If you don't understand that we're in a different world today and our buyers' journeys have changed, you're limiting the growth and long-term sustainability of your firm. Some of the big drivers of those changes in the buyers' journey– the online world, technology, and automation. The capabilities and capacities of marketing and business development have changed and, hopefully, your team is on-board with those changes.
Consider this progression created by the Internet and technology:
Who should be doing what?
The sales funnel is often used to define the buyers' journey, so, let's start with that. Fifteen years ago, the principals in a firm handled the entire sales funnel and there was only one main door into the firm – through the principals. Now, there are multiple doors into a firm and the initial contact into a firm can be handled by a variety of individuals. That change has impacted responsibilities!
The top half of the funnel can now be (and should be) handled, primarily, by marketing. It's the time when prospects are searching out information about projects, solutions, and firms. The top half includes initiating new relationships, nurturing relationships, and positioning the firm for future projects and it uses a full range of communication channels to accomplish that. Your marketing should include email campaigns, a dynamic website, social media, publicity, tradeshows, participation in organizations, and collateral materials.
That leaves the bottom half of the funnel to the BD'ers and seller-doers where they are focused on real opportunities, lead development, and significant relationships. While marketing handles the top of the funnel, your BD team will have the time and resources to focus on the priority contacts and opportunities. If your BD'ers are focused on the entire sales funnel or spending significant amounts of time in the marketing function, you will be limited by their time and firm resources to handle the volume of prospects you need in order to grow your firm. In addition, if your marketing is not picking up the top half of the sales funnel, you're missing a huge opportunity to operate more efficiently and effectively and have a greater impact on your revenue generation.
Got it? Good! Now, move forward with a fully functioning revenue generation program that:
- effectively positions your firm in your target markets
- continuously generates opportunities for your firm
- builds and nurtures desired relationships
- supports the acquisition of new and repeat projects
Looking for more info? Email firstname.lastname@example.org.
Friday Chow is posted weekly, or thereabouts, to provide you with insights and considerations for AEC sales and marketing. Good stuff to feed your revenue engine!
When you're ready to improve your business development, marketing, and client relations programs, contact Red Hound Studios at email@example.com