EFFECTIVE MANAGEMENT
EFFECTIVE MANAGEMENT
Tracking Business Development : A Three-Step Process
By Joseph P . Truncale , Ph . D . Contributing Editor
Ask any business leader about their primary concern , and you may find that business development is at or near the top of the list . It makes sense . It is difficult to sustain business success without a robust process for finding and securing new customers . No client , no matter how satisfied or “ loyal ” is assured of staying around forever . Change happens as people and organizations are subject to change at a moment ’ s notice . New business development is not an option but a necessity .
So , it should naturally follow that this essential business process would be organized into a highly functioning , repeatable process . Not necessarily . Many organizations deploy business development in a haphazard , ad hoc , or fragmented way with the ultimate responsibility for bringing on new customers delegated solely to the sales team . There ’ s a better way .
Business development can best be thought of as a three-step process : Lead generation , careful review , analysis , and assignment of leads , and finally , customer contact , engagement , and procurement . These three steps , though fully integrated , stand alone as separate disciplines in how and where they are assigned .
The first step , lead generation is a marketing activity . Step two , rationalizing and assigning leads is a sales leadership function . The third and final step is securing the actual sale itself . Each of these are best done by separate team members , each highly functioning and focused on their individual part of the process . That is , a marketing specialist who understands the lead generation process , a sales leader who has intimate knowledge of the unique capabilities and interests of members of the sales team and the salesperson or salespeople who are best equipped to enjoy success with a particular prospect .
When there is a strategic focus on key account procurement and development , having a highly functioning marketing effort is not a luxury but a necessity . At any given time , the best performing organizations have a profile of the needs and requirements of their ideal clients and have established a target list of potential prospects . Irrespective of your chosen CRM
Business development is a three-step process : Lead generation , careful review , analysis , and assignment of leads , and , customer contact , engagement , and procurement .
system , doing the hard work of researching , understanding , and recording key data on your top prospects is an essential first step in building the foundation for client acquisition . Where to start ? With your best existing relationships .
It ’ s not that difficult for most businesses to figure out what their best potential prospects look like , where they are and which issues they are facing or opportunities they are trying to exploit . Start by taking a close look at the clients / customers with whom you are currently enjoying success . Chances are they are loyal to you because they are getting the kind of support , service , products , advice and help they need and want to satisfy their requirements . Begin prospect profiling by trying to identify potential customers who may have similar needs and interests . Keep in mind that during this analysis , you will find it helpful to focus on the needs you are filling and not necessarily a particular industry , profession or demographic .
Sales leadership plays a critical part in the key account procurement process . Organizational leaders often refer to their sales team as though they are the same in terms of their capabilities and interests . They are not . Most likely , each member brings a unique set of skills , techniques , and experiences that have helped form their approach to sales . While this can frustrate attempts to standardize the selling process , it can also create a well differentiated sales team , with each member bringing a different set of skills and methods of selling . That ’ s why it is essential that sales leaders understand these differences and can allocate sales leads according to the unique capabilities of each team member .
This three-step process can revolutionize the business development process in most any business . For more information or aligning your organization for growth , contact me at joe @ ajstrategy . com
Joseph P . Truncale , Ph . D ., CAE , is the Founder & Principal of Alexander Joseph Associates , a privately held consultancy specializing in executive business advisory services .
He is the former CEO of the Public Relations Society of America ( PRSA ), the world ’ s largest public relations organization . Prior to joining PRSA , Joe was President & CEO of NAPL , a business management association representing leading companies in the printing , graphic communications , mailing , fulfillment and marketing services industry .
Joe specializes in strategy , customer analysis and organizational effectiveness .
He is a graduate of Monmouth University and he holds a Masters ’ Degree from Rutgers University . In 2011 , he earned his Ph . D . in Media , Culture and Communications at New York University and was the recipient of the Prism Award for Academic Achievement . His dissertation was a ground-breaking study of the leadership styles of highly successful entrepreneurial business executives in the graphic communications industry .
Joe served as Co-Chair of the New York University Board of Advisors and is an adjunct faculty member at NYU teaching graduate courses in Executive Leadership , Financial Management and Analysis , Finance for Marketing Decisions , and Leadership : The C Suite Perspective . He resides in Colts Neck , NJ .
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