Generating new business is in the midst of being redefined.
Business development [Biz Dev] skills that worked so well a few years ago have significantly shifted because your customers are facing new and emerging challenges just like you are.
Here are five examples of what’s changed:
- Growth used to mean bigger and better. Now it means deeper and stronger customer relationships.
- Connection used to be done by establishing rapport. Now the expectation is building trust, which takes longer to establish.
- One power player made buying decisions. Now the decision-making process involves multiple stakeholders, equally powerful yet with unique requirements.
- Communication was focused on convincing others to buy. Now it’s shifted to offering fresh ideas and perspectives relevant to their challenges and adapting what you offer to fit their needs.
- Getting the business then meant being the supplier of choice. Now it’s being deemed as a valued external provider who is an asset in dissecting emerging challenges and designing strategy without any guarantee of getting the business.
To get to the leading edge of this new model, means reshaping your thinking, unlearning habits and intentions, redefining what you measure, and adapting skill sets.
Warning! Reshaping your thinking is similar to learning a new language. Results won’t happen overnight, and you will feel like throwing in the towel at times.
This audit assumes four things:
- Everyone in your firm now has a biz dev role
- Biz dev has shifted from selling to being a strategic partner
- What contributed to your firm’s success in the past, may be what is hindering you from moving forward and evolving
- If you don’t disrupt the process, a known or unknown competitor will