Business Development Handout
Business Development Handout
Business Development Handout
Creation of long-term value for an organization from customers, markets, and relationships
by pursuing strategic opportunities for a particular business or organization, for example by
cultivating partnerships or other commercial relationships, or identifying new markets for its
products or services.
It’s all about developing the company’s performance and increasing its growth rate, through
three main activities:
• Market Analysis
• Recognizing Opportunities
The difference between Marketing, Sales, and Business development
What is marketing?
It is a Process by which companies create value for customers and build strong relationships
in order to capture value from customers in return.
1- Product
- Create a value for your customers.
- All things related to your product like design, size… Etc.
2- Price
There are a lot of pricing strategies that you can follow:
- Cost-plus pricing: - simply calculating your costs and adding a mark-up.
- Competitive pricing: - setting a price based on what the competition charges.
- Value-based pricing: -setting a price based on how much the customer believes
what you’re selling is worth.
- Price skimming: setting a high price and lowering it as the market evolves.
- Penetration pricing: -setting a low price to enter a competitive market and
raising it later.
3- Place
- How the products and services get from producer to consumer.
- Where the product/service can be accessed by the consumer (e.g. A shop –
website)
4- Promotion
- Marketing activities used to inform and persuade customers to buy a business’s
products.
Sales
Operations and activities involved in promoting and selling goods or services + The art of
persuasion.
Business development
Creation of long-term value for an organization from customers, markets, and relationships
and it is mix between: Marketing, Partnership, and sales.
Understand the Business life cycle and where Sales, marketing, and business
development appear
- The business life cycle is the progression of a business in phases over time and is
most commonly divided into five stages: Introduction, Growth, maturity and decline.
- According to the figure:
1- Sales role arise at the introduction stage.
2- Business development role arise at the growth stage.
3- Marketing arise at maturity.
4- Finance arises at Decline.
Business development Role and why do we need a business developer
Business developer role arise at the growth stage because he is responsible for the
company’s growth. He is responsible for making the maximum growth at the shortest
possible time.
1- B2B, Is shorthand for business to business: The products and services of the
business are marketed to other businesses.
2- B2C, or business to consumer: Is the type of commerce transaction in which
businesses sell products or services directly to consumers (nestle - Netflix).
3- C2C, Consumer to consumer: Is the type of business which is aim to buying and
selling second hand goods to each.
4- C2B, Consumer to business: The products and services of consumers marketed to
other businesses. Example: Influencers.
Market analysis
SWOT analysis
A) Strengths
B) Weaknesses
C) Opportunities
D) Threats
• Market size: Your market size is how many potential customers there are for
your product or service.
• Demographics: Describe your customer’s typical age, gender, education,
income, and more.
• Location: Describe your customer’s specific location or region here.
• Psychographics: Describe your customer’s likes and dislikes.
• Behaviors: Explain how your customers shop and purchase products like
yours.
• Trends: Customer behavior is always changing.
Competition
Your market analysis isn’t complete without thinking about your competition. Beyond
knowing what other businesses you are competing with; a good competitive analysis will
point out competitors' weaknesses that you can take advantage of. With this knowledge,
you can differentiate yourself by offering products and services that fill gaps that
competitors have not addressed.
There is no better approach to solving challenges than the famous saying "two heads are
better than one." Whether creating internal partnerships between colleagues or
departments, to larger partnerships between businesses, harnessing the strengths and
abilities of others from different corners of your ecosystem is one of the most strategic ways
for businesses to scale their innovation and solve complex challenges.
Types of deals
3. Write down EXACTLY how you can help them solve those problems.
6. Follow up as promised and complete the steps that you already use.
When we deal with clients, we have three channels; calls, emails and meetings.
Phone etiquette
Phone etiquette is the way you use manners to represent yourself and your business to
customers via telephone communication. This includes the way you greet a customer, your
body language, tone of voice, word choice, listening skills and how you close a call.
Practicing proper telephone etiquette is the key in improving and maintaining a high level of
sales and customer service.
When we speak with a customer in the phone, we have to focus on the below:
1- preparation: Prepare yourself; don't answer in a crowded place where there are a lot of
noises unless it is very urgent. Take a deep breath
3- Body language: When you smile and sit up straight, your voice is likely lighter and easily
translated by the client as cheerfulness. Body language, facial expressions and gestures
should remain professional while speaking on the telephone.
4- Tone of voice: Use your tone effectively, and confidently. Be friendly however, maintain
professionalism and speak clearly. Speak loudly enough to be heard without shouting or
sounding aggressive. Change your intonation and try to sound always positive.
5- Effective listening: Don't interrupt people, listen to them carefully, and take notes.
6- Approaching closing: Before saying goodbye to your customer, thank them again and ask
if you can assist them with anything else and summarize the things that have been done. Try
to let them hang up first to avoid any confusion.
Meeting Tips
UK Copywriter Andy Maslen has a neat acronym to help writers approach sales copy.
K: know
F: Feel
C: Commit
So we need the client to commit to something, and what they should know to close the deal
along with how can they feel comfortable enough to commit.
• Start with a Clear and Realistic Objective: Know exactly what you want form this
meeting, prepare for it, tell them what you want to achieve and what is the result
• Identify the Critical Success Factors for Achieving the Objective: How the objective
would be achievable what the steps are.
• Use Smart Questions to Help Clients “Know and Feel”: Ask them things that would
make them feel they are important
• Close by asking for a commitment or a follow up.
Day3: Essential Skills for Business Developer
By the end of this day you will be able to:
- Write professional emails.
How to write a Professional E-mail?
1. Begin with a greeting
Always open your email with a greeting, such as “Dear Lillian”. If your relationship
with the reader is formal, use their family name (e.g. “Dear Mrs. Price”). If the
relationship is more casual, you can simply say, “Hi Kelly”. If you don’t know the
name of the person you are writing to, use: “To whom it may concern” or “Dear
Sir/Madam”.
2. Introduction
If you are replying to a client’s inquiry, you should begin with a line of thanks. For
example, if someone has a question about your company, you can say, “Thank you
for contacting ABC Company”. If someone has replied to one of your emails, be sure
to say, “Thank you for your prompt reply” or “Thanks for getting back to
me”. Thanking the reader puts him or her at ease, and you will appear polite.
3. State your purpose
Before you end your email, it’s polite to thank your reader one more time and add
some polite closing remarks. You might start with “Thank you for your patience and
cooperation” or “Thank you for your consideration” and then follow up with, “If you
have any questions or concerns, don’t hesitate to let me know” and “I look forward
to hearing from you”.
4. End with a closing
The last step is to include an appropriate closing with your name. “Best
regards”, “Sincerely”, and “Thank you” are all professional. Avoid closings such
as “Best wishes” or “Cheers” unless you are good friends with the reader. Finally,
before you hit the send button, review and spell check your email one more time to
make sure it’s truly perfect!
Finally, before sending an email be Aware of
• Grammar Rules
• Tone
• Punctuation
• Reading the Email
Company Profile
“How to Write a Company Profile in 10 Simple Steps”
Whether you’re a small startup or a company powerhouse, you’ll need to create your very
own company profile.
1. Identify the Profile’s Purpose
Identify the sole purpose of the profile. Let’s say your profile is for your business website.
Make a list of topics you’d want to know as a reader and make sure the tone used when
writing matches your target audience.
2. Decide on a Style
Now that you’ve established what kind of tone you should set for your profile, it’s time to
identify how you will present this information.
You shouldn’t be afraid of being different and swaying away from the norm, as long as it ties
in your brand.
3. Tell a Story
When you’re trying to encourage people to pay attention to your business, you need to
create a captivating story. It’s no use simply listing dates and figures; you need to make sure
your reader is on board by transferring them through the same story.
4. Outline Your Mission Statement
You need to let your readers know what you offer and how you plan to grow as a business,
essentially letting them know why they should choose you above a competitor.
Disney’s mission statement encourages you to believe, that they will provide you with the
most creative entertainment experience in the world.
5. Keep a Clear Format Throughout
You need to ensure your format is clear and clean throughout, including the same font and
size for the body text and headers. Don’t overpower your profile with irrelevant visuals and
funky colors. Stick to those that are in line with the rest of your brand.
6. Write the Company History in Chronological Order
It’s essential not to get bogged down by too many details. Instead, you should list key
achievements to show how your company got to where it is today. If you’re a small
business, you can write information about the establishment and development of the
brand.
7. Include Testimonials
Any good testimonial can add value to your brand, simply by giving consumers feedback
from another customer.
Proposal Writing
Proposal Definition
A business proposal is a written document that offers a particular product or service to a
potential buyer or client.
Types of proposal
• Solicited Proposals: When the customer asks for a proposal.
• Unsolicited Proposals: When you send them a proposal they haven't even asked for
because you think they should buy from you or take some action.
Proposal Elements
When you’re busy running a small business, it can be all-too-easy for things to fall through
the cracks — unpaid invoices, follow-up phone calls, and yes, even new leads. In fact, lack of
communication is a huge cause of lost business for many service businesses.
1. Decide on a CRM tracking system: No matter how small your business, it’s important to
have a customer relationship management (CRM) system in place. Yes, even if you’re a
solopreneur! We may be a little biased, but we highly recommend checking out Breeze
works.
2. Establish a good labeling system: A solid customer follow-up system relies heavily on
detailed tags. On Breeze works, this feature is called Tagging and is fully customizable. Your
tags may include things like:
- Fresh Lead
- Left Message
- Needs Callback
- Scheduled Appointment
- Awaiting Estimate
- Job in Progress
- To Be Invoiced
- Awaiting Payment
- 2 Week Follow-Up
3. Use your CRM system to keep detailed notes on each customer: If you’re hired by
customer referral to do an air duct cleaning at Jane Doe’s condo, you may wish to note the
name of the friend who referred you, door codes for Jane’s building, the name of her dog,
notes on her HVAC system for future reference, year of service (i.e. 2017 Air Duct Cleaning),
and job notes.
4. Handle scheduling and invoicing while you’re still at the job site: Handling small
administrative tasks on-site can help save you countless hours. Supply your team with
tablets so they’re able to generate invoices and estimates from the field and collect
payment on-site.
5. Use your database to re-engage customers: You should also utilize your CRM database to
proactively re-engage customers in the future. For example, 2-3 years from now, you can
surface jobs tagged “2017 Air Duct Cleaning” and send Jane Doe a reminder that it’s time to
get her air duct system cleaned again.
6. Schedule time in the morning and evening for customer follow-up: Reserve an AM slot
for things like responding to emails and sending over estimates, and set a PM slot for
returning phone calls.
#1 Gain Knowledge
The first key is to gain knowledge. The person with the most knowledge wins. For example,
if you don’t know the going rate for a hospitalist in your area is $225,000 per year, but your
employer does, then you’re much more likely to accept a lower amount. Let’s say the
employer offers you $175,000. You’re a savvy doctor, so you “negotiate,” and demand a
$5,000 CME fund and $20,000 worth of paid vacation. Total cost to the employer?
$200,000. Is it a win-win? Sure. You get the job and everything you demanded. The
employer gets a hospitalist that costs her less than all of her other hospitalists. You’re both
happy. But you probably could have had more if you had a little more knowledge.
Knowledge can be general — i.e., how much you are worth and how contracts in your
business are generally structured. It also can be local or specific knowledge — i.e., is your
employer desperate to get you hired or what is the budget for your position.
#2 Have Patience
The person with the most patience usually wins the negotiation. Ever tried to buy a car after
yours has already been wrecked? At that point, you need something to get you to work
tomorrow. Perhaps you were even dropped off at the dealership by a friend and you have to
buy a car just to get home! You are far more desperate to make a deal than the person on
the other side of the table. He doesn’t care if he sells you a car today, tomorrow, or next
week. He doesn’t get his bonus for two more weeks anyway.
It’s the same in any negotiation. You want that person to need what you’re offering a lot
more than you need what they are offering.
Now you don’t want to drag a negotiation out forever. In any negotiation, the longer it lasts
the more advantageous it becomes to one party or the other. You want that party to be
you.
#3 Be Flexible
The more flexible you can be, the better your negotiating position. If you have two options,
you can play them off one another until you find the best deal. But if all you’ve looked at are
two options, you’re probably choosing between bad and worse. However, if those two were
narrowed down from ten, then you may be looking at your dream, “unicorn” job by the time
all is said and done.
BATNA Negotiating
A commonly used term in negotiating is BATNA - Best Alternative to a Negotiated
Agreement. You want your BATNA to be better than your negotiating partner’s. This is what
happens if this negotiation breaks down and becomes a “lose-lose.” Perhaps your BATNA is
a job that pays slightly less than you are asking. Do all you can to find as many other options
as possible so you are likely to have the best BATNA.
For example, consider a benefits package. Let’s say you have a spouse working at the local
university with a great health insurance benefit for your family. You are looking at a private
practice employee job. You now have the option to negotiate away health insurance at this
job, potentially exchanging it for a higher salary, which is far more valuable to you in this
situation. Since money is fungible for your potential employer, it’s entirely possible that he
would be willing to give you a large chunk of what it would cost him to provide you with
health insurance as salary or a CME fund. Win-win.
An example for negotiation map:
• Best case scenario: The best result you want to get.
Ex: 100$
• Desirable: what you desire to get if you can’t get (best case scenario).
Ex: 90$
• Worst case - BATNA (Best Alternative to negotiated agreement): what you will not
be able to get less than it.
Ex: 80$
• No Go area: less than 80$
7 Types of Clients and How to Deal with Them
1. The unrealistic client
“Hey, I want this to be big and revolutionary. This all has to be done by next month so we
need to move quickly.”
This type of client is often a visionary -- coming to you with lots of big ideas and
expectations. The biggest obstacle is understanding what parts of the vision are reasonable
and feasible within the constraints of timeline and budget.
The fix: Start with a road map from the beginning. Set a timeline of goals and projects, and
set firm parameters on what can be accomplished within your given parameters. It’s
important to validate the big ideas but ask “can we do this?” with our limitations to keep
the focus on the attainable.
“I decided to hire you for this, but don’t let me down because I can take my business
elsewhere. I will pay for everything once the work is done.”
Every client is important, but the VIP wishes to be placed above all others. They tend to
position themselves in a manner that demands your sole focus. This is most apparent in the
frequent, often repetitive and unnecessary, communications, and typically come with an
expectation of an immediate reply. After all, what could be more important? VIP status
often goes hand in hand with the "I have other options" attitude. These are the clients who
make you feel like you are always on the edge of losing the job if you do not meet their high
standards.
The fix: It is possible to demonstrate that your client is a priority while still setting
boundaries and space for your other projects. By setting specific touchpoints with the client,
you are acknowledging the importance of their project to you. These specific appointments
also set the appropriate timeframe for client contacts. You are most effective with a focused
objective. At the same time, be prepared to walk away from these types of clients if they
continue to make you feel inferior and don't value your role.
3. The micromanager
“Hey (just) checking in to make sure everything is going well, I texted you last night and
haven’t heard back.”
As experts in the field, we are hired to complete a job that our clients cannot complete
themselves. A micromanager has a hard time acknowledging this distinction. They will try to
stay on top of you throughout the entire process, often questioning tiny details, checking
your work against their own experts, and wanting near-constant updates. This client is
notoriously hard to satisfy, even when they hang on every detail from start to finish.
The fix: Much like the VIP, it’s important to set boundaries. Establish early on that you are
the expert, and that your purpose is to take their vision and run with it in ways that they
cannot. Instill confidence and trust with set checkpoints. While it’s important to hear them
out, it’s equally important to remember that you are there for a reason.
4. The "NYCMNYD" (Now you see me, now you don't) client
“Hey, sorry, I haven’t been on my phone. Let’s jump on a call as soon as we can and I’ll take
care of the invoice by today.”
Tricky to detect, The NYCMNYD can often be mistaken for the urgent client at first glance.
Instead, this describes a client that appears enthusiastic and ready to work out of the gate,
only to disappear when questions arise or reviews are needed. They will often reach out
absentmindedly without a clear grasp of where the product is because of their
disappearance. Be warned: if not handled properly, Thy NYCMNYD can easily turn into a
postpone with delayed calls and meetings turning into confusion and missed deadlines.
The fix: It is important to set expectations clearly and in writing from the beginning. A
contract can often be the key to keeping clients and yourself on task and at the table. When
the contact is waning, reaffirm that the timeline established is important to their success.
It’s also important to keep in mind that, while it’s important to follow up, do not waste your
time chasing them down. Your time is equally important.
“I think this is a good option, but I feel like it can be even better, but I am not sure how I
feel. What are your thoughts?”
Decisions, decisions. The "yes, no, maybe" client will struggle with them all. They may try to
rely on you to make all decisions, or they may feel the need to get third and fourth opinions,
leading to delays and loss of direction. They also struggle with focus and will not offer
feedback when needed. This can lead to mid-project directional changes, extending
deadlines, or dissatisfaction with the final product.
The fix: Yes, no, maybes need a gentle but firm hand steering them in the right direction.
Find a focus quickly, and keep written records to help prevent changes midstream. It’s
important to have a clear "why" for decisions to help prevent wavering. Don’t be afraid to
say no to last-minute course reversals that don’t make sense. Follow up at clear milestones
and interact at the end of each to ensure everyone is on the same page and on task. These
clients more than any need you to show your expertise to create a successful working
relationship and final product.
“We’ve done it this way for the last 20 years; can we keep it the same?” or “I have a bunch
of ideas to make us go viral!”
These two clients are on polar opposite ends of the spectrum but with very similar results
and solutions. The "Behind the times" client wants to stick with what they know. They
describe themselves as “traditional” and are resistant to innovation. The "viral sensation"
client has the opposite problem. They want to jump on every trend, latching on to a meme
or viral video and attempting to stretch their brand to fit in a box where it doesn’t belong.
They envision an impossible outcome with a strategy that really doesn’t fit their company or
goals.
The fix: While it may be counter-intuitive, both of these clients need the same thing: YOU.
Explaining the why behind the channels and techniques that will work for them is important
to push the traditionalists out of their comfort zone and to bring the viral back down to
reality. Set the direction away from fads with focused content and an expert vision.
7. The grasshopper
“That’s great but have you ever thought about doing this instead….”
The grasshopper is a hard client to pin down. They hop from one idea to the next without
structure. You may find yourself struggling to bring them to the table, and dialing in the
project to one point of focus can be even more of a challenge. On task is not in this client's
vocabulary.
The fix: This client needs you to provide the structure to reach goals. It’s a good idea to
write down all of your questions and points of discussion in advance to avoid missing any
crucial points during frequent topic changes.