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 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.
Some important skills to consider include the following:
BDRs educate prospects by answering their questions. This helps lead them to a purchasing decision.
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.
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
Identify SQL's - Engagement, pain points, location, company size, industry, authority, engagement, product fit, budget and urgency.
Align sales and marketing efforts.
Establish a process and assign roles
Engage leads via phone call, emails and other channels
Qualify the likelihood your lead will purchase a product
Determine whether you should pursue a lead
Hand over lead ownership to account executives
5 essential Business Development metrics to monitor
BDR activity metrics
Appointment completion rates
Number of records added to the CRM database
Pipeline movement using a lead rating system
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