I was talking to some of the marketing staff and business developers in one of our offices recently, and I thought of a gross simplification for the whole business development process, in terms of what the steps are, that I thought might be helpful, especially in this economy. Here it goes…
FIRST, YOU HAVE TO FIND OPPORTUNITIES. So, where do opportunities come from? Well, they can come from anywhere, but the best opportunities come from existing relationships that you have, because those are the ones you are most likely to close. Aside from that, they can come from referrals, or from public listings, or in the mail. Or you can even find opportunities by making a list of the 50 organizations you’d like to work for, and calling them all on the phone. But that not only is much less fun than emptying the cat’s litterbox, it’s also highly unlikely to be productive, in terms of finding opportunities. Calling on the phone is great for finding out information, and really bad for generating business. To generate business effectively, you really need a relationship.
SECOND, YOU HAVE TO DECIDE WHICH OPPORTUNITIES TO PURSUE. One of my favorite business articles ever is David Maister’s “Strategy Means Saying No.” The idea being, if you don’t say “no” to something, you don’t have a strategy, you’re totally adrift in a turbulent sea. Which invokes the famous Yogi Berra quote, “If you don’t know where you’re trying to go, you’ll probably end up someplace else.” Too many firms believe that all business is good business, and it simply isn’t true. You need to focus your efforts predominantly on work that you can win and that you want to do, and that you can do (and make money doing) if you win. It’s ok to throw a Hail Mary pass every so often, and to pursue something you have no business pursuing because you REALLY want it, but you can’t base a career, or run a firm, on this strategy.
THIRD, WHEN YOU’VE DECIDED TO GO, YOU HAVE TO NAIL IT TO THE WALL. Ok, so you want the project, you think you can win the project, and if you get it, you can do it (and make money doing it). So, why are you pursuing the project in a half-assed way? Give it everything you have! Pull out all the stops! Have early meetings! Stay up late! Convince the client how much you want to work with him or her, and how important the challenge they’re facing is to you. Show your passion. Be bold. And check your work.
Yes, it’s grossly simplistic, but having a list of three things you have to do to succeed is even better than having a list of ten things you have to do to succeed!
Love this!. I couldn't have said it better myself. I am going to print this out & share it with my marketing colleagues.
Posted by: Tricia Converse | October 06, 2009 at 04:45 PM