1. Marketing carries more of your sales funnel nurturing & positioning than BD
With the advent of today's online world, came the opportunity for prospects to actively research firms prior to the selection process without talking directly to the firm. Up to 70 – 80% of that research is completed before a selection process begins and, more often than not, BD'ers are not involved. That upfront engagement with and nurturing of prospects is in marketing's hands. You may not even know they are researching your firm, but you have to be prepared for those investigations of your firm's capabilities and experience. Evaluate your marketing: How findable is your firm online? When they find you, what do they learn about you? How is your marketing pre-positioning your firm with those prospects? How are you engaging those prospects before the BD'er shows up?
2. Account-based sales & marketing focuses your efforts to improve outcomes
Shotgun marketing has been out of the picture for some time now, however, many firms still chase whatever seems to have life in it, whether it's a good fit for their firm or its profitability. Today's advanced firms carefully identify the companies or agencies (accounts) they want to work with, then gradually build their relationships with those specific companies. Those firms also balance their prospect pursuit with a view toward short-, mid-, and long-term opportunities, then drive toward the goal of generating a continuous, rather than sporadic, flow of work.
3. Contact Relationship Management tools support business development
CRM software is increasingly used to track accounts, individual contacts, and BD activities; provide pipeline projections; and distribute email campaigns, among other things. Does your firm have a CRM in place? How effectively is it used? Does it provide valuable data that helps to manage your BD and marketing program?
4. Target markets want & value digital/online access & engagement
5. Improve performance by measuring your BD & marketing
Just about everything in BD and marketing is measurable these days.
Start small, then expand your measurement activities, to better understand the points in your process that you can measure, then improve.
Questions? Email email@example.com. Always glad to share some thoughts on specific issues you may be challenged with!
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 firstname.lastname@example.org