Business Development Process
What is a Frictionless Business Development Process?
The business development process can be improved dramatically if we remove all "friction" from the process. By"frictionless", I mean removing all resistance to the sale. Ideally we should provide a "slippery slide" from first client contact to closing the sale.
Frictionless - achieved with or involving little difficulty; effortless. This is the literal definition. In the business development context, this means that we must create such a compelling argument, for our product our service, that our prospect is eager to buy without hesitation - Aidan Montague
The business development process can be broken down into five (5) distinct stages or systems. We want to continuously improve each system independently - and in doing so we improve the entire system.
- 1Stage 1 - Positioning
- 2Stage 2 - Conversion - How to Improve Leads to Sales Conversion Rates
- 3Stage 3 - Leadgen
- 4Stage 4 - Referral
- 5Stage 5 - Accelerate
It is important to note that small improvements in EACH system have a multiplier effect on the performance of the total system. For instance, if we improve each system by only 10%, we could reasonably expect a 100% improvement in the total system. So, to double sales in a given time-frame, we may only need to improve each component by say 10%.
The Problem:
The problem in most organisations is that there is no process for business development. We are often reliant on the expertise of individuals - and their ability to open doors and convince prospects to buy.
If we systemise our approach, we can expect a substantial increase in sales.
The Solution:
The solution is to have a system in place that is measurable and repeatable - for each product line or service offering.
The above system can be (and should be) optimised for EACH product or service. The process will remain the same - but the the value proposition will vary.
