How you use partnerships to target group owners in your right target group for you as a power channel, and what mistakes it should be avoided, you read in this article.
Business Development facts and figures
You fail to forge win-win relationships
As already mentioned before, successful long-term strategic partnerships are those ones where win-win relationships (fair deals) are formed early on. As tempting as it may be to negotiate a one-sided agreement, sooner or later you are doomed to notice the missing balance.
You do not cultivate relationships after initial agreement
Failing to enhance and nurture the business relationships further as soon as they have been created is, perhaps, the biggest blunder. Partnerships that have been forged just “pro forma” are going to be shelved, just because you do not give it professional customer care — as simple as that.
You do not understand how you can help
You forget that building relationship requires time
Some people in the business make a mistake supposing that the deal is over and they can redirect to something else. The same as in other business areas and actually life you can change the conditions and circumstances, you can affect and contribute the relationships, you can continue working on them and bringing them on a new level. You just need to remember that it is not done overnight and it requires time and a proper careful attitude.
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Business Development requires time and, therefore, unlike sales, it does not produce an immediate stimulus that would encourage sales.
The BizDev activities pack is trimmed exactly to promote a long lasting effect.
When building a portfolio on actions and channels it is important to remember that the main function of BizDev is to be accurate and to be designed specifically to fit your goals and strategy with a partner who has access to the clients that are suitable exactly to your business.
This channel works best of all when complemented by nets and deeply planted seeds.
Stay active most days
If you make small steps but do it regularly (in a perfect world, every day) it leads to continuity and a mutually beneficial growth for you and your partners. It is important to point out at this stage that BizDev isn’t about quick fixes or one-off sales. Instead, this is all about long term growth strategy and you had better look at it in this light all the time.
Choose the right partners
Having the right business partners will go a long way in making your company develop in the right direction. On the other hand, if you get to work with wrong partners, you’ll find it hard to grow steadily.
Get the balance between quantity and quality
When developing their business many professionals make the mistake of aiming purely for quantity of sales closed rather than working on quality long term partnerships. Thus, it is really important to always strive to find the balance between quality and quantity, so that your company can enjoy a consistent and sustainable growth. It’s particularly important for startups that are only beginning their path in the market.
Grow at pace you find comfortable
Do not impose pace to your partner, if this pace is not comfortable for you. It is crucial because growing too fast or too slow can give rise to various impediments to your steady growth.
Number of qualified leads
This figure shows the total number of the potential clients from your efforts in the pipeline partnership.
Deal Conversion Rate
This figure measures how many sales deals can be closed as a result of work with a particular partner. So, this metric measures your effectiveness in converting leads into new customers.
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