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Business Development - Day In the Life in Business Development - YouTube
Channel: Patrick Dang
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in this video you're gonna learn what
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the day-to-day life is like
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in business development and you wanna
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make sure you watch this video until the
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end because if you are
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considering a career in business
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development or maybe you're just getting
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started you're gonna get an
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inside look on what the job actually is
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so you know whether or not it's going to
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be right for
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you what's going on everybody my name is
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patrick danny and before we get started
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do me a favor and give this video a like
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subscribe and turn on notifications if
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you want to see
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more sales and business development
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videos like this
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so with that said let's go ahead and
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dive in now the first part of the
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day-to-day life of someone in business
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development is actually
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prospecting now if you're doing any type
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of business development work meaning
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your job is to
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take your company and you want to
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partner up with other businesses
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and close deals well the first part of
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this process is actually to
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prospect and that means finding other
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people who will be a
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great fit to work with you and finding
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out ways to reach out to them
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and generate appointments meetings so
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that you can have a conversation
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to see whether or not it makes sense to
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work together and in the beginning
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of business development especially if
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you're just starting out and you're
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fresh to the row
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a majority of your day probably 90 of
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your day
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is going to be dedicated to prospecting
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and the reason why prospecting is so
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important is because if you're not
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generating
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meetings and appointments with potential
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dream customers
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well you can't really do any type of
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business development right you can't
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work with anybody
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if nobody knows who you are so in the
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beginning
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all day every day basically you wake up
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you go to work
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and your job is to find these companies
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build the list out
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of people you want to work with reach
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out to them with email
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linkedin or cold calling whatever works
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best in your industry
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get them on the phone book an
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appointment learn about their business
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and see whether or not it's going to
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make sense to work together and a very
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important aspect of prospecting
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is really defining who is it you should
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be going after which is called
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an ideal customer profile a lot of times
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for a business development person
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your manager or the leadership at the
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company you may be working at
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well they may not always have a clear
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idea of who you should be reaching out
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to
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so you have to come up with some
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creative ideas to see who you actually
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want to
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reach out to is it going to be casino
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companies e-commerce
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people in real estate finance
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cryptocurrencies right and you have to
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figure out the use cases
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for your services and see how they can
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fit into these
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industries so even though you know you
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might be a new person working a new
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business development role
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you still have to think very creatively
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you can't always be told what to do you
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have to come up with great ideas on who
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exactly you can sign up
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and work with to expand your business
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but as you generate more meetings and
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you have an idea of who you want to work
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with
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the next step after the process is to
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fulfill on these business development
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meetings all right so whether you're
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generating leads outbound meaning you're
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doing cold email linkedin or cold
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calling
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or if the company you're working at has
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some type of marketing mechanism where
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they're
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generating inbound leads and you kind of
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you know the leads come in and you're
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the one that talks to the potential
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customer on the phone
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you know either outbound in brown it's
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your job as a business development
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person
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to qualify the prospect to see whether
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or not it's a good fit to work together
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essentially business development
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meetings are very similar to
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sales meetings and generally what
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happens on these business development
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meetings
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is you want to learn more about the
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prospect see what their
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challenges are see what they're trying
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to do and what their aspirations are and
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understand what are the things that are
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blocking them from getting them to where
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they want to go
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and so from a business development
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perspective your job is to identify
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whether or not if they work with you can
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they achieve the goals that they already
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want to achieve
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and can you help them remove the
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blockers now there's many different
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flavors of business development from
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small medium business all the way to
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working
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with enterprise so let's say you're
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working at a tech company and it's your
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job to
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you know sign up all these restaurants
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and retail stores to use your software
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well you might be having you know five
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to eight meetings a day and just going
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down the list
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and trying to get as many meetings as
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possible with the ice cream store the
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clothing shop and
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things like that right because you're
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trying to sell into mom and pop shops
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you have high velocity meaning you're
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trying to get through
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and sign up as many people as possible
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right because you've got a lot of people
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who sign up for your software then
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potentially you can make a lot of money
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now when you're doing more enterprise
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deals
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you may not be doing eight meetings
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every single day you might be just doing
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one new meeting a day and that's
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considered a lot because
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when you're doing enterprise just
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closing one deal makes a significant
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impact
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on the business and i'll go ahead and
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give you an example of that
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so let's say you were a business
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development person working at square
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and for those of you who may not be
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familiar with square square is basically
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a point of sale system meaning it's like
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you know retail stores clothing stores
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and stuff like that
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if somebody wants to pay using a debit
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card or credit card basically
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they would connect that to something
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like an ipad or iphone and you can swipe
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the card
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and then basically the software that's
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on the ipad which is square
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will take care of the rest in terms of
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you know doing the transaction getting
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the payment
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setting it to your bank account and all
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that stuff right so basically if you
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want to buy something you're using
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square to
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process the payment and so if you live
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in let's say america where square is
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quite popular
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well you kind of see it in like you know
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places where they sell food or
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retail stores real stores and they also
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have software over here right so
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that square reader they have the thing
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that prints out the receipt
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uh card reader again or it might look
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like this where it's like an ipad and
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then you kind of swipe the card over
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here
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so again you might have seen this
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already and you know there are different
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com
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competitors to square that do pretty
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much the same thing and uh you know for
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reasons a lot of people are using square
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because it's clean it looks good and the
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software
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does work and i remember when i was
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running um a pop-up ice cream shop
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at one point in my career i was using
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square to collect payments as well so
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it basically looks something like this
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right so you can be you know
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selling flowers and stuff like that and
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using squares so basically any type of
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retail store where they need a point of
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sale system selling food
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flowers you know whatever the case is
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square is a good fit
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now if you're doing a business
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development on the enterprise level
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right
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and you're working at square and your
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job is to connect with
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let's say large restaurant franchises
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well this might be a good example so
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let's go ahead and give
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dive into a case study of a business
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development example with square and
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shake shack and
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agency fuse so shake shack essentially
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sells these burgers
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chicken hamburgers and you know they
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have i think 200 or 300 locations across
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the world and i think primarily in north
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america
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and it's a big franchise right they sell
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a lot of hamburgers every single day and
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they have hundreds of different
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franchises so with what's going on right
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now there's like social
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distancing and things like that shake
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shack basically has a way
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for people to come into the store and
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they order on basically i'm not sure if
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it's ipad or some kind of tablet
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so basically what they want to do is
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create a self-serve way for customers to
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order on these tablets
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and basically the order over here they
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go over here and they pick up their
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order so why is this good for shake
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shack
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well people can just come in and they
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don't have to like wait in a long line
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and wait for a cashier to bring them up
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and write down their order
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why not just let the customers do it
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themselves right because it's the same
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process essentially
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and then they pay and then they go to
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the front pick up their order and it's
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done and you don't have to have a lot of
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human contact you just got to press the
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buttons on the ipad
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get your order and you can leave and for
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this example to make it all possible
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shake shack
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had to work with an agency to basically
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make this all a reality and they also
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have to work with
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square who basically operates the
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software side of things to
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you know handle the point of sale system
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and integrate that payment transaction
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into the rest of their software so why
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is this considered business development
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well if you're a shake shack right
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even though this sounds very simple it's
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just like a place where you order it's
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actually very
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complex process right so basically
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there's business development people on
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all sides
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shake shack fuse and square every single
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person has business development people
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if you're a fuse you're the agency you
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basically have to convince everybody to
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say like hey we're going to create this
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amazing experience for you and you
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basically work with the other companies
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to make this a reality
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if you're square and you're a business
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development person it's your job to work
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with fuse the agency
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and work with shake shack to say hey you
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know we're going to be better than
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everybody else
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you should use our software our hardware
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and use them in
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all your stores instead of the other
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guys and here's why
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and you kind of explain why you're
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better than everybody else how you're
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going to
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integrate with the rest of their
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software and how you're going to make
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everything
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seamless and easy not only for the
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consumers
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who experience this firsthand maybe
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you're also going to make it easy for
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all the technical people working at
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square because you're trying to make
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your software as easy as possible to
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work with
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and a lot of times to make this happen
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you have to create custom software to
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integrate with whatever
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shake shack is using on the back end so
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it's not necessarily like you know
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you're just saying hey i got this
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product here you can buy it
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it's in business development you
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actually have to work together with
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multiple parties
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and to make a deal like this happen
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there's probably dozens of people
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working hard on this
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every single day to make this a reality
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and you're basically creating something
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new you know based on what you have
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you're working together to create
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something new
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and to create a better end experience
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for the consumer and why would
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square dedicate so much resources to
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making this happen
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well you know shake shack has about like
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270 locations around the world right
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so if they are successful in creating
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this type of experience self-serve
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experience using square products
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in one store well why don't they just
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take that experience and expand it to
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all the other stores across north
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america and all of the world so
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suddenly if shake shack is using square
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and square is getting a percentage of
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every single sale that goes through the
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point of sale system
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well you know square is very
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incentivized to
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get as many of these square systems in
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every single retail store so that they
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just
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collect more revenue so one deal with
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shake shack right if they expand
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let's say if they're using square for
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you know all the payments in all the
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stores all 270 of them around the world
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well that's a huge number and huge
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revenue every single year
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for square so it's worth it to do this
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kind of business development deal
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because
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in the end when you you know talk about
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the long-term value of shake shack it
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could be a seven figure deal
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and not only that but you know you're
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making revenue off of one customer
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but then you can go to all the other
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restaurants all the other places that
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want to create some type of
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self-serve you know way for people to
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order their food
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and you can say hey we help shake shack
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do this we can help you do something
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similar then you work with another
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person and then you sign them up and
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then that's another seven figure deal so
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you can kind of see like when you work
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with one person
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you get the job done and you find more
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people who are similar to how you help
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the previous person
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and the ball just keeps rolling from
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there and then eventually everyone's
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going to be using some kind of
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self-serve mechanism and hopefully
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if you're doing a good job as a business
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and your square well square is going to
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be everywhere in you know all these
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different
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restaurants and retail stores and things
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like that so now that you understand
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what the day entails when it comes to
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you know what is business development do
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at the enterprise level
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well the next step is to understand what
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is actually the responsibility of the
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business development person what are
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the skills that they need to have in
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order to succeed so like i was saying
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before right so if you're a business
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development person working at square
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it's your job to take the meetings with
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shake shack and fuse
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beginning of the process it's your job
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to listen to what exactly they want
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and to see if you can create a custom
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solution to help them achieve their
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goals right
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it's understanding their problems having
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empathy and showing that you can be a
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solutions to those pains and make those
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pains go away
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you also have to have presentation
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skills pitching skills
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because you're trying to demonstrate
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that they should use square versus any
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other competitor on the market because
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essentially there's a lot of other
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people that do something
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similar but why should you choose one
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company versus another and it's the
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business development person's job
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to separate themselves from the pack and
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show why their company is different
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and show why their company is better so
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as a business development person it's
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your job to be on the phone
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meet the client in person build trust
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and rapport
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bring in any technical people to help
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answer technical questions right that
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you can answer yourself
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and you're basically that go-to point
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you know if if business development was
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kind of like football a business
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development person would be
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a quarterback right they're the ones
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making the play getting the read and
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then they're aligning all the right
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players
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to do their job and then they kind of
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throw the ball to the next person
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to get the job done that's gonna be what
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it's like for
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you know working in business development
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for the enterprise but let's say you're
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a business development
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working in small medium businesses right
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you're you're selling into you know
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individual shops or retail stores and
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things like that if you're trying to
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sign up people to your
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program it's a lot less complicated in
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that you don't have to really build
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anything custom
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you kind of say like hey do you want to
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sign up for a program here's why here's
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why we're better and then they sign up
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or they don't sign up and you go by
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volume right
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so usually the larger the company the
[752]
bigger the deal the more
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intricate and complex it is and the more
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effort you have to put in before deal
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closes
[758]
now the smaller the company and the less
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investment required to sign up
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well you know these can typically be
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faster so like a small medium business
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deal might be you know one week two
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weeks or one month
[768]
a large deal like signing up a shake
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shack or starbucks might literally take
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six months
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a year you know because these are big
[774]
deals and the last part of
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a business development person's job is
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to provide feedback for the product team
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and the leadership team at the company
[780]
they are working at right so if you're
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the quarterback and you're the go-to
[783]
person that the customer or client
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is always talking to you're the one
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that's gonna have the most information
[788]
and you have your hand on the post of
[790]
what's actually going on so if the
[791]
customers have
[792]
certain problems or you know they want
[795]
to do something but there's nothing in
[796]
the market that solves that problem
[797]
it's your job as that go-to person to go
[800]
to the team and say hey guys
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you know shake shack is saying this this
[803]
is what they want there's no nothing on
[804]
the market that can solve it
[806]
you know do we want to spend our
[807]
resources to develop this technology
[809]
to solve their problem right so a
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business development person it's not
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just to
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sell what it is that you currently have
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it's also to come up with new ideas
[817]
based on customer feedback on where the
[820]
product should be
[821]
going and because you're the person that
[822]
is directly talking to the customer
[824]
you're the one that
[825]
knows best so sometimes you know
[827]
business development person is very
[829]
involved when it comes to developing a
[830]
product
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so that the product fits the needs of
[832]
where the market is going and so
[834]
that's it that's pretty much the
[835]
day-to-day life of business development
[837]
and basically what the job entails at a
[839]
high level if you enjoyed this video
[840]
make sure to give it a like subscribe
[842]
turn on notifications if you want to see
[843]
more videos like this and let me know in
[845]
the comments if you enjoyed this type of
[847]
business development
[848]
video an example because i'd be happy to
[850]
make more for
[851]
you and if you want to see more business
[852]
development videos make sure to check
[854]
out my other videos somewhere
[856]
on this screen so that said my name is
[857]
patrick dang and i will see you guys in
[859]
the next one
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