Short term gain means long term pain in business development.

Thought Leadership

7th June 2017

Avoid short term gain, long term pain

Business development aiming towards excellence

I recently read an article on LinkedIn about the need for procurers of professional services to avoid placing too much emphasis on price in tender evaluations.

This can cause longer-term damage by plumping for the supplier who, on the face of it, provides the best value for money.

But what is value, especially, when professional services firms are themselves the procurer? Particularly, business development and marketing departments who are under increasing pressure to deliver revenue against a backdrop of squeezed budgets.

What to look for in terms of value

A number of firms utilise the services of agencies like ours when seeking new business opportunities but what are they really looking for in terms of value? Is it better to have a full pipeline of leads, which is the premise of several telephone-based campaigns or fewer, high-quality leads, an approach not often favoured by some partners in particular who believe new business development is a numbers game (and to a certain extent it is).

We do not work on a payment by results basis. This pricing model has cost us several opportunities to work with professional services firms who are looking to increase new business opportunities. However, we are steadfast in our belief that real value comes from an intelligent approach to ensure clients are only provided with fully qualified leads –with businesses that meet their criteria and who have a specific need for their product or service. That, in itself is a numbers game as you need a large enough number of prospects in the first place but that’s the game we play and a crucial part of our role is to filter out the poor-quality leads before they reach you.

Yes, the resulting leads might be fewer in number but if you factor in the cost of partner time and travel, the cost of chasing a poor-quality lead far outstrips the value provided the supplier in the first place.

If you would like to find out more about our approach to generating fully-qualified leads, please contact annarushall@broadley-speaking.com

New business development