If your company has a product/service that is The Best, then your next step is to get your prospective customer to agree. Decision makers evaluate the merits of your solution so a good business development effort will consider the purchase process through the lens of the buyer. Change up your presentation to start with an answer to the buyer’s key question of whether the solution matches the need. Keep in mind these five key steps in Business Development:
1. Know who makes the decision – the highest title is not necessarily the arbiter of the decision but the CxO may be the person who endorses the decision. Market to both and graciously take the meeting offered. It’s worthwhile to study the company or hire an intermediary in order to know who to approach.
2. Appreciate the buyer’s need – what you have to sell is not necessarily what the buyer intends to buy from you. Be sensitive to their current mandates and needs and modify your presentation to be able to speak specifically to the part of your solution that matches the need. Broad concept discussions are distracting and ultimately not relevant. Answering the question before being asked is a fast-track way to get into a meaningful discussion.
3. Reveal Price – you are not at a disadvantage if you discuss pricing early on – clearly, your solution will be ‘right priced’ as part of the negotiations, but you want to get an understanding of budget and pricing expectations. It makes the rest of the discussion focused on what can be purchased.
4. Discuss your competition – you must be well versed in your own industry – demonstrate that you know what the other companies offer and where you distinguish yourself by specific category. An astute buyer will entertain your competition. When you clarify where you excel over the competition and how that abilty is critical to the buyer, you are helping the buyer to develop a rationale to buy your solution.
5. Know the Market – speak to the current and future use of your solution by other companies in the market. Discuss results, revenue and pricing models, methods of use, and information feedback systems. Be specific as possible without speaking at the scientific / engineering level. The buyer will appreciate understanding how your solution is being used by other companies and it will increas the buyer’s ability to support a positive decision in a shorter timeframe.
These are just five key areas for business development practices to help your business create the opportunity for a sale. Persistent improvement in your presentation drives meaningful results.
