A special role in growing your company is Business Development. In short, it is the phase where solutions are developed and discussed with the Client; to solve certain identified problems or needs. If the Client decides to proceed, the Sales Cycle starts, which in itself are more aimed a closure of a deal.
In this section a few examples of Business Development in different industries.
In the Banking Industry, or better, a certain Bank, there was some concern about existing suppliers and their ability to provide adequate IT technology enabling the company to achieve its objectives. At this point, the attitude towards other suppliers is beginning to change. It is crucial to understand if on is happy with the existing supplier and if this supplier is seen as crucial to future developments. If the change is starting, the process of getting to understand each other starts, to understand in depth the ability of a possible new supplier and if the organization has sufficient confidence to engage in a long-term relationship. These processes can take up to two years or more.
In Government it works slightly different. Of course one has to follow the official rules of engagement. Obviously, the sales and marketing process can only be executed before the official ITT (Invitation To Tender) has been published. After this date, communication with Government Officials is prohibited, apart from Q&A sessions. However, no real differentiators with your competitors can be made, as all communications will be distributed to all bidders.
So how to make a difference? iBSC has a long experience if it comes to working with Government. Knowledge of Government Principles, Objectives and Structures are crucial. Also, in this sector, Business Development Executives need to be very pro-active and understand the political agenda and what needs to be done by Government in the future. This way, the BD Exec can help to shape the minds and be effective in identifying solutions to certain problems.
The Business Development Cycle needs to be an integrated part of the Sales Cycle, including Pipeline Management. Only when it is a part of a structured process can the BD Cycle be successful and allows you to determine effectively how many resource you can spend on certain opportunities and when.
Interested? Contact us