Getting Business Development Professionals on the Track to Success
When a real estate broker hires a business development person for the relocation division, they often are expected to find their own way to make the business happen. The broker gives them a CRM and other technology and tools that might help them manage the overall process. But there is typically no framework to help them really get started and succeed. Having the tools, but not knowing how and when to use them deems them useless.
The rise of the brand ambassador
Many years ago there were a lot more real estate brokerages with dedicated business development people. The trend is starting to return in the form of combo positions that may also include agent recruitment and targeting possible mergers and acquisitions. They become a brand ambassador for the company to bring in all forms of company-generated business. The ideal situation is to have them solely focused on local corporations and affinity partnerships, but if the only way you can secure this position is to have them play multiple roles then make it happen.
If you observe any robust relocation division, you will see that rarely does a Relocation Director have the time or the tools to focus on local business development. It manages to fall to the bottom of the list because other fires are burning more brightly that day and then the next day too. Then a week has gone by and no business development efforts have taken place. If they are lucky enough to have a business development professional, there isn’t even time for them to train that person.
What business development is not
One of my greatest joys is training Business Developers. I think it is because I filled that role for so long and I fumbled my way to success. If someone would have trained me and helped me refine the programs and processes I would have been way more successful much sooner. When I started, we didn’t have slick CRM’s, social media, and drip campaigns. I literally used a wooden recipe box with 5 x 7 notecards with the prospect’s info on them. I called them, dropped by their offices, and mailed letters.
I didn’t know how often to follow up or the best way to do it. I wasted my time on prospects who were never going to use my services because I didn’t know how to get them to the point to close the sale or evaluate whether they were a meaningful target. It wasn’t so much that I was nurturing them, I didn’t know how to categorize my prospects so I was focusing on the most probable partnerships. Now there are analytics to help put prospects into groups based on their engagement with your outreach. It is not just about systematizing, it is about mixing personal outreach that is managed by systems to allow you to create a targeted strategy. The systems support your ability to connect with them on a personal level in an efficient way.
The evolution of business development
Just having a lot of contacts doesn’t mean you have a good chance at the business. You can’t just spray and pray that something will stick. You have to work with those contacts and provide information to them about how you can help them, not just talk about what is so great about you and your company. How can you make their job easier? Or make them more successful? Or make them more money? What are the benefits that your services will deliver?
That is the mistake I see so many salespeople make. Too much talk and not enough questions and listening. It’s about finding the prospect’s pain point and then knowing your product so well that you can articulate it in such a way that it feels as if the program was created especially for them and their company. By probing to learn what their needs are, you can provide the solution with your unique value proposition. Then they can’t say no.
I help business development people:
Create a marketing strategy to include fliers, PowerPoint presentations, brochures, eCards, emails, website, etc.
Work with their marketing department to create materials that reflect company branding and culture
Establish a business plan with goals and timelines
Effectively use their CRM to prioritize their contacts and segment them
Make sure they are using all available company tools to the fullest and determine if they need additional tools
Write the copy for the online digital strategy and social media
Create calling and email scripts
Close the deal
Establish networking strategies
Evaluate existing programs to see if they can be improved or enhanced
Ensure they completely understand and can articulate the programs they are selling
Create a launch schedule and onboarding strategy playbook for new clients that can be customized based on their needs and the way they want to execute the plan to launch the services
Be held accountable to keep them on track and motivated
If you have a business development person that could use some guidance, I’m here to help.
“Selling is not something to do to someone, it’s something you do for someone.” ~ Zig Ziglar, author, salesman, speaker
