February 01, 2010

Director of Business Development, Griffin York & Krause, Topic: Cold Calls get Warmer: Evolution of Business Development

 

Cold Calls Get Warmer: The Evolution of Business Development

By Brady Sadler, Director of Business Development, Griffin York & Krause

When was the last time you received a cold call from another business?  Was it the same old painful and scripted conversation you expected, or was it something different?  Let's face it; the call probably went to voicemail. 

While the fundamentals of business development remain the same, many aspects of the game are changing.  This varies depending on your product or service, but there are a few key areas that are quickly evolving and impacting all of us.

1. Do your homework

First you must clearly define your target audience(s).  Once that is done, you will find there are more ways than ever to evaluate that audience and determine how you can be relevant to them.  If you're using the right tools, you no longer go into an initial interaction completely blind. 

            The Web is providing up-to-the-minute information that makes your outreach to a prospect timely and perhaps even welcome.  While Web sites and press releases can be valuable resources, sites like LinkedIn, Twitter, Facebook, and blogs provide real-time intelligence. 

            For some, it's overwhelming to monitor multiple sites for this information, but there are "listening" tools you can employ to manage the process.  Develop a set of resources you review on a regular basis to stay informed about your industry and specific prospects.  Some of the core tools are Google Alerts (email updates on search terms you set), RSS feeds (where you subscribe to receive new posts from specific resources) and TweetDeck (a tool that allows you to filter messages on Twitter and aggregate status updates from Facebook and LinkedIn).    

            You should also think beyond your prospects and look to the influencers in their space.  Who are the people your prospects trust for insight and guidance?   Can you learn something from them or better yet align yourself with them in some way?  What about other companies that sell to your prospects and/or provide complimentary services?

For more resources, Google:  Listening tools for marketers

2.  Let them try before they buy

            In addition to paid media (advertising) and earned media (public relations), there is now a third component that is increasingly important and in many cases free.  This is the group of channels that you own, including your company Web site, blog, email list, Facebook profile, Twitter feed, LinkedIn groups, YouTube Channel and more.  Here YOU own the medium and drive the discussion.  This has been possible in the past, but building an audience was costly.  Now you can go where the eyeballs already are and promote the channel in different ways.

            Boston-based HubSpot, a company that offers Internet marketing tools, coined the term "inbound marketing."  The idea is you can pull your customers in by developing remarkable content and getting found online. The key is to always consider how the information or content you develop will be valuable to your audiences. If you remain relevant, you remain valuable.
          

For more resources, Google: Inbound marketing

3. Connect with intelligence

The way we communicate - professionally and socially - has evolved.  You're no longer relegated to just phone calls and form letters.

 

            Think about a multi-touch campaign that engages the prospect in different ways.  How about an introduction through a LinkedIn contact?  Or an informative post card through snail mail with a drive to Web?  What about commenting on their blog or mentioning them in one of your posts?   Why choose one when you can do ALL of them?  Ideally these interactions lead them back to one of your "owned" channels so they can continue to interact with you.  They may do so passively if they are not ready to buy, but you will be top of mind when there is a need.
           

For more resources, Google: Multi-channel marketing

            Cold calling remains a necessary and viable tactic for many businesses.  Any clever combination of these techniques is likely to increase the chances the prospect will recognize your name and take the phone call.

 

Clearly we have just scratched the surface here and the way we reach and interact with people will continue to evolve.  How is the evolution of business development changing your process?

 

I look forward to your feedback and questions.

 

 

Brady Sadler

Director of Business Development

Griffin York & Krause

Manchester, NH

603.625.5713

bsadler@griffinyorkkrause.com

 Brady Sadler is the Director of Business Development at Griffin York & Krause (GY&K), a marketing innovation company that offers a unique mix of marketing services, technology & tools and licensed properties. 

Prior to joining the firm, Brady worked three seasons for the Manchester Wolves professional Arena Football team.  Originally based at the Mohegan Sun Casino in Uncasville, CT, the team relocated to Manchester, New Hampshire in the fall of 2003. 

As the Director of Sales and Marketing, Brady was in charge of group, season, and individual ticket campaigns as well as the team's print, television and radio advertising.  In addition to conventional advertising, he initiated the team's integrated marketing campaign that included the popular "From the Den" interactive fan newsletter.  While directing the in-game presentation for all home games at the Verizon Wireless Arena, Brady managed a team of over twenty staff members and was in charge of sponsorship fulfillment. 

Prior to joining the Wolves, Sadler spent a year in Hawaii managing a bar and restaurant and helping market an upstart scuba business.  Sadler also spent a year in Orlando, Florida working for the Walt Disney Corporation where he had extensive training in customer service and guest relations. 

Brady is a member of the Friends of CHaD South (Children's Hospital at Dartmouth), Amoskeag Business Incubator - Business Support Committee, SNHU Center for Entrepreneurship and Social Innovation - Advisory Board and co-founder of the Manchester Young Professionals Network (MYPN).   

QUESTION: As businesses are increasingly turning to Web-based modes of communication, what do you predict will happen to traditional outbound marketing techniques? Do you foresee businesses relying solely upon the Internet in the long-run?

ANSWER: Web-based models of communication will see increased adoption, but I don't think traditional outbound marketing will completely go away in the near future.  For most businesses its about finding the right balance and then connecting the dots. Consider the different customer touch points and how they relate to one another.  If a prospect becomes aware of you through a traditional channel, can they learn more about you or follow up online?  Will you be there to greet and engage them if they chose a relatively new or non-traditional approach, like surveying their Twitter followers?

 

QUESTION: What are some key, general points that a person shouldn't forget to research in preparation for a cold call?

ANSWER: In preparation for a cold call the first thing I would do is look for any current news about the prospect that may be relevant to your product or service offering.  Look for a specific challenge that you can help them overcome.  You may find this information through a search engine, company Web site, social network status update, etc.

Don't forget to look at your own company and determine if there are any case studies or clients that help demonstrate your potential value to the prospect.  Its always compelling to back up your claim with specific results.

 

QUESTION: This article really provided us some new ideas about marketing. In the past we always used some traditional ways to sell or market our products, like newspaper or letters.

However I think these market methods and channels are limited to marketing new product which is not existing in the market. My question is how to improve the marketing channel for the product which is already known by others even is existing for a long time?

 

ANSWER: Glad to hear the article was helpful and that it gave you some new ideas for marketing.

If you have a mature product you may want to take a step back and revisit your overall strategy and positioning before you decide to leverage new channels.  It may sound obvious, but it's important to really think through what makes you different and how that ultimately benefits the consumer.  Also think about your expertise and what subjects you are qualified to address.

For instance, if the product is already known and has a long history, you may be able to own experience in your category.  Challenge yourself to think about how this longevity is beneficial.  If this is a clear differentiator for you, it will provide additional credibility and perhaps put you in a leadership position.

When you eventually test out the new channels, focus on developing content that reinforces your expertise without overtly selling.  If you can become a resource for your prospects the sales will follow.