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What Does a Business Development Manager Do? - YouTube
Channel: Dave Lorenzo
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- What does a business
development manager do?
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This is a great question.
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And it's one that comes up quite a bit.
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I feel like somebody in
some company somewhere
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invented the role of
business development manager
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for one of their friends.
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And now everybody's kind of perverted it
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to fit their own needs.
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Well, I'm going to give
you seven specific things
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that a business development manager does.
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The first six will be a
little bit surprising to you,
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but you'll recognize them.
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The seventh one is going to shock you.
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And you need to stay with
me through the whole video
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to get to the seventh one.
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But all that's coming up
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on this edition of the "Inside BS Show."
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(chimes dinging)
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Hi, it's Dave Lorenzo.
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And this is the show that we do every day
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to help you get inside business strategy.
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And today we're talking about
business development managers.
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What does a business
development manager do?
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Maybe one of your friends has that title
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and you were searching to figure out
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exactly what your friend is doing.
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Maybe you're interviewing to be
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a business development
manager, and you're thinking,
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what the heck is a business
development manager?
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Well, I'm going to share
six specific things
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that really good business
development managers do.
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And then I'm going to share with you
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a seventh thing that the best of the best
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business development managers do.
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It's a secret, most people don't know it.
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But only the best know it,
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and they're not going to tell you.
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But I'm going to share it with you today.
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So those are the seven things
we're going to share with you.
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Before we get into that, what qualifies me
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to talk about being a
business development manager?
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Well candidly, I was one.
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When I started my career
at the Gallup organization
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as a big ticket consultant,
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I started as a business
development executive.
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I had business development managers
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who worked with me on my team
and I helped them figure out
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what they could do to be
successful in their roles.
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I'm going to share those six steps
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and then the secret with
you in the seventh step.
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But let's get started.
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Let's dive into the content right now.
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The first thing a business
development manager does
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is generate sales leads.
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You're not going to be successful
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unless you can figure out
how to generate sales leads.
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I don't care if you walk
up and down the street
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asking people to work with you,
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or if you run events, I don't
care if you do direct mail,
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I don't care if you knock
on doors and cold call.
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As a business development manager
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your primary responsibility
is to figure out
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how to get your solutions in front of
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as many people as possible.
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So you've got to generate leads.
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Now, you know if you've watched
any of my videos on YouTube,
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and as I'm recording this right now
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there's over 600 of them here.
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If you've watched any of these videos,
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you know I don't like cold calling.
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I don't like surprising
people with your content.
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And if you're in professional services,
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or you're in high ticket
sales, you can't cold call
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because cold calling just
positions you as desperate.
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So what do you do as a
business development manager
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to generate sales leads?
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There's a whole host of things you can do.
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In fact, I've got a free gift with you
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that's going to help you
get more leads, quickly.
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Stay with me and I'll share it with you
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in just a few minutes.
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But generating leads is
the primary responsibility
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of a business development manager.
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Now, maybe you generate
these leads by responding
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to inquiries from the website,
or by inbound phone calls,
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or by cards filled out at a trade show.
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Generating leads is your thing
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if you're a business development manager,
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that's the first thing you
got to learn how to do.
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The second thing you need to do
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as a business development manager
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is set meetings for your sales executive.
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Now, when I was a business
development executive,
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my goal, my role, was to close business.
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My goal was to close two or
three new clients every month.
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My role was the closer.
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The business development
manager would set me up.
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I would come in, I would close the deal.
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Now in high ticket sales,
in big ticket consulting,
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the business development manager takes
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a long time to set
people up for the close.
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But that's part of what your doing
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in a role as a business
development manager.
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You're there generating
the leads, warming them up,
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helping them understand everything you do,
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sharing solutions, nurturing,
nurturing, nurturing.
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And then you lead them in
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to the business development executive,
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and the business development
executive closes them.
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I want you to think about this
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in a very easy to understand concept.
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We've all purchased a car at some point.
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There's the person who approaches you
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on the lot or in the showroom,
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and helps you understand
everything there is
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to know about the car.
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Then you sit down with him.
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You tell him what your budget is.
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You tell him what color car you like.
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You tell him what features you want.
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And he gives you an idea
of what the price is.
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Then you get introduced
to the finance manager.
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In that scenario, the
business development manager
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is the salesperson who meets you
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in the showroom, or out on the car lot.
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The finance manager is the
business development executive.
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The finance manager is the closer.
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So if the business development manager,
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if that initial salesperson
can get you to say yes,
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the finance manager comes in
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and tries to boost how
much you're going to pay.
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If the first person
can't get you to say yes,
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the financer is the closer who comes in
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and tries to slam the door on you.
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You want another example of this?
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Think about timeshare sales.
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If you've ever been to a
timeshare presentation,
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you show up at this event,
somebody welcomes you in there.
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And then after the event's over
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a person gives you a tour
of this beautiful property.
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So the tour of the property is fantastic.
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You sit down with this person
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and they tell you all the
benefits of being an owner.
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Then they tell you the
features of ownership,
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the features of each of the properties.
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And then they tell you
what the pricing is.
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And maybe you hesitate a
little, maybe you don't.
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They leave, in comes the manager.
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That's the business development executive.
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The person who first took you around,
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gave you the tour, got you all warmed up,
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that was the business development manager.
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Now in software sales, or
in professional services,
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the business development manager may just
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simply introduce you to the firm.
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They may simply introduce
you to the company.
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They may do some educational marketing.
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They may get you all warmed up.
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And then the business
development executive
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comes in and closes the deal.
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In professional services that would be
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the partner at the law firm.
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In consulting it's the partner
in the consulting business.
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That's who is the person who
ends up closing the deal.
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So you, as a business development manager,
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warm the client up.
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You get them excited,
you get them interested,
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you educate them, you help them understand
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what the pricing is going to be like.
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And then you get them
ready for the big close.
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That's the second thing a
business development manager does.
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The third thing a business
development manager does
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is this person, he or she,
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creates strategic alliance partnerships.
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If you're a business development manager
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in a professional services firm,
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let's say you work in an accounting firm
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as a business development manager,
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you go out to other
professional services firms.
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So if you're working as a
business development manager
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in an accounting firm you go to a law firm
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that targets the same clients.
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And you talk to the people in the law firm
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about putting on joint events.
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You talk to the people in the law firm
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about recommendations,
who's your ideal client,
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who can I recommend to you?
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You're going to recommend people to me.
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This is called a strategic
alliance partnership.
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Now, business development managers
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in many places are tasked with this
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because it's a smart way to
grow a professional practice.
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It's also a very smart way to grow
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any other high ticket service business.
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Take jets, for example.
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For years, I worked with Cessna,
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and Cessna is one of the most successful
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aircraft manufacturing
companies in the world.
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People who work for Cessna
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in a business development manager role,
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they go out and they approach
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fleet managers at large companies.
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For example, IBM has four or
five Cessnas at any given time
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that they use to fly
executives all over the world.
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GE has a dozen Cessnas that they use
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to fly their executives
all over the world.
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So the business development
manager would go out
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and approach fleet owners, fleet managers,
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fleet people who work with IBM.
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And they would try and get them
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to work with IBM to buy Cessnas.
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The person who does the
maintenance on the fleet
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for IBM, the person who
manages IBM's fleet of jets,
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that person would recommend Cessnas,
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and Cessna would get the sale.
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In return, Cessna would try to introduce
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the fleet management
company to its clients.
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That's a strategic alliance partnership
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and that's how those people work together.
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It's a phenomenal way to do business.
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So a business development
manager would also be responsible
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for originating those relationships.
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And in most places, all the new business
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that came from those relationships,
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the business development manager
would get credit for that.
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So let's say I'm a business
development manager at Cessna
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and I approach the
fleet management company
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for IBM's fleet of aircraft.
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Let's say they have 12 aircraft globally.
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And there's one company, XYZ
Company, manages the aircraft.
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They take care of the maintenance,
they certify the pilots,
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they make sure that the
pilots' hours are up to date,
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they have pilots on standby
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in the cities where the
aircraft are located.
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They handle all the
management of the aircraft.
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I work at Cessna,
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I create a relationship with
that fleet management company.
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And I say, hey listen,
I have GE as a client.
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I know they use someone else.
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Would you like me to help
you open the door to GE
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so you can get in there
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and pitch them for fleet
management services?
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They say, that's great.
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Who do you want as a client?
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I say, I'd love IBM.
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They say, great, IBM's looking
to purchase a new aircraft.
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Let me set up a meeting for you
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with the person who heads
up that department at IBM.
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That's the way a business
development manager
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can open the door.
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Now, if IBM buys a jet,
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as the business development
manager I get credit for that.
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If I introduce that
fleet management company
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to somebody at GE, they're
going to be fired up,
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and they're going to want to
introduce me to Microsoft,
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or to Apple, or to other companies
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that also are looking for private jets.
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A business development manager creates
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strategic alliance partnerships
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because it is one of the
fastest paths to the sale.
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The fourth thing a business
development manager does
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is he or she generates referrals.
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So the business
development manager will be
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responsible for calling
all of their clients,
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all the clients in their portfolio,
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and asking questions
that lead to referrals.
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The people who are the best
business development managers
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they know their clients really well,
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and they know who their clients know.
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So when they come across someone
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that's friendly with one of their clients,
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or that does business
with one of their clients,
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and they want to meet that person,
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they simply call up the client and ask.
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And they tell them the reason
why they want to meet him.
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And that's the easiest
way to generate referrals.
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But as a business development manager,
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generating those referrals
is great not only for you,
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but it's good for the client
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because it makes the client look good.
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And in the end, it's going to be great
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for the person you're
getting introduced to
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'cause they're going to have someone new
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that they can work with.
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So generating referrals is also something
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that a business development
manager will do.
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Now we're up to the fifth thing
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a business development manager does.
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And before we get into that,
I want to share with you
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something that I want
to give you for free.
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I told you I had a
system that can help you
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generate more leads,
something that will make it
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easier for you to do your job
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as a business development manager.
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And that's my Revenue Roadmap Guide.
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I want to give it to you for free.
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All you need to do is
scroll down in this video.
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You'll see a free gift from Dave
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in the description of this video.
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There's a link right below that
to revenueroadmapguide.com,
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revenueroadmapguide.com.
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Go to that website, click on that link.
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Make sure you enter your contact info.
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You can immediately then download
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your guide to growing your business
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as a business development manager.
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That's a whole marketing plan right there
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you can use to grow
your book of businesses
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as a business development manager.
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It's my gift to you.
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If you have any questions,
there's also a way
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you can reach out to me
after you download the guide.
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I'm looking forward to talking to you
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after you download that free gift from me.
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All right, let's get back to the things
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that a business development manager does.
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We're up to now, let me see here.
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We're up to step number
five, or the fifth thing.
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So we're up to the fifth thing
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that a business development manager does.
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And that's invite people to events.
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Whether it's an educational
event, or a social event,
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your company, if you're
in high ticket sales,
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or if you're in professional services,
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will conduct events all the time.
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And as a business development manager
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your role is to put people in that room
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because educated people buy products,
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educated people buy services.
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Invite them to events, educate them,
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and they will end up
doing business with you.
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That is the sixth thing
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that business development managers do.
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And now we're up to number seven.
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This is the thing that I told
you most people don't know
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as far as what business
development managers do.
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And it's something that, if you do this
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as a business development
manager, you're going to win.
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It's super easy.
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It's going to take me a
second to describe it.
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You need to view yourself as
a collector of relationships.
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And that's the most powerful seventh thing
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that a business development manager does.
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The business development manager
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is a collector of relationships.
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This person nurtures these
relationships for the long-term.
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Why?
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In the world of high
ticket sales, in the world
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of business development
for professional services,
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people move from place to place,
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but they never leave the industry.
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You collect relationships.
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And if someone is successful at one place,
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and they move to another place,
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they will work with you
over and over again.
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So, you came here looking to figure out
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what business development managers do.
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I shared it with you.
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This is one video in a whole series
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of videos on business development.
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Right below me now is another video.
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Go ahead and click on that.
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Watch that video next.
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It's the next video in this the series.
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I'll see you in the next video.
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