Business Development Services: What prospecting means to a business?
- Virtual Assist
- May 12, 2024
- 3 min read
Business development stands as a cornerstone in the architecture of successful businesses in B2B, driving sustainable growth through strategic customer acquisition and relationship management.
What is the purpose of a business if it isn't constantly generating new business?
What is Business Development?
Business development is the strategic process employed by companies to nurture relationships, develop markets, and create opportunities for sales and partnerships. It’s an overarching concept that includes several key activities: identifying potential leads, nurturing those leads, and converting them into loyal customers.
Business Development Services
The myth that Business Development cannot be outsourced is based on the idea that internal teams best manage sensitive, company-specific negotiations. Diving deeper into Business Development, certain segments and sectors can be outsourced to improve business efficiency and operate on lean structures. Additionally, outsourcing offers scalability and flexibility, often leading to cost savings and expanded market access, which can be crucial for growth.
Basic Stages of A Sales Funnel
Lead Generation | Initiate a constant flow of leads and prospects to fuel business growth. |
Lead Qualification | Screen leads to confirm they meet your business's specific criteria and potential for conversion. |
Pitch | Engage clients face-to-face to present and pitch your tailored solutions. |
Follow Up | The real key to sales lies in diligent follow-ups to nurture client relationships and advance the deal. |
Closing | Most important step of all. This is where winners are made. |
Post-Sale | Efficiently deliver your products or services, and seize opportunities to upsell. |
Understanding your business is akin to understanding yourself—it involves identifying the crucial tasks you must handle personally, recognizing its strengths and weaknesses, and pinpointing opportunities for further development.
Imagine understanding your strengths and weaknesses, understanding what you do best and what you hate to do. We fill in that gap for you to make the best of your internal Sales team.
Lead Generation
Administrative Sales Activities (i.e. Quotations)
Follow-ups
Stagnating Businesses: Misconception of Revenue
More often than not, I have heard this from my clients. My business is fine, we get our business from referrals and have sustained this long. My revenue is constant.
Item | 2010 Cost | 2024 Cost | Percentage Increase |
Landed Property (Average Price, SGD) | $1.5 million | $4.5 million | 200% |
Chicken Rice (SGD) | $2.50 | $4.50 | 80% |
Certificate of Entitlement (COE) for Cars | $30,000 | $92,000 | 206.67% |
Public University Tuition (Annual, SGD) | $6,500 | $10,000 | 53.85% |
Movie Ticket (SGD) | $8 | $14 | 75% |
See how much cost has increased in the past 13 years. If your revenue or profit is not growing according to inflation, your business will be doomed within the next few years. The hard truth is that many traditional businesses will be replaced by their new generation competitors if they do not understand methods have to change. Whether it is active prospecting, digital marketing, branding or operations.
The Role of Virtual Assist in Business Development
Virtual Assist enhances your business development efforts through a combination of targeted B2B telemarketing and other strategic activities. Our services are designed to:
Identify the Right Customers: We use advanced tools and techniques to identify potential clients who are the best fit for your offerings.
Streamline Communication: By managing initial emails and follow-up calls, we ensure that your propositions are clearly communicated and reinforced.
Set Appointments: Our team handles the logistics of setting up meetings, allowing your sales staff to focus on preparing for high-impact interactions.
Handover to Local Sales: After setting the stage, we seamlessly transfer the qualified leads to your local sales team for final negotiations and closure.
Imagine your Sales as a factory. It takes 6 stages to manufacture One Sale. By reducing the steps, you can optimise your sales process.
Why Choose Virtual Assist for Business Development?
Choosing Virtual Assist means partnering with a team that brings deep industry knowledge and a bespoke approach to each client. (Yes, we do admit we are learning new industries every day. But the beauty of it is that we give you a Point Of View that is not from your industry. New ideas, feedback and strategies)
Our method is not just about making calls and sending emails; it’s about creating a pathway that leads to real business growth and opportunities. We bring the brains to identify gaps in your business strategy and provide ongoing consultation to keep your efforts aligned with industry best practices.
Virtual Assist brings new insights to your brick and mortar business. We are growth partners.
Business Development: Why is it so important?
In today’s competitive market, effective business development is more crucial than ever. It’s about building relationships, understanding market dynamics, and strategically positioning your business for growth. With Virtual Assist, you gain more than a service provider; you gain a partner who is committed to your long-term success, helping you navigate the complexities of modern business development.
This approach not only aligns with the detailed services provided by Virtual Assist but also highlights the strategic value added through each phase of business development, tailored specifically for B2B interactions.
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