Business Development Business Development Business Development Process A process that sets out a standard approach for developing new opportunities, either from existing contacts or by proactively finding and targeting brand new potential contacts and then working to communicate how you may be able to serve them or help them solve a problem. Business Development Business Development Process The idea is to know what your value is? which is usually determined by understanding your personal product attributes and locating people/companies who can use what you have to offer. Business Development The Starting Points Who - are you going to target? What - do you want to sell them? Where - are they located? When - will you approach them? Which - are the appropriate target personnel? Why - would they want to meet with you? How - will you reach them? Business Development Process Business Development A career fair is not a great place to look for a specific job It is a great place to meet people who represent companies that have a need for specific types and levels of talent Your job is to initiate a real communication link that tells the other person what to think about you and whether you are what they need in a very few seconds Re-Defined Business Development Word of Mouth ? most influential form of product attribution advertising. Based on Trust Strategic Relationship Asset Management Business Development Networking is based on trust. What is commonly referred to as ?networking? is extremely inefficient due to lack of trust. So? Strategic Relationship Asset Management Business Development Strategic Relationship Asset Management Business Development Strategic Relationship Asset Management Strategic Relationship Asset Management Business Development Relationship capital is the most important, underutilized and hidden resource. The most effective people and organizations are strategic about relationships. Business requires a balance between task completion and relationship building. Invest in the success of others before you expect them to be invested in your success. Accountability only resides in relationships. Keeping commitments one-to-one is the strongest form of accountability and builds enduring trust. Strategic Relationship Asset Management Business Development Sustainable, growing relationships require Trust, Value, and Dialogue. This equation should be monitored in every relationship. Treat everyone with respect but invest wisely in relationships that will bear the best dividends. Initiate a Top 50 VIP Relationship list. If they make up 20% of your active business contacts they will generally yield 80% of your new opportunities, business intelligence and value. Take initiative. Stay in contact. Develop a contact maintenance schedule and program and implement it. Give back to them first. Strategic Relationship Asset Management Business Development Establish mental positioning Determine high value targets for investment Invest your energy to establish trust, value and credibility Be strategic in opening new accounts Help others achieve their goals Think value in every interaction Demonstrate and cultivate loyalty Strategic Relationship Asset Management Business Development Network Based Communication Networks Clarity of Purpose Clear Communication Goals Strategic Relationship Asset Management Business Development Clarity of Purpose If you have not defined and focused on your passion in business life, relationship building will not be successful in achieving exceptional success. Go back and define your passion, then you can build useful relationships for both parties. Strategic Relationship Asset Management Business Development Clear Communication Goals Your network must know what in precise terms you are passionate about. You must be ruthless in screening out people who do not share your passion and/or who are not in a position to help you. Strategic Relationship Asset Management Business Development Assume that you are going to a ?contact? fair, not a job fair. Go to the right fair for what you are looking for - RESEARCH before you go. Research what openings are at the company at that point in time? Create your resume that is written for that position, if that is what you are looking for. If you are not sure what they might be looking for, meet them, find out and then send a resume. Go early, while recruiters a still fresh. Career Fair Business Development ?Walk the Course? - Decide on your strategy an order of approach. Have a 15 and 30 second speech. Practice it. Adjust to each recruiter. Group your speeches. Deliver your speech and listen very carefully to any follow-up questions. The questions that are asked of you will usually help you decide what they need and how you should respond to that need. Career Fair Business Development Be prepared to ask specific questions about their needs. Be prepared to briefly prove that you can meet that need through you past experience or education. If there are others in line behind you, politely suggest that you would like to continue this conversation when the recruiter is not so busy. Either get contact information and a good time to contact OR Go back later when the line has died down. Career Fair Business Development If your resume is not a really good statement about what you have discovered is the recruiter?s needs, promise to and send them a version that ?speaks to your companies needs and how I can be of value?. Follow up - Always send a thank you note with a resume that reflects the needs that you found out about from meeting the recruiter. Career Fair Business Development Hi, my name is ______________ . I will be graduating in __________(time of year) from the W. P. Carey School of Business with a degree in ______________. In addition, I have experience doing _______________ _______________ _______________ I am looking for a information/internship/job in my field of _____________ and am wondering what information you might have for me. Career Fair Business Development Develop an additional 15 seconds of material about 3 more things that uniquely distinguish you from any other graduate in your major, the material can be drawn from it can come from work, school or life. Then develop an additional 15 seconds of material by creating 3 questions that you might want to know about any company that you would be interested in for an internship/job. Career Fair Business Development Once you have memorized your 15 second commercial, practice it at least 3 times in front of a mirror and at least once with another person. Then do the same thing with each of the other two segments you have written and practice the same way. Integrate the beginning 15 second commercial with each of the other two in the same way. Pay attention to your ease of transition. Career Fair Business Development Finally, record yourself on a digital answering service until you think you sound good enough to base your future on your ability to deliver your marketing message effectively to an employer. Career Fair Business Development Questions? Business Development
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