How do you manage your business development pipeline and workflow?

I remember when I first joined a company as Business Development Manager. It was a new role for me. And I have not expected to achieve that successful outcomes. Now when I evaluate what happened, and how that achieved, it is a combination of SOWT analysis, setting goals, defining strategies, along with passionate leadership

I manage the business development pipeline and workflow by: CRM Utilization: Leverage a robust CRM system to track leads, manage contacts, and monitor the sales pipeline. Clear Sales Stages: Define clear and distinct sales stages to facilitate efficient progression through the pipeline. Automated Workflows: Implement automated workflows for routine tasks, ensuring consistency and saving time. Regular Pipeline Review: Conduct regular reviews of the pipeline to identify bottlenecks and strategize on moving deals forward. Prioritization Strategies: Prioritize leads based on potential value, urgency, and alignment with business objectives.

Defining the goals we want is really important. Because without no goals we cannot visualize the needed work. I usually start with a SOWT analysis of the situation to know where i need to start. This helps me when it comes to using SMART approach when am setting my goals.

The specific tools and workflows used can vary depending on the nature of the business, industry, and the complexity of the sales process. It's important to tailor your pipeline and workflow management to your business's unique needs and goals. We embark on lead-hunting expeditions, where leads audition for our attention. After that, it's all about warm hugs, treasure hunts for opportunities, and our charismatic charm offensive. We play proposal poker and engage in negotiation jiu-jitsu to seal the deal.

I manage my business development pipeline and workflow by using a CRM system that helps me track and organize my leads, prospects, and customers. I also use a project management tool that helps me plan and execute my tasks, goals, and deadlines. I also communicate regularly with my team and clients using email, phone, and video calls.

Well during my period in the business development unit at dal medical we used to prioritize prospects with high total value and good payment period. We are really suffering from the inflation of the Sudanese pound so sometimes the payment is more important than the deal itself.

I understand that to find prospects one need to start with identifying the objective, geography and industry based data mapping, connect your product or service to solving those issues, and highlight the benefits and pinpoint the right person in those companies who will make decisions about your kind of offering. It's like finding the right puzzle pieces for your business!

While segmentation based on factors like industry, size, or budget can be useful, it's not foolproof. I've invested considerable effort into large companies with small projects that yielded minimal returns. Conversely, I've seen seemingly 'minor' prospects—small companies that didn't seem promising at first—grow into valuable partnerships that became some of the best business I've done. So, in essence, there's no such thing as a 'small' prospect. Take the time to speak with people, understand their plans and ambitions, and don't be afraid to follow your gut instinct in some cases. Sometimes, the qualitative factors can be just as important as the quantitative ones.

One of the practical methods is mutli criteria decision making. It will help decision-makers explore different options’ trade-offs and potential impacts, leading to more robust and well-informed decisions. MCDM is important because it helps decision-makers handle complex decision problems by providing a structured and systematic process. It allows for a comprehensive evaluation of alternatives and helps decision-makers weigh the relative importance of different criteria.

Segmenting and prioritizing prospects is a strategic approach in business development. Categorize your leads based on factors like industry, demographics, behavior, or potential value. Prioritize leads that align closely with your ideal customer profile and have the most potential for conversion. This ensures you focus your resources and efforts on prospects most likely to yield positive results and maximizes your efficiency in the business development process.

Be noticed that CRM (anything Relationship Management) go beyond the traditional definition of software, they are a mindset. Relationship management as a company strategy continuously optimizes relationships by actively interacting with people.

Believe me, sometimes the CRM tool that you need to use to manage your pipeline can be a group of Excel files. This is reality. It is not about the quality of tools, it is about the quality of our mindset. Then, you can decide the type of CRM tools that you intend to use depending on many criteria, like the level of your position, the company size, and strategic objectives. For example, a company in the beginning with a potential scale is different from one that has no potential to scale in the short term. This leads us to decide the type of CRM that can cover our business needs. Excel sheets or Zoho.

CRM tools in IT companies serve as excellent trackers for managing pipelines. They enable the monitoring of prospect accounts from initiation to deal closure. Pipelines can be customized to facilitate convenient deal management, including stage history, location, contact person, amount, currency exchange, and more. Follow-up notes can be added for timely updates, and reminders can be set for specific accounts.

Before embarking on CRM, is there anything to be done ( e.g. database) for for seamless adoption? Anyone has managed to use CRM as management tool for business development?

Make sure to use your CRM solution to its fullest, rather than a "better" version of Excel. All data in your CRM, especially data about deals (Close Dates, Stages, time spent in each stage) can give you a very good idea of what your funnel looks like and how good of a closer you are. Analysing such trends will give you a lot of insight into how to increase your conversion rate and win more business.

Steps I refer to: First, define a clear process for lead generation, qualification, and conversion. Use a Customer Relationship Management (CRM) system to track and manage leads. Prioritize leads based on potential value and likelihood of conversion. Assign responsibilities to team members and establish clear communication channels. Continuously monitor and update the pipeline, adjusting strategies as needed. Regularly review performance metrics to identify bottlenecks and areas for improvement. Lastly, ensure alignment between sales, marketing, and other departments to streamline the workflow and maximize business growth opportunities. Effective pipeline and workflow management is crucial for sustained business development success.

This covers also the previous point regarding the CRMs. While CRM systems are designed to make your life easier, they can sometimes add another layer of complexity. I've found that creating a personalized tracking system—like a straightforward Excel or Google Sheet that follows your own stages and pace—can be incredibly effective. It's true that most CRM platforms offer customizable views and filters, but there are certain elements that you may want to make uniquely your own. This could range from specific columns to conditional formatting rules created with 'IF' formulas. The point is, don't hesitate to create a system that really works for you, even if it's a simple spreadsheet.

A consistent approach is a must, but be aware of your client's specific needs and requirements. Quite often deals will progress to their final stages, only to be put on hold by an unknown blocker or unrealistic expectations. Make a point to understand your clients' businesses well enough and structure your proposition in a way, which makes sense to them.

Consistency is fundamental in business development. Establish a structured process that guides team members from lead generation to conversion. This ensures a uniform approach, reducing errors and enhancing predictability. Regularly evaluate and adjust the process to adapt to market changes and emerging trends.

In my experience, adopting a methodical business development approach ensures a seamless progression from prospect identification to deal closure. This structured process encompasses stages like research, outreach, qualification, discovery, proposal, negotiation, and closing, each serving a distinct purpose. Consistency in this approach guarantees comprehensive coverage of needs and objections, facilitating a smooth prospect journey through the pipeline.

Effective follow-up is the lifeblood of successful business development. Implement a nurturing strategy to keep prospects engaged. Regular communication, personalized interactions, and relevant content contribute to relationship-building. Timely follow-ups, guided by prospect behavior, strengthen trust and increase the likelihood of conversion.

Whether it is the introduction of a new technology or a shift in buyer's preferences, businesses must remain at the forefront of this change to remain relevant. This is where educating prospects comes into play towards nurturing. Keeping them informed about the latest industry trends not only positions your firm as an important resource but also emphasizes the value you offer. However, information is more abundant than ever, but genuine relationships are the differentiator here. Consistent engagement enhances credibility & strengthens the bond of trust. Being readily available to address concerns about your offerings portrays the company's commitment to its prospects, ensuring they see you as a trusted partner & a solutions provider.

Nurturing and following up with prospects is a critical aspect of effective business development. Maintain ongoing communication, providing valuable information and addressing their needs. Use follow-up strategies like email sequences and scheduled calls to stay engaged. Nurturing builds relationships, establishes trust, and keeps your brand top-of-mind. It's often the key to converting prospects into loyal customers or partners.

I believe that follow-up is not merely a step towards closing a deal. It serves as a mechanism to gather valuable feedback. Engaging with prospects provides insights into the industry's evolving needs and - and very importantly - the perceptions of your offerings, which can be integrated into your strategy to further improve the value of your offering and how you communicate that value to your prospects.

Learning and improving from feedback and data is a cornerstone of successful business development. Collect and analyze feedback from prospects, clients, and your team to identify areas for improvement. Utilize data analytics to gain insights into lead behavior and trends. By adapting your strategies based on this feedback and data, you can refine your business development process and achieve better results over time.

In my experience, maintaining open and effective communication throughout the process is paramount. This understanding of client needs, coupled with excellent customer service, forms the bedrock for nurturing long-term relationships and bolstering client retention for future ventures. Furthermore, a well-defined roadmap is indispensable in the efficient management of business development. It encompasses contingency plans to address unforeseen challenges or delays. The roadmap also enables regular reviews, allowing for progress assessment and timely adjustments as needed.

1. Keep Prospecting Always. 2. Validating Potential Customer 3. Timely identification of Decision maker. 4. Provide relevant solution.