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5 Business Development Metrics to Help You Fill Your Pipeline

Business development is influential when it comes to your sales funnel. The correspondence between Business Development Reps sets the tone.


The metrics play a big role and need to be assessed. At first, it may be difficult to determine the right metrics.


What is Business Development?


It’s the process your team executes at the top of the sales funnel, during the early stages of the sales cycle for inbound lead qualification. This process involved conducting customer research, prospecting, initial contact and lead qualification.


Business development representatives must apply their in-depth product knowledge, customer centricity, awareness of the buyer’s journey, active listening and self-motivation to engage prospects and learn what their specific pain points are to discuss how company solutions can help.


The basics of a Business Development program


Technical fundamentals


Technical skills are unique to every organization since every business uses different software to sell a variety of products and services.

Sales reps should know the products inside out and be able to use the technology given to them.


Sales skills


Some important skills to consider include the following:

  • Active Listening

  • Prospecting

  • Discovery

  • Communication

  • Rapport building


Education


BDRs educate prospects by answering their questions. This helps lead them to a purchasing decision.


Lead Management


Lead management includes reaching out to prospective customers, recording detailed notes in a Customer relationship management system(CRM), following up with them and developing a positive relationship through continuous nurturing.


Warm Handoffs


Once a lead becomes an SQL, it is then time for the handoff process to an account executive or sales representative. Warm handoffs refer to the way BDRs make a smooth transition between themselves and sales reps.


The Business Development process

  1. Identify SQL's - Engagement, pain points, location, company size, industry, authority, engagement, product fit, budget and urgency.

  2. Align sales and marketing efforts.

  3. Establish a process and assign roles

  4. Engage leads via phone call, emails and other channels

  5. Qualify the likelihood your lead will purchase a product

  6. Determine whether you should pursue a lead

  7. Hand over lead ownership to account executives


5 essential Business Development metrics to monitor

  1. BDR activity metrics

  2. Appointment completion rates

  3. Number of records added to the CRM database

  4. Pipeline movement using a lead rating system

  5. Potential ROI


Read the original article here


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