The role of the Business Development Manager (BDM) has traditionally been based on knowledge of the local or national market, research, gut instinct, relationship building and the power of personal persuasion.
The best BDMs have been those who are able to easily engage with prospects and quickly understand their requirements in order to identify whether they are a good fit for them, their firms and the types of problems they are good at solving.
However, data and technology change the way the game needs to be played. Market data is increasingly helping BDMs to quickly react to changes in their markets, competitor activity and shifting client preferences.
But how should BDMs approach marketing and sales related data?
Data alone can be an intimidating prospect, especially for businesses that are new to analysing and interrogating it. It’s important to understand that BDMs don’t have to use every single piece of information. How you take advantage of the data you have available to you is crucial.
Relevant and accurate data is central to the success of all construction related businesses.
If such data merely helps to avoid opportunities and prospects, then that’s a good thing.
But perhaps, more importantly, BDMs can take a targeted approach to new business and track how their efforts and investments are impacting their company goals, while keeping down the cost of pursuing and winning clients.
A data-driven BDM approach can also help a business become more cost effective and productive, saving them time and energy of pursuing prospects that aren’t a good fit, and consequently, make your business more profitable.
This technology-based approach will produce several important benefits, but it will rely on implementing including the following:
- Shape your business development strategy to optimise existing and new data.
- Only pursue and engage with the right opportunities, leads and organisations.
- Make all your marketing and sales data accessible to all your team.
- Build an agile business development process.
- Share your information, findings and realised best practices.
Whilst intuition will always remain a key attribute for any BDM, it will diminish as data increasingly helps organisations to save the key resources of time, energy and money. Using data effectively can help you to streamline your business development system and processes while maximising turnover, profitability and business growth.