9 Common Mistakes Business Developers Must Avoid

Business development can sometimes be a touch-and-go job, where not everything goes according to plan. In fact, as biz devs we should always have a backup plan. You must be able to think on your feet and swiftly adapt to a rapidly changing environment. Still there are a variety of set rules that, if followed consistently, increase your chances of being a successful biz dev. If you are a newbie to the field and sometimes feel like you are fumbling for ideas and don´t know how to act, here are a few pieces of advice on what to avoid doing.

Mistake nº1: Not keeping your clients updated.

The client should never call you for the updates, but instead you should always take the initiative
to update them first. Keep your communications focused and relevant. This does not only apply to products and services your clients are already using. You need to also brief them about the ones newly launched. Research shows that being relevant and keeping your customers up-to-date help drive 18 times more revenue in the long run. There are high chances that this way you will also keep abreast of your competition and raise your company to market leader status. For more ideas on how to stay afloat in the business game, have a look as well at my other post: 5 Ways to keep your business Competitive.

Mistake nº2: Not demonstrating the same peer status.

When you walk into a meeting, demonstrate confidence and leave aside your insecurities, even if you don´t have a lot of experience as a biz dev. What you need to let your counterpart know is that you are trustworthy and truly comfortable in your skin. If you are perceived as having lower authority or knowledge, it might generate a negative impact on the relationship you establish with your prospective client and obviously this might influence their decision of doing business with you.

Mistake nº3: Trying to over-accomplish and over-impress in the first meeting.

Don´t rush to make a sale. If you try too hard, you might be viewed as a low status player. On the contrary, try to make your actions seem more effortless, which actually will give the impression of being a high status business player. That doesn´t mean you do not need to make an effort to accomplish your objectives, it just means that you demonstrate your value and status. Bringing value to the table means demonstrating that you know your worth and this in turn will make your clients put their trust in you.

Mistake nº4: Not having an accurate follow-up system.

There is no excuse for this, i.e. such as not having time. All your work could go to waste if you
don’t have a well-established follow-up system in place. Statistics demonstrate that if you carefully nurture your potential clients, they are 47% more likely to purchase more from your company. It´s not only about setting up a follow-up meeting after you got to know your client, but also about keeping constant communication with them and their colleagues and making sure they can count on you when they need to.

Mistake nº5: Using PPT in your first meeting.

Instead of pulling out your fancy laptop and trying to impress the client with an elaborate presentation, it´s better to start to get to know the client. You don´t need to pitch immediately. Most likely the potential client already has an idea of your company’s offerings. You need to create conversation not present to the client. If, on top of this, you mention to the client solutions you have offered to comparable firms in the field, your credibility is immediately enhanced.

Mistake nº6: Not paying special attention to the emotional and political environment.

You need to be aware of workplace politics and the interactions involving authority. Your interest is not only to deal with the company’s decision-maker, but also, if possible, with other individuals within it. The other critical aspect is the company’s emotional culture. If you can gauge how your
potential client feels about the work they are doing, you should use it to your advantage to establish an emotionally intelligent link with your client, showing you understand their point of view.

Mistake nº7: Being boring and unmemorable.

How much competition does a company have? In most cases, a lot. So you need to stand out from the crowd and be engaging when dealing with customers. Listen and then ask focused, high-quality questions. If you want to ensure further meetings, you need to transmit value from day one.

Mistake nº8: Not focusing on current clients more than on acquiring new ones.

There is a general rule that 80% of business comes from current customers, through recommendations and referrals . Your current clients already value your services and products and you already have a thorough understanding of their business. Business data shows that new clients cost up to five times more than existing ones. You should also consider clients in related industries who face similar challenges. Offer cross services, but always be tactful about it. You don´t want to hurt the customers´ perception of your brand and diminish lead conversions by overwhelming them.

Mistake nº9: Confusing being busy with doing business.

This has to do with knowing how to allocate your biz dev time wisely. Probably the best rule to
follow is that of not wasting time and resources on activities that do not connect you directly
with clients. In other words, it´s not only about having a great product or service and a good
story to sell it, it´s also about getting hands on experience while executing a well-structured
business development strategy.

LINKS:

www.big4.com
www.clientsfirstconsulting.com
www.ontraport.com
www.hbr.org