Why is "Business Development" about loans?
Most Business Development seminars or meetings are about small business loans. I don't really need a loan, I need customers. Where can I go to obtain names and addresses of local and not so local businesses to market? Phone book? Their physical address may not be their mailing address. Tax rolls? They list the owner of the building, not the business renting the storefront.
I'd like to see some "Business Development" seminars that actually develop and encourage business, not provide loans.
I'd like to see some "Business Development" seminars that actually develop and encourage business, not provide loans.
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Replies to This Discussion
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Permalink Reply by Paul Donehue on
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Interesting comments, Vincent. We've found that "business development" is often considered to be part of the selling process; it is commonly defined as a multi-step process, which begins with identifying targets - either from the phone book, procured lists, networking activities and so on. Once the targets are identified, the process moves to the "approach and qualification" phase and goes on from there. Maybe the types of business development seminars you are seeking are being offered or promoted as selling seminars?
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Permalink Reply by Dick Dunlap on -
Vincent, I couldn’t agree with you more.
A number of my clients have focused on business development seminars and hiring “Business Developers”. Don’t get me wrong, there are some good ones. Actually one of the best is a member of NHBR network.
Typically, traditional Business Developers have the same approach, end up with false starts and cost the small Business with no plan for payback. Sorry if I’m to general in my characterization.
I believe the answer is in having a strategic plan that makes sense and let me give you two examples within your specific market i.e. Locksmith.
One of your Industry Colleagues, (disclaimer and a client) in So. NH went through a process of documenting his business core competencies. This included services that were not currently performed but the capability existed. Once these were completely understood he identified potential markets that these services would support. Only after that did the identification of potential customers get analyzed. Five different markets were identified as having potential. A simple value proposition was prepared directed specifically for each market. As usual, a multi targeted approach was designed using email, snailmail and introductions to gain an audience with decision makers at the targeted customers. Long story short, the potential for mobile services gained momentum and a cost benefit analysis was completed. One of the keys (sorry about that) to success was having a plan with planned milestones. This kept focus and accountability to the plan. This business now enjoys a significant portion of their profitable revenue generated as a direct response to mobile services.
Another Locksmith in Northern Vermont (also a client) went through the same process and found that there was a significant opportunity delivering and installing medeco type lock assemblies in highend resort developments for existing homes. The marketing budget was near zero but excellent customer rapour and demonstrated knowledge of product and features provided an incredible word of mouth marketing campaign. Keep in mind the Locksmith had only sold a few of these devices to contractors in the past and never offered installation. Late last year they teamed up with a company offering video survellience.
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