Business Development - Day In the Life in Business Development

- In this video, you're gonna learn what the day-to-day life is. like in business development. And you wanna make sure you. watch this video until the end, because if you are considering a career in business development, or maybe you're just getting started, you're gonna get an inside look. on what the job actually is. So you know, whether or not it's gonna be right for you. what's going on everybody. My name is Patrick Dang. And before we get started, do me a favor and give. this video a like subscribe and turn on notifications if you wanna see more sales and business development videos like this. So with that said, let's go ahead and dive in. Now, the first part of the day-to-day life of someone in business development is actually prospecting. Now, if you're doing any type of business development work, meaning your job is to take your company and you wanna partner, up with other businesses and close deals. Well, the first part of this process is actually to prospect and that means finding other people who will be a great fit to work with you and finding out ways to reach out to them and generate appointments meetings so that you can have a conversations to see whether or not it. makes sense to work together. And in the beginning of. business development, especially if you're just starting out and you're fresh to the role, a majority of your day, probably 90% of your day is going to be dedicated to prospecting. And the reason why, prospecting is so important is because if you're, not generating meetings and appointments with. potential dream customers, well, you can't really do any, type of business development, you can't work for anybody if nobody knows who you are. So in the beginning all day, every day, basically you wake up, you go to work and your job is to find these companies, build the list out of people you wanna work with, reach out to them with email, LinkedIn or cold calling, whatever works best in your industry, get them on the phone, book an appointment, learn about their business and see whether or not, it's gonna make sense to work together. And a very important aspect of prospecting is really defining who is it you should be going after, which is called an ideal customer profile. And a lot of times for a. business development person, your manager or leadership at the company you may be working at, they may not always have a clear idea of who you should be reaching out to. So you have to come up with some creative ideas to see who you actually want to reach out to. Is it gonna be casino. companies, e-commerce, people in real estate,. finance, cryptocurrencies, and you have to figure out the use cases for your services and see how they can fit into these industries. So even though you might be a new person working a new business development role, you still have to think very creatively. You can't always be told what to do. You have to come up with great ideas on who exactly you can sign up and work with to expand your business. But as you generate more meetings and you have an idea of, who you wanna work with the next step after the process is to fulfill on these business development meeting. All right, so whether you're a generating leads, outbound meeting, you're doing cold email, LinkedIn or cold calling, or if the. company you're working at has some type of marketing mechanism where they're generating inbound leads and the leads come in and you're the one that talks to the potential customer on the phone. Either outbound, inbound, it's your job as a, business development person to qualify the prospect, to see whether or not it's a good fit to work together. Essentially business development meetings are very similar to sales meetings. And generally what happens on these business development meetings is you want to learn. more about the prospect, see what their challenges are, see what they're trying to do. and what their aspirations are and understand what are the things that are blocking them from getting them to. where they want to go. And so from a business, development perspective, your job is to identify whether or not if they work with you, can they achieve the goals that they already want to achieve? And can you help them remove the blockers? There's many different flavors of business development from small medium business, all the way to working with enterprise. So let's say you're working at a tech company and it's your job to sign, up all these restaurants and retail stores to use your software. You might be having five to eight meetings a day and just going down the list and trying to get as. many meetings as possible with the ice cream. store, the clothing shop and things like that. Because you're trying to sell into mom-and-pop shops. You have high velocity, meaning you're trying to get through and sign up as many people as possible. Because you've got a lot of people who sign up for your software then potentially you can make a lot of money. Now, when you're doing more enterprise deals, you may not be doing eight. meetings every single day. You might be just doing. one new meeting a day and that's considered a lot because when you're doing enterprise, just closing one deal. makes a significant impact on the business. And I'll go ahead and give. you an example of that. So let's say you were a business the development. person working at Square. And for those of you who may. not be familiar with Square, Square is basically a point of sale system. Meaning it's like, retail stores, clothing stores and stuff like that. If somebody wants to pay using. a debit card, a credit card, basically they would.

connect that to something like an iPad or iPhone, and you can swipe the card and then basically the software that's on the iPad which is Square will take care of the rest in terms of doing the. transaction, getting the payment, sending it to your bank. account and all that stuff. So basically if you wanna buy something, you're using Square to, process the payment. And so if you live in, let's say America, where Square's quite popular, well, you kinda see it in like. places where they sell food or retail stores and they also have software over here. So that Square reader, they have the thing that, prints out the receipt, a card reader again, or it might look like this where it's like an iPad and then you kind of swipe the card over here. So again, you might, have seen this already. And there are different competitors to Square that do pretty much the same thing. And for reasons a lot of, people are using Square because it's clean and it looks good and the software does work. And I remember when I was, running a pop-up ice cream shop, one point my career, I was using Square to collect payments as well. So it basically looks something like this. So you can be selling. flowers and stuff like that and using Square. So basically any type of retail store where they need a point of sale system, selling food, flowers, whatever. the case is, Square is fit. If you're doing it business development on the enterprise level. And you're working at Square and your job is to connect with let's say,. large restaurant franchises. Well, this might be a good example. So let's go ahead and, dive into a case study of business development example of Square and Shake Shack and the agency Fuse. So Shake Shack essentially. sells these burgers, chicken hamburgers and they have, I think 200, 300 locations, across the world. And I think primarily in North America, and it's a big franchise where they sell a lot of. hamburgers every single day and they have hundreds. of different franchises. So with what's going on right now, there's like social distance, thing and things like that. Shake Shack basically has a way for people to come into the store and they order on basically, I'm not sure if it's iPad, or some kind of tablet. So basically what they want us to do is create a self-serve way for customers to order on these tablets. And basically the order over here, they go over here and. they pick up their order. So why is this good for Shake Shack? Well, people can just come in and they don't have to like wait in a long line and wait for a cashier to ring them up and write down their order. Why not just let the, customers do it themselves? Because it's the same process essentially. And then they pay and then they go through the front, pick up their order and it's done and you don't have to have a lot of human contact. You just gotta press, the buttons on the iPad, get your order and you can leave. And for this example to. make it all possible, Shake Shack had to work with an agency to basically make this all a reality. And the also have to work with Square who basically operates the. software side of things to handle the point of sale system and integrate that payment transaction into the rest of their software. So why is this considered, business development? Well, if you're a Shake Shack, even though this sounds very simple, it's just like a place where you order. It's actually very a complex process. So basically there's, business development people on all sides, Shake, Shack, Fuse and Square. Every single person has. business development people. If you're a Fuse you're the agency. You basically have to convince everybody to say like, "Hey, we're gonna create "this amazing experience for you. "And you basically work, with the other companies "to make this a reality." If you're a Square in your business development person, it's your job to work with Fuse the agency and work with Shake Shack to say, "Hey, we're gonna be better than everybody else. "You should use our. software, our hardware, "and use them in all your stores "instead of the other guys." And here's why, and you kinda explain why you're better than everybody else, how you're going to integrate with the rest of their software, and how you're going to make everything seamless and easy not only for the consumers, who experience this firsthand, but you're also gonna make it easy for all the technical people working at Square, because you're trying to make your software as easy as possible to work with. And a lot of times to make this happen, you have to create custom software to integrate with whatever Shake Shack is using on the back end. So it's not necessarily, like you're just saying, "Hey, I got this product, here, you can buy it." In business development, you. actually have to work together with multiple parties and to. make a deal like this happen. There's probably dozens of people working hard on this every single day to make this a reality. And you're basically. creating something new, based on what you have,. you're working together to create something new and to create a better end, experience for the consumer. And why would Square dedicate so much resources to making this happen? Shake Shack has about like 270 locations around the world. So if they are successful in creating this type of experience, self-serve experience using Square products in one store, well, why don't they. just take that experience and expand it to all the other, stores across North America and all of the world. So suddenly if Shake Shack is using Square and Square is getting a percentage of every single sale that goes through the, point of sale system, Square's very incentivized to get as many of these Square systems in every single retail source so that they just collect more revenue. So one deal with Shake Shack, if they expand, let's say, if they're using Square for all the payments in all the stores, all 270 of them around the world. Well, that's a huge number and huge revenue every.

single year for Square. So it's worth it to do this kind of. business development deal because in the end, when you talk about the. longterm value of Shake Shack, it could be a seven figure deal. And not only that, but, you're making revenue off of one customer, but then you can go to. all the other restaurants, all the other places that want to create some type of self-serve in a way for people to order their food. And you can say, "Hey, we helped Shake Shack, do this, "we can help you do something similar." Then you work with another person and then you sign them up and then that's another seven figure deal. So you can kind of see, like when you work with one person, you get the job done, and you find more people who are similar to how you helped the previous person and the ball just keeps. rolling from there. And then eventually, everyone's gonna be using some kind of self-serve mechanism. And hopefully if you're doing. a good job as a business and your Square, well, Square's gonna be everywhere in all these different restaurants and retail stores and things like that. So now that you understand. what the day entails when it comes to whether, it's business development do at the enterprise level, well, the next step is to understand, what is actually the responsibility Of the business development person. What are the skills that they need to have. in order to succeed? So like I was saying before, so if you're a business development person working at Square, it's your job to take the. meetings with Shake Shack and Fuse, beginning of the process, it's your job to listen, to what exactly they want and to see if you can. create a custom solution to help them achieve their goals. It's understanding their, problems, having empathy and showing that you can be, as solutions to those pains and make those pains go away. You also have to have presentation skills, pitching skills, because you're trying to demonstrate that they should use Square versus any other competitor on the market. 'Cause essentially there's a lot of other people that do something similar, but why should you choose one company versus another? And it's the business, development person's job to separate themselves from the pack and show why their company is different and show why their company is better. So as a business development person, it's your job to be on the phone, meet the client in person,, build trust and rapport, bring in any technical people to help answer technical questions right that you can answer yourself. And you're basically that go-to point. If business development was kind of like football, a business development person would be a quarterback. They're the ones making the play, getting the read, and then they're aligning. all the right players to do their job. And then they kinda throw. the ball to the next person to get the job done. That's gonna be what it's like for working in business. development for the enterprise. But let's say you're a business development working in small, medium businesses. You're selling into individual shops or retail stores and things like that. If you're trying to sign, up people to your program, it's a lot less complicated in that you don't have to really build anything custom. You kind of say like, "Hey, do you want to sign up for a program? "Here's why, here's why we're better." And then they sign up. or they don't sign up and you go by volume. So usually the larger the company, the bigger the deal, the more intricate and complex it is and the more effort you have to put in before deal closes. Now, the smaller the company and the less investment required to sign up. Well these can typically be faster. So like a small, medium business deal might be one week, two weeks or one month, a large deal like signing up. a Shake Shack or a Starbucks might literally take six months, a year because these are big deals. In the last part of a business. development person's job is to provide feedback for the product team and the leadership team at the company they are working at. So if you're the quarterback and you're the go-to person that the customer or client is always talking to, you're the one that's gonna, the have the most information and you have your hand on the pulse of what's actually going on. So if the customers have certain problems or they want to do something but there's nothing in the market that solves that problem. It's your job as that go-to person to go to the team and say, "Hey guys, Shake Shack is saying this, "this is what they want. "There's no nothing on the, market that can solve it. "Do we want to spend our resources "to develop this technology, to solve their problem?" A business developer person, it's not just to sell what it, is that you currently have, it's also to come up with new ideas based on customer feedback on where the product should be going. And because you're the person that is directly talking to the customer, you're the one that knows best. So sometimes, a business. development person is very involved when it, comes to developing a product so that the product fits the needs of where the market is going. And so with that said, that's pretty much the day-to-day life of business development. And basically what the job, entails at a high level. If you enjoy this video, make sure to give it a like, subscribe, turn on notifications if you want to see more videos like this, and let me know in the comments if you enjoy this type of, business development video and example, because I'll be. happy to make more for you. And if you want to see more, business development videos, make sure the check out my other videos somewhere on this screen. So that said, my name is Patrick Dang, and I will see you guys in the next one..