Business Development Practices in Today’s World
When you’re trying to grow a business, you first have to analyze where you are focusing your efforts when trying to increase sales. Most likely, you’re going to start with marketing through public relations, advertising, and branding to bring opportunities. These are all fueled by business development tools that eventually generate sales.
One of the most significant components of business development involves building deals. Gary came up with a quick equation to think about this process:
B.D. = Reputations + Connections + Relationships / Time + History + Investment
When you can leverage all of these components, it can bring you up to the front seat a lot faster than you usually would have if you try to do this on your own.
Building Connections & Relationships
When it comes to meeting someone, Gary says what’s important is to learn how to connect with them. He says: “So, for example, if you're talking to a CEO of a $400 million company and or you're introduced to them, or you want to meet them, how do you get them interested in having a conversation with you?”
First, you have to understand what they need from you and what they need in general. Spend time in building that connection and that relationship. Cultivate that bond, and naturally, they’ll come up to you with whatever they need.
Thinking of Time as an Investment
When you’re trying to build relationships, it’s easy to become a stalker as you try to get the most out of the other person. Instead, focus on being professionally persistent. There’s no need to be too aggressive because people usually get turned off by that.
Some people say it takes 10 to 15 occasions to close a deal or meetings. But others will call it quits after the fifth attempt. Again, you have to be professionally persistent.
And, yes, we all know that time is quite an investment, especially in today’s business world. But, those who put in the time to go the extra mile and attempt those 10-15 connections will likely succeed and win over the competition that quit after five attempts.
As Gary says, all of this eventually comes down to building your reputation and business side-by-side. You can watch the complete recap of this Alliance U episode here.