales professionals are found suitable to fit in these jobs.

Job Description

  • Defining target audience and looking for potential clients
  • Preparing strategies to pitch the products to clients
  • Marking team’s collective efforts and keeping a checking on the lead generation
  • Representing the organization in the corporate events
  • Preparing monthly reports and analyzing the same
  • Providing essential data to the management
  • Taking essential steps for corporate associations
  • Identifying new sales opportunities
  • Working in coordination with other departments such as sales & marketing

Key elements for a business development manager’s role

For every business development manager, the following elements are of great significance.

Business Acumen

A business development manager can explore job opportunities in numerous sectors, including FMCG (Fast Moving Consume Goods), IT (Information Technology), Finance, Manufacturing, Consulting, and others. In any of these sectors, an understanding of the industry and the business is needed for the professional to possess. It will not just help him conveniently take on the role, but will also take the right decisions with an understanding of the business.

Management & Research

He plans as well as manages to take the business the next level. A professional serving as business development manager has to lead the team and direct it to the right path. For this, leadership and management are of great essence. Besides, research too is a major element for these professionals. They need to research well about the market, the prevailing trends, the customer’s requirements, and so on.

Strategic Planning

The business development managers are also involved in planning the campaigns to target the potential clients. They may even look for marketing and sales related data for the same.

Customer Service

Another major element remains the customer service. They need to ensure whether the customer their team is dealing with, is entirely satisfied with the services. They also need to constantly check on a crucial deal that has not been closed.

The Other Essential Details

In the recent years, the need to hire these professionals has been realized by most of the brands. They can explore the job offers from varied sectors as per their preferences and knowledge. However, some of the leading organizations they can aim to work with include Infosys, Deloitte, KPMG, Ernst & Young, Wipro Technologies, Cognizant, and many others. Further, these professionals can expect to earn Rs 578,392 per year in India.

Services Provided By Business Development Consultants

Before a business goes public, it must create for itself an identity. To effectively accomplish this, many businesses turn to the help of business development consultants. These professionals are able to help businesses create business plans, brands and much more. Sometimes, they help with development expansion as well as the day-to-day operations that companies carry out. Because of the services these types of consultants provide, they tend to be experienced in an assortment of business-related topics. From brand marketing to start-up budgets to brand development, there are many areas in which the consultants can be of great value.

Brand Development

There is much involved in creating a brand. From a logo to a catchy slogan, a business development consultant will be able to help with the many different brand-related aspects. By creating an effective brand, a business will be sure to establish itself as a trusting company that consumers consistently turn to when they need particular products and/or services. Many times, a business will already have an established brand, but will turn to a business development consultant to help enhance the brand. In doing this, the business is able to reach a wider audience, which helps in boosting profit levels.

Marketing Techniques and Strategies

No matter the industry a business is operating in, it will need to effectively market its products and/or services. For businesses who struggle with this aspect of running a company, it can be of the utmost value to turn to the services offered by business development consultants. From social media marketing to print marketing, the consultants can make sure that a wide variety of marketing outlets are used to increase the brand awareness of a business. Businesses that have yet to create a company website for their selves will definitely benefit from obtaining website development services from a business development consultant.

Business Expansion

Once a business has implemented an effective business plan, it is then time to attract clients and customers. To do this, the business will need to generate and follow through with leads. Generating leads can sometimes be quite difficult; however, with the help of an experience business development consultant, attracting, finding and retaining leads can be much simpler. From identifying target markets to gathering contact information, there is much involved with generating new leads, but a business development consultant can carry out a wide range of processes to ensure new leads are obtained on a consistent basis.

A successful business entrepreneur doesn’t have to possess a formal college degree; however, he or she will need a wide range of expertise knowledge relating to the business world. For some entrepreneurs, the best way to obtain this knowledge is by hiring a business development consultant. This type of consultant can be very resourceful in many business situations, including the development of effective marketing strategies and much more. For many businesses, their success is determined by the consultants that they partner with, making it very important for a professional consulting firm to be hired.