Business Development. . . why such a secret? It was recently brought to my attention that to anyone not actually in a Bus. Dev. role, the perception of what we do can span from being a basic account manager to an analyst. Even when visiting Wikipedia, it’s easy to see where the confusion comes in as they state it’s a difficult title to nail down. Someone in a true Business Development role today can be considered a polymath, having excelled in multiple roles which combined make you and your company more efficient. Below are the top 5 tasks a Bus. Dev. Mgr. would oversee and a few basic tips;
#1: Opportunity Assessment, Creation & Development
Finding or defining opportunities that will lead to growth of the company, department or specific initiative. Working with other departments within your organization to distinguish ability, relevance and opportunity cost of implementation and ultimately managing the project to launch and beyond.
Tip: Opportunities do present themselves – Regardless of if you are a merchant, publisher, agent or network write down every new idea or upcoming innovation that is presented to you in your daily interaction with others. Keep a notebook for these quick notes readily available. What may seem like a far-fetched idea, an insignificant mention of a product that is not yet on the market or an article someone mentions in passing, it may be just the tidbit you need to rocket your idea “next week” into a revenue driving machine.
#2 – Relationship Establishment & Management
One of Business Developments key roles in the online space deals directly with relationships. Establishing strong and long lasting relationships with your merchants, publishers, clients and so forth by utilizing strong interpersonal skills and their expertise in opportunity assessment. This skill should be put to work to serve your “client” whoever that may be as well as your company. The ability to listen, analyze and present to a “client’s” needs provides a successful relationship for you both.
Tip: Who has the time? You do! – Periodically reaching out to your contacts for nonbusiness purposes or just to say hi is the way to go. A quick “How are you?” or “I wanted to send a quick note to say I hope that your summer is going well!” means more than you think. General perception is that everyone’s inbox is too full, that a quick note is just creating one more e-mail for them to go through but taking this time. . . matters. When you get a card in the mail amidst a stack of bills it can make your day, so can the friendly e-mail. Take the time, make the connections and learn about those that you serve or communicate with. No detail is insignificant.
#3 – Analytics Study & Tracking
The person or team should assess your data for trends, problems and markers on a regular basis, tracking the data they need to make informed decisions for opportunities, relationships and initiatives to help your company reach your revenue goals.
Tip: The system is always right. . . or at least most of thetime – In the digital space, we above all others know that systems fail, links break and codes don’t always work, so why do we trust that our analytics are always correct? Simply because something auto populates data or a network’s data shows automatically does not mean it is correct. Analytic study does not just consist of tracking sales, trends and traffic, it requires digging in and double checking what you think you know. Spot check your internal analytics by doing the math the old fashioned way and take a moment to double check your networks or agents numbers as well. If their cut is 10% of your commission, find if that is truly what they are taking. Who knows, you may find the lost pot of gold or discover that you’re not producing what you thought you were. Find it and fix it.
#4 – Industry Advancement Study & Utilization
Staying on top of what is going on in your market, with your competitors and the industry as a whole is an integral part of the Bus. Dev. role.
Tip: Weed through it – Information is everywhere and if you sign up for enough newsletters, you can be inundated. It’s much easier to send them all to your spam file then to dig through them for something relevant. Be selective on what information sources you sign up for and take the time to identify those that provide you value. Join groups online that provide you with valuable relevant information and take 15 minutes to scan articles, tag those that you find relevant and file for a quick read over a cup of coffee or lunch. This information in conjunction with the tidbits you’ve gathered in your notebook, mentioned above in opportunity assessment will keep you informed of changes and ahead of the game.
#5 – Contract Planning, Negotiation & Management
Staying in line with opportunity assessment, contract or agreement planning and negotiation are a must. The individual in this role is typically comfortable speaking to any level ; Front Desk staff, Affiliate Manager to President, and can effectively present the opportunity, negotiate terms and manage the agreement completion.
Tip: C-Level Executives are people too – Speaking with a C-level executive is not different than speaking to someone manning a front desk, they are people just like everyone else. If you have been doing your leg work during the relationship building process you can enter these talks with an intimate understanding of the person you are working with as well as their professional needs which will make the process much easier and efficient. If your nerves get the better of you or you become nervous during negotiations remind yourself that you are the expert in your business just as they are the experts in theirs.
While many of the tips mentioned above may seem rudimentary, the question is; are you or your team doing them?
Obviously any team can be tasked with roles of your choosing, but I would warn to refrain from calling your entry sales or customer service teams Business Development. While the role itself may be confusing to the masses, it is typically expected that a Business Development Manager of any level has the authority to make decisions. If the individual or team that you elect to title “Business Development” is hindered from making decisions on the spot this will be noticed by the companies and individuals that they are working with, and can potentially lessen your credibility or worse. . . revenue.