Business Development

Business Development

Resources and Techniques to

Know

Types of Business Development Resources

• Web searches: The internet is a solid place to start when trying to bring yourself up-to-speed on a potential account. A simple web search usually returns recent news about a company. Professional social networks, such as LinkedIn, are also helpful when trying to identify contacts.
• Business Credit Reports: Reviewing a company’s business credit scores and ratings gives deeper insight than a web search. You can use these reports to understand how a business has handled financial obligations in the past, and potential challenges it’s facing in the future.
• Business Information Databases: Consulting a business information database can provide salespeople with details gathered from reliable sources. You may be able to discover key contacts, earnings information, industry trends, and other valuable data. Databases like D&B Hoovers allow salespeople to review information within a single application – an advantage when time is of the essence.

The Business Data & Analytics Advantage

Salespeople only have so many hours each day to contact prospects. Timing is everything when it comes to outreach; a sales lead may be more or less receptive to a pitch depending upon recent developments in the business. A growing company could have the budget for a new partnership, while an organization in decline will probably be hesitant to spend money.

Business development resources can help build sales leads lists much more efficiently than a human tasked with manual research. Rather than chasing prospects who are no longer at a company or dialing disconnected numbers, salespeople are able to spend more time talking to qualified leads. Likewise, continuous monitoring of a business’s credit file may help salespeople choose where to devote resources based upon the chances for success. Advanced predictive analytics programs can even forecast a company’s growth to aid in this decision.

Finally, firmographic and financial data allows salespeople to make the first call armed with an understanding of the prospect’s business. This can demonstrate the quality of work they’ll get from your company.

The Future of Martech & Business Development

Martech companies are continually innovating to make the sales process more efficient and lucrative. Whether this involves building leads lists, researching a company, or contacting prospects at the right time, business development teams have more resources than ever at their disposal. Taking advantage of these tools is key to selling your own expertise to new customers.

Explore more business development topics with the articles listed above.