BUSINESS DEVELOPMENT

Deciding to acquire new customers Vs growing and retaining existing customers can be a fine balance in any business as given that it costs around 7 times more to acquire new customers and with a 5-25% success rate businesses can quickly and easily burn through cash as they seek to grow their market share.

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It is easy on a practical level to list numerous prospects you would like to convert to customers, but our course teaches that firstly any new client acquisitions must be considered against the vision of your business. Conducting a cost to serve analysis at the earliest opportunity along with understanding the cost and timescale to convert the prospect to a client Vs the Customer Lifetime Value (LTV) all need careful consideration.

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It is critical that business development people know the channels that new prospects are coming from, how to nurture them along the sales pipeline and what to do when the prospect stalls. The course looks at analysing how many prospects are converting, where and how they are converting and critically how many prospects need to be in the sales funnel to ensure that the growth is being met.

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We continually see many businesses not having a clear process to assign a new client to inside/outside sales but rather the client staying with the business development person for an indefinite time. By not assigning the account over to a retention team after winning the business stunts your growth as the “hunter” has to turn into a “farmer” nurturing the account to win future business.