Key Components of Business Development
Updated: Jun 21, 2020
The important part of any business strategy is knowing whom you sell to. For the last 4 years, I have been actively involved in understanding the audiences we are planning to reach and what it means to decision-makers to have all the right pieces of information ready.
SaaS products are meant to help other businesses become more efficient. But reaching decision-makers and convincing them that your SaaS is the best option for their business might not be as easy as it sounds.
To show the value of a SaaS for online businesses we at Queue-it had to go to the next level and use every learning opportunity to become better. One challenge I have in mind is how to approach the right people who might be interested in what you sell.
Here are 4 components of business development:
1. Awareness is key
By sharing your information to the right audience, you will create awareness about your product, but most importantly, the right type of information will help you get the message across the organization. Adjust your message to the type of audience you follow and use your common sense to understand what features will be most valuable to each prospect you engage with. For example, when discussing with the IT department focus on the current limitations of the existing service and explain how your solution can help mitigate that.
2. Persistence beats resistance
Or to put in bluntly, sometimes people do not see the immediate need for what you sell and more information will be beneficial for both parties. In order to share information in a way that the reader will go through all the new content, try sending more than one follow-up message. This way you can share the value added by your solution, but you do not write it all in one email - that I won’t even start reading because it’s too long. Sharing information in sequences and with in-depth explanation for each of the key points you want to make will help outline how your solution can help the target audience and their business.
3. Referrals will get you far
Knowing everything about your target audience is as important as understanding that the decision-maker can be hard to reach at times. This is why sharing the information with the current team handling the same type of responsibilities might be your way in for a conversation. Use that knowledge to reach to immediate colleagues of the decision-maker and explain how knowing about your solution can help the business. What will happen is that you will start getting referrals to the decision-makers and in the end, you will have more chances of engaging with the right person using that introduction.
4. Patience is a virtue
And so, we also know that sometimes saying all the right things will not create immediate interest, but rather a ‘good-to-know’ reaction. That’s fine, as long as you remember that what seems urgent for you, may not be urgent for somebody else. Keep in mind that we all have different priorities and sometimes it’s enough to engage the right person. In another context, waiting for confirmation it’s also ok. As long as you send all the information to the right prospects and teams, waiting for another 3-6 months to reconnect should be in order.
All in all, reaching the right audience is a lengthy process but it’s the way to go in order to create the right process for your sales funnel. Be patient and remember that if you have a great solution that solves a real problem, people will want to know more about it.
Until next time, be brave & use all learnings,