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starting your business development process

Why You Need A Business Development Process.

Posted on: 5 January 2021

Why You Need A Business Development Process

Every business has to start somewhere, and while getting off the mark can seem a difficult task, it’s wise to get help where you can. The key to building a business is ensuring you have the best business development process, considering key stages that will allow your company to flourish and grow. 

To expand your business, you must identify new clients, retain them by providing a good service, and hopefully gain more business through referrals. But what else can be done to cultivate the success of your business? This is where our helpful tips will come in.

Plus, if you’re really not sure where to start, then an external agency like us may be able to help. With a high-quality database to work with and experienced teams, we can utilise our knowledge to inject your business with the relevance and dedication that’s needed to really make those critical steps towards building a successful framework. 

Whether that’s details about your customer’s interests, qualified lead generation services, that all-important appointment setting to build your sales funnel, or just insights into building brand awareness and customer acquisition. 

 

To Find The Right Prospects With Qualified Lead Generation 

One of the most important first steps to developing your business, whether you’re a new starter or an established brand looking for a boost, is lead generation. But if you don’t have a starting place, you might be in danger of the leads running out quickly. Or, worse, your sales funnel is overflowing but with prospects that just aren’t turning into valuable clients.

To ensure you’re getting the most out of lead generation activities, each lead that is generated should be highly qualified, in order to ensure that they have a good probability of generating tangible ROI and improving conversion rates. 

If you’re unsure how to achieve these results, we may be able to help. 

Clarifying your criteria for what defines a high-quality lead is the first step, considering your budget, authority, need and timing. From here, we would contact potential customers to generate a buzz about your business and provide you with a summary sheet for each lead, so you can see who you might be dealing with. 

 

To Meet The Right Clients, Every Time

The first meetings between a business and prospective customer are critical in establishing a positive and impactful relationship from the outset. Qualified appointment setting is a critical part of the business development process as it means that not only is your business focusing on the leads that are most likely to convert from prospects to clients, it also refines the time and money that you’re expending on client prospecting to minimize wasted spend.

However, generating those appointments to accelerate your growth can be challenging, especially without either a dedicated team of experienced appointment setters. Luckily, we have staff who are specifically trained on the communication style required to carry out this B2B appointment setting

And it’s not just about booking the appointments, it’s important that these bookings match your criteria for potential customers, and are of high quality, otherwise, you could be wasting your time. As an honest agency, we provide feedback to describe the details of the call so you can see why the appointment was booked or not, and even record the calls to provide a fully transparent, trustworthy service.

Setting up a firm process as to how your business cultivates these appointments will not only ensure that your sales funnel is filled with highly qualified prospects to convert, but it also means that you’re not wasting time and money going after prospects that aren’t in-market.

 

To Implement Extensive, Reliable Market Research

Aside from getting leads and appointments, another key element to some of the best business development strategies out there is truly understanding your customers, both current and prospective. It’s a good idea to conduct extensive market research into what your customers want from your product, and this can be done by surveying your target audience. 

At Prospect Research, our team have perfected their market research skills through university courses, professional services, and consumer businesses. This means we’re able to gather quantitative and qualitative data and provide results to aid your decision making, and ultimately, point your business in the right direction. 

This is something that is valuable at every stage of your business’s life, not just at the outset, because of the critical in-market information that relevant market research can deliver. These insights allow you to consistently address the pain points of your customers, gain insights into changing needs, and ensure that your products or services remain at the forefront of your audience’s mind. 

 

To Speak To Your Clients In The Right Way

So, you know who your perfect client is. You know exactly what they want, and how your products or services can satisfy their pain points and overcome any barriers to purchase. You’re all set.

However, the question remains. How do you turn these perfect prospects into clients with a long lifetime value? 

Telemarketing is still one of the best ways to develop your business and therefore forms an exceedingly important aspect of any business development plan. Telemarketing, when done by experienced teams, can develop relationships with potential clients and other businesses. 

However, while it is essential for any business, this can be a gruelling task and heavily time-consuming for your team, but essential none-the-less. 

 

Having well-trained staff to make these calls is crucial, as it is a skill that must be honed after much practice. And especially as a new business, it can be hard to find the room to hire people with these specific skills, which is why a telemarketing agency is so useful to the business development of new companies. 

Why not send us an email to see if we can help?

Because it can be difficult for any business to put trust into an external agency, sometimes formulating a perfect business development process can take a backseat. Doing everything in-house is often admirable, but not always feasible unless your business has exhaustive access to both highly trained staff in the multifaceted roles that business development requires, and also, time.

However building a highly converting business development process will have a tangible impact on progress of the business, improve the productivity of your own team, and ensure that you’re focusing your resources on the prospects that will generate ROI. 

Regardless, you need a business development plan so that you can continue to grow and become the leaders in your field, and we’ll be here to help every step of the way. 

Posted: 5 January 2021 | B2B Marketing, Blog, Business Development

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