Falling back in love with business development #LoveBDAgain
Published: May 19, 2015
Last week’s American Institute of Architects (AIA) convention brought more than 18,000 attendees from around the globe to the Georgia World Congress Center in Atlanta. The three-day event featured more than 300 educational sessions/workshops and a massive expo with nearly 800 exhibitors.
As in years past, Deltek’s presence was in full force at this premier architecture, engineering and construction (AEC) event. In addition to showcasing Deltek solutions on the expo floor, Senior Product Marketing Specialist Megan Miller led a seminar titled “Fall in Love with Business Development Again” to a packed crowd on Thursday afternoon.
Alongside Wallace Engineering’s Brad Thurman, PE, FSMPS, CPSM, Miller covered the common pain points identified by business developers and presented tips on how to reengage the industry and win more business.
A 2014 study by the Society for Marketing Professional Services Society (SMPS) – “The Seller-Doer Model: Is it Really Taking Hold – and Is It Working?” – revealed that 63 percent of firms surveyed reported an increase in the number of seller-doers in their company, where employees are not only responsible for business development (BD), but also sales, technical, marketing and client support. However, only 4 percent of companies considered their seller-doers as “highly effective.”
A major obstacle with this growing seller-doer model is the lack of time devoted to business development when having to wear multiple hats. Miller stressed that “business development is the lifeblood of your organization,” and Thurman reminded attendees that BD is not about sales, but about “nurturing relationships.”
Many attendees reported they simply don’t have enough hours in the day to dedicate to BD, and they often find themselves doing tasks they don’t enjoy, such as cold calling, expense reports, and attending meetings. Thurman and Miller provided several practical tips for spending more time on the tasks you love and blocking time for business development.
Miller also touted the importance of being more selective in business development. Statistics show it takes 100 cold calls to get one lead; therefore, companies should narrow their prospect lists and truly nurture that network. Taking the time to learn about a potential client and their needs before approaching them goes a long way in distinguishing your organization from the rest.
GovWin IQ offers several solutions to help business developers learn about potential clients and narrow their prospect list in the public sector. GovWin IQ’s Government Snapshots tool combines government data with Deltek’s expert analysis and forecasting tools to provide vendors with key information on spending, population, agency contacts, employment, bids, and more so that they can make informed business decisions in their target markets.
GovWin IQ Lead Alerts act as the first hint of a project for business developers. Our analysts are scouring government websites and reviewing state and local capital improvement plans (CIP) on a daily basis to identify new projects across all vertical markets and provide updates on past CIP initiatives. Lead Alerts help you identify projects planned years in advance so you can start building relationships with prospects early.
Further, GovWin IQ’s newly expanded contract awards database offers business developers deep insight into current contracts across the state and local market, expiring agreements that may be rebid, as well as bid tabulations/bidders lists offering strong competitive intelligence.
Learn more about GovWin IQ solutions with a free trial.