How to be successful in your first Business Development role
New to business development? Focus on these 5 things:
TL;DR
Here are 5 things that will make you successful in your new Business Development Role:
Student Mindset - Ask lots of questions and get feedback
Persistence - Get to cold calling. It’s awkward, but you gotta do it
Build your network - Meet with a different person every day for lunch
Tools of the Trade - Get comfortable with your CRM
Product Knowledge - Know thy product
How to be successful in your first Business Development role
Congratulations!
You've landed a Business Development job.
Now, how do you make your Business Development career a success?
These 5 strategies will help you make an impact early in your new career.
If you haven’t been hired and are looking for a job in business development, check out this blog about the 5 skills that will get you hired as a BDM.
At Wahl+Case, we've helped hundreds of people to land jobs at some of the biggest names in tech, so keep reading if you want to learn the 5 things you can do to be successful in your new Business Development Role.
Quick Note: If these strategies are challenging, remember that growth happens at your comfort zone's edge. Plus I’ve included actionable steps you can implement today.
There’s a lot to cover, so let’s get started.
1 - Embrace a Student Mindset
The dawn of your business development career is about learning, so adopt what I call a “Student Mindset” and Carol Dweck calls a “Growth Mindset”.
The key is to ask as many questions as you can, and seek as much feedback as people are willing to give.
When you are in an unfamiliar situation you don’t want to look stupid, so you get scared out of asking questions.
On top of this, feedback feels like a direct attack and causes you to get defensive when you are unsure of yourself.
Remember: there's no such thing as a bad question and if you do not ask you will never learn.
All feedback will give a goal that you can move towards.
So get out there and pester! Curiosity is your ally:
STRATEGIES FOR EMBRACING STUDENT MINDSET
Meet with colleagues from different departments
Learning isn't just about understanding your role but also understanding the different parts of the organization and how they function.
Arrange casual coffee catch-ups to learn about the other roles and how they interact with your business development targets.
Seek feedback
Don’t wait for official reviews to see how you’re doing.
Instead, actively seek feedback from your manager, colleagues, and other key stakeholders.
Your aim is to learn quickly and adjust your approach where necessary.
Receive feedback gracefully
To me feedback is a punch to the gut and I immediately want punch back or cry, but remember it is not personal. Take a deep breath and think of the “why” behind their words.
I wrote a blog on receiving feedback, check it out here: https://www.attuned.ai/blog/feedback-is-about-giving-as-well-as-receiving
2 - Persistence
Your primary responsibility is to create opportunities for business growth, and this often comes from building strong relationships. Those relationships will not be built overnight.
You will need to reach out again and again and again, and you will get rejected again and again and again.
Remain persistent.
In business development, your ability to bounce back from failure will be what determines your long term success.
How do you attribute points to persistence? It's time to pick up the phone:
STRATEGIES FOR GAINING PERSISTENCE POINTS
Master the art of cold calling
This might seem daunting at first, but it's a vital skill.
Start by practicing your pitch, ensuring it's succinct and compelling. Then, dive into your call list. Don't be disheartened by rejections, they're part of the process. Learn from each call and refine your approach for the next one.
Go to Events Alone
Make a target of talking to at least 5 new people at each event.
This works best if you are alone because you have no safety net. There is usually a theme that makes for a great conversation starting point.
This one should be obvious, but you need to be on the platform and messaging people. I am not telling you to spam, but drop people a hello and give them your actual thoughts on what they are doing.
3 - Build Your Network
Networking is crucial in business development.
Building a network of industry contacts can help you stay informed about market trends, discover new business opportunities, and build partnerships that benefit your company.
Below is my personal story about how I was able to grow my network after entering a new market while working in a new industry.
You can get started on this immediately:
STRATEGIES FOR NETWORKING
Meet someone new every day.
Try to arrange a lunch or coffee with someone different every day. This could be a colleague, a contact from a partner organization, a client, or a key influencer in your industry.
When I first started as a recruiter, the most senior team member (and kind of my secret manager) gave me a goal: meet with a different person everyday for lunch in my first month. I was not only new to the role of recruiter, but also to the market in which I was working, so his thinking was that the best way to accumulated the needed knowledge would be to soak it up like a dried sponge in the path of a firehouse.
Although at the end of the month I felt far fledged from an expert in the market, it taught me how to reach out to people with out any prior contact, engage with complete strangers, and ask questions even when I felt it would make me look stupid.
The additional benefit was that I no had a network of 20 people in the market that I could call on any time I had something interesting for them.
The moral of this story is not that you need to meet a new person everyday for lunch, but that you need to meet people to plant the seeds of the network that you will harvest down the line.
This came up in our recent interview with Mohamed Osamnia CEO and Co-founder of LiNKX. He recommended that everyone should go out and meet people, not for a specific, but because you care and want to help them. Do this enough and you may end up the CEO and Cofounder of LiNKX. - Watch the interview here to learn more.
Create an event
When I was living in LA pretending to be a music creator, I got involved in a meetup called LA Music Creators. It was an event set up by a company called Gobbler which offered cloud storage. This was a great way to build a community of people all wanting to use their product. Now you can do the same!
Go outside the box and look for BD opportunities while you are out there.
4 - Get Comfortable with Tools of the Trade
As a BDM, your CRM (Customer Relationship Management) system will be one of your most critical tools.
It helps you manage relationships with potential and existing customers, track sales opportunities, and analyze customer interactions and data.
If you're new to using a CRM, don't worry:
STRATEGIES FOR MASTERING THE CRM
Take advantage of training opportunities.
Most CRM systems offer comprehensive user training. Take advantage of these resources to get comfortable with the system.
Regularly update and maintain the CRM.
Keeping your CRM data updated is crucial. This includes logging calls, meetings, and updating deal statuses. Regular maintenance ensures that the CRM remains a reliable resource for tracking business development activities.
Use the CRM to analyze and plan.
Beyond just data entry, use your CRM for analysis. Identify trends, track sales cycles, and use this data to refine your approach.
5 - Know Thy Product
Deep product knowledge is crucial to your success as a BDM.
You need to understand your product thoroughly to sell it effectively, identify new business opportunities, and answer any questions that potential customers might have.
Time to immerse yourself:
STRATEGIES FOR PRODUCT MASTERY
Use the product.
If possible, use the product yourself to get first-hand experience of its features and benefits.
Meet with the product team.
Arrange regular catch-ups with the product team to stay up-to-date with any product updates and to deepen your understanding of the product.
Gather customer feedback.
Understand how your customers use your product. Their feedback can provide valuable insights into product strengths, weaknesses, and potential improvements.
Outro
Your first 90 days in Business Development are critical for setting the tone for your career.
These five strategies will set you up for success.
Remember, it's about being proactive and constantly learning.
As you grow in your role, these strategies will continue to serve you, helping you deliver growth for your organization.