I recently left a promising career at Microsoft to venture out on my own in the enterprise and development for startup space. What started as a solo flight venture is now a 15 man offshore team working on some state of art products for both startups and enterprises. We are now looking to expand from our initial set of customers and I want to setup a good business development team to generate quality leads. If somebody has done it before what's the best model to go about it.
I am assuming by your question that most of your employees are product focused and less on the business side, so I would start off either utilizing the skills of a consultant or a single hire that can kick off a campaign that will clearly ‘create’ the persona of your target market, industry, location, and titles (of the people who would be interested in learning more about your product).
Then I would utilize a service provider (or do it manually, pending on budget) that generates leads and contact information on a small scale – around 1,000 contacts. Once I have a list of contacts and their contact information, I would test out the messaging – what message resonates and creates the best responses from your targeted audience.
Following this process and by performing A/B testing on the messaging responses and conversions, you will be create to build and optimize a prospect funnel: email sent > lead created > negotiations > customer bought, etc. By doing this process you will be identify your target market, create proper messaging, build a prospect funnel, identify what other outreach campaigns need to be created, and have an understanding of how large of a business development team you will need to sustain and grow your operations.
Hope this helps and feel free to reach out if you have any further questions.
Get a contract...if that's the mantra in all your discussions with your busines development team that will keep you on tract. Start at the finish line of getting the contract and work backward.
Congrats on growing so quickly!
There are a number of steps to take into consideration when starting a team. They include:
1) Having a defined sales process with KPIs established
2) Defining the positions clearly (not merely job descriptions, but a description of the primary function identifiers, attributes, and team composition you want to establish)
3) Create an interview process that searches for the things defined in step 2 (Determine an interview process that includes prepared interview questions, assessments, candidate evaluation sheet, etc.)
4) Build an on-boarding process for your new reps that includes specific learning objectives as well as KPI milestones to measure success along the way.
If you need any help with this I have an associate in Seattle that might be able to help.
Usman I've set up BD models in several companies. I always start by developing a Sales and BD Playbook - it allows me to build and test my sales and BD value proposition and insures that as I build my team I deliver consistent sales and BD messaging. I'm happy to share my approach and materials with you.
Dear Usman it depends mainly upon your targeted segments but generally your Outreach approach has a greater influence in it.
I believe there are many startup founders looking for products that with platforms like these that brings everyone together are quicker ways to acquire new customers. Also, Social Media specifically FB & IG have become great sources also.