Business Development & Sales - A Definitive Guide for Prospecting and Sales | Patrick Dang | Skillshare

Business Development & Sales - A Definitive Guide for Prospecting and Sales

Patrick Dang, International Sales Trainer

Business Development & Sales - A Definitive Guide for Prospecting and Sales

Patrick Dang, International Sales Trainer

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6 Lessons (39m)
    • 1. Business Development and Sales Intro

      0:34
    • 2. Defining Business Development

      7:55
    • 3. Difference Between Business Development & Sales

      8:57
    • 4. 3 Business Development Strategies for Growth

      12:20
    • 5. Business Development & Sales Prospecting

      9:21
    • 6. Next Steps

      0:22
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About This Class

There's a lot of confusion about what exactly business development is. Especially because business development can mean so many different things depending on what company you're at or what industry you're in. So what exactly is it? How does it work? And should this be something you should be interested in? Let's go ahead and dive in!

In this course, we're going to walk you through precisely what business development is so you get a high-level understanding of the career path.

Additionally, you're going to learn the difference between business development and sales, different business development strategies, and even how to do sales and business development prospecting.

Meet Your Teacher

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Patrick Dang

International Sales Trainer

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Hey, it's Patrick here!

Now, I’m on a mission to help everyday people to generate more sales for their business using the most cutting-edge B2B sales strategies.

After a successful sales career in Silicon Valley, I packed two suitcases and booked a one-way ticket to Thailand and started my journey with the aspiration of creating world-class online B2B sales training all while living a digital nomadic lifestyle.

And since then, I’ve traveled to many countries while creating programs training over +30,000 students in over 150 countries.

And over time, it became clear that no matter what country you’re from, what your background is, or whether or not you think you have the talent to sell...I’ve found that sales is a skill anyone can learn... See full profile

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Transcripts

1. Business Development and Sales Intro: Everybody, what's going on now if you're looking to learn exactly what business development is, how it works, and whether an AI, it's something you should be interested in, where you're going to learn all that stuff in this course. Now in this course we're gonna cover a different examples of business development, how it's applied to the real world, and how you might be able to fit in into this industry. And for a class project, what I want you to do is share. One of the most important lessons that you learned in this course is shared with the rest of the community. So with that said, if you're looking to learn about business development, make sure you enroll in this course. Now. 2. Defining Business Development: If you're looking to learn exactly what business development is, how it works, and whether or not it's something you should be interested in. Stick around because we're gonna get all your questions answered in this video. What's up, guys? It's Patrick here and today we're gonna talk about exactly what business development is. So what exactly is business development? Well, the definition is going to vary depending on what industry you're in and the company that you are working in. But just to keep things as simple as possible. For this video, we're going to define a business development as the process of developing growth opportunities and relationships with other organizations. So at breaking it down even further, the two main variables here is developing growth opportunities and establishing relationships with other organizations. And typically these relationships are going to hold long-term value. So it's not as if you're just selling something in your disappear and you're actually building a relationship with another person, another organization, so that there can be a win-win situation on both sides. So let's go ahead and get more tactical and get into some examples of business development. So recently I've been really interested in the EA Sports and gaming industry. Now for those of you who may not know, gaming is actually bigger than movies and the music industry combined. So it's a huge 10000000001000000000, $1 billion industry. So they're going to be people who are competing and major toward emus and competition similar to how people compete in the NBA for basketball, there is the equivalent for e-sports for many different games. And again, it is a billion, multi-billion-dollar industry. Ok, so what exactly does this have to do with business development k? So basically this is game called Call of Duty. And call duty has been out for many, many years right now this game is extremely popular where the most recent one that came out there are 50 million active users playing this game. 50 million is a lot of people who are playing Call of Duty, right? So naturally there's going to be a Call of Duty league where it's similar to how you have, let's say the Lakers playing in the NBA, you have different EA sports teams playing in Call of Duty competing to see who is the best and trying to win Torrance. And now here's the thing. Call of Duty is available on many different platforms. There's PlayStation, Xbox, and the PC. Recently I've been kind of interested in this, so I've been going on Youtube checking out what these torta admins are like. So here's a picture of some professional sports player competing in a live toward him in, and as you can see here is something that caught my attention was that if you look at what controllers these professionals players are playing on, it's actually a PlayStation controller. And that's kind of interesting because I looked at other different ornaments and everybody is playing on precision. That could be playing on Xbox, that could be playing a PC. But for some reason every tournament is played on PlayStation. And so that got me thinking how exactly this happened and the answer is Business Development. So like I said before, when we defined business development, that's essentially having growth relationships and long-term partnerships. So basically, Call of Duty, Activision, Blizzard, which is the people behind war to Warcraft in that entire series. So pretty much if you are Activision, you're making Call of Duty and you're going to have the square image. You're gonna have these big leagues and it's a multi-billion dollar industry. You have the choice of playing on Xbox, PlayStation, or PC. So as a business development person working at Activision, they're gonna go out to all the platforms and they're gonna say, hey, look, we're gonna have these tournaments and we're trying to find the right console to play our games on. Are you interested in having your console be featured in all of our torments? Now the business development person at Activision Call of Duty, it's gonna go out to all the platforms and come out with this pitch. And all of these platforms like PlayStation, Xbox, PC, they're going to have their own business development. People work with column duty and try to figure out what is the best deal. Maybe they might offer money, maybe they might offer different types of opportunities. But essentially, the people that are working on this deal together. That is business development, long-term growth opportunities with other organizations. So if you look at this Call of Duty example in the end it was PlayStation that won the deal. So please session every time that Call of Duty has some kind of major e-sports toward him in everyone's playing on PlayStation. A huge bonus for PlayStation because when averaged gamers would look at their favorite players and favorite teams play called duty. They're gonna think, Oh, all the pros are playing on PlayStation. So if I'm making a decision of whether I should buy a Playstation or an Xbox or game on the PC. I'm going to choose a playstation because that's where all the other pros play and I admire all the professional player. So I'm going to play on the same system that they're playing on. And so obviously to make this to happen, places should probably had to pay a lot of money and offer many different opportunities for Activision and Call of Duty, but essentially, that is business development. Long-term opportunities have win-wins on both sides. Now let's even get more interesting with these opportunities. Now I showed you this picture before. Now here is a professional EA sports team playing in a gaming tournament. But if you notice on the little tag, on which team this is, you kinda see the logo there. It actually says U S army. And that, that's kinda strange, right? Why is there a US Army logo on a sports team? Well, I did a little more research and I figured out that the US Army is using Call of Duty and its gaming tournament to recruit new people, younger kids into the army. So the logic is that if people are interested in Call of Duty, they are interested in military and guns in that kind of service. So if they're, if the US Army has a professional gaming team that is promoting the US Army and it's in this arena than these kids who are interested in this field may consider joining the army because there are represented in these gaming industries. So what is this exactly? This is Business Development. The US Army has a business development person working with Call of Duty to see how they might be able to create a team to recruit new candidates and Activision, obviously the makers of Call of Duty is also going to have their own business development person working with the US Army to see how that deal will fit together. And this is a very interesting opportunity because the US Army has many different ways to recruit, do Facebook advertising, Google advertising. They could work with different types of partners, schools, universities. But in this situation, because gaming is so huge that they decided to just create their own e-sports team as a form of advertisement. And obviously they have to invest a lot of money to do this, but in return, they get new recruits into the US Army. So when it comes to business development, it's not always, necessarily like making a sale or transaction. Sometimes it's some type of partnership where, you know, there's a win on both sides. Now obviously a business development has other applications besides just the gaming industry, right? Whether it's Hotels, construction, real estate, finance, you name it. Every single industry does have business development people. So if you're considering a career in business development or you just try to see like what exactly it is if you're interested in working with other people and finding partnerships and situations where both sides can win. Now if you're somebody that likes to work with people and you'd like to find win-win situations for both parties. Business development might be a serious career opportunity for you, and it's indifferent from Seals because for sales, it's a little more transactional where you're selling something the person buys and it's a done deal. But for business development, if you're someone that wants to build long-term partnerships and relationships are going to last years or even decades in some situations than business development might be the route for you. That says, that is pretty much what exactly Business Development is. I'm always interested in hearing feedback from you guys. If you're looking to learn a little bit more about sales and business development, I actually have a free training. I'll teach you exactly how you can sell anything to anybody. So if you wanna take that training, go ahead and click the link in the description and it's gonna take you to the next page. So with that said and mining is patchy Dang and ominous you guys in the next one. 3. Difference Between Business Development & Sales: Business development versus sales. In this video, we're gonna talk about the difference between the two, how each of them work, and which one you should focus on in your business, what's going on, everybody, my name is Patrick Dang and welcome to my channel where we're going to talk about modern sales strategies to turn total strangers into paying customers. Now the first thing we gotta do is we've gotta define sales and business development. So let's go ahead and start with sales first. Now for this particular video, I'm gonna be talking about B2B sales, business to business sales. And the definition we're going to use for B2B sales is it's basically a sales model where a business sells their product or service to another business. And this typically happens over the phone, in person or over email. Some important things to know about business to business sales is that it's usually more transactional versus strategic. And we'll talk more about that in this video. And when you're doing B2B sales, usually the product or service that you're selling doesn't really change. You have what you have and somebody will buy it. And to generate more money with B2B sales, you either have to sell more of the same thing, renew a customer, or sell related products similar to the first thing that you sold. Now that you understand the general definition of business-to-business sales, I'm gonna give you a concrete example to help solidify your understanding. One of my first sales rose I ever had was actually a sales internship at a street where sales agency. So basically there would be these big brands that would come to this agency and say, hey, agency, can you help get my products in stores, retail stores across America, right? So I was part of the sales agency as an intern. And so we worked with brands like in case g shock, Marshall, Super footwear. So all these different street where brands at the time. So basically this is how it generally works, right? You have salespeople that work at this agency. So let's say you get one salesperson. So they might be in charge of one brand or they may have multiple brands depending on situations. But let's say you have one brand, right? So one person might be a salesperson for the brand G-sharp, the G shock watches. And what they're gonna do is in their assigned territory, right? It could be something like the west coast or certain states in America. They're in charge of finding out who would be the best fit to buy these products. So they might say, okay, let me reach out to all the surf shops in California to see if they want to carry our watches. Let's hit up all the Mars or all the skate shops, right? So basically this salesperson is doing anything they can to get in contact with all these different stores, from large retail chains to mom-and-pop shops. And what they're gonna do as a salesperson is cold call, send cold emails, meet these people at trade shows and meet with them in person and try to sell the product. And this is very straightforward sales example, right? You have a certain product, whether it's like a watch or clothing or any type of product or even service in a matter of fact. And then you go out to all these potential customers and you see whether or not they want to buy your product or service. The product or service doesn't change. You have what you have. And if people buy, they'll buy, if they don't want to buy its ok. And if they want to buy more over time, you'd either just renew the customer and that's pretty much how that works. And from a sales example, if you want to generate more sales, typically what's gonna happen is you're going to have to hire more sales people, right? Because if you're a salesperson, you can only talk to so many people in a day. And if you want to start expanding, your going to need more people to do the same type of sales activity. And just start dominating your territory. So that's a B2B sales. We're gonna put that in one bucket. And now we're going to talk about business development. And then the definition of business development is essentially the process of developing growth opportunities and relationships with other organizations. How it's different from sales is that it's a lot more strategic versus transactional, and I'll talk more about that. And you're essentially developing opportunities for growth. It's not as if you're just selling something in as many as possible. It's really more about building a partnership and long-term relationship that benefits both sides. So let's go ahead and take a modern example, right? So recently there's been some news that the brand by Kanye West is doing a collaboration multi-year deal with gap, right? And for those of you who may not be familiar, gap is a very large clothing manufacturer and they have stores all over the US and I believe all over the world. So how does business development come into play as he's two different entities come together? Well, pretty much what's going on is that gap, if you haven't notice, the stock price of gap has been declining and gaps brand and relevancy has been on the down. Now easy has been on the rise. So what's going to happen is gap is a large company right there doing a lot of numbers in terms of revenue, but then they're declining and popularity. So they need this juice, they need to partner up with somebody that will cosine them to make them cool or relevant again, right? And easy. Why they would do a partnership with gap, right? Even if gap, it's not the coolest company, gap is like a legacy brand that can be turned around, right? So brands like, let's say Champion at 1 weren't cool and then they turn that thing around. Now everybody's wearing champion. So gap is try and do something similar by partnering up with easy because usually has the brand recognition, it has the cool factor and has good design, right? Once you apply these non-tangible things into the infrastructure that is gap, then you have a powerful combination because you're going to have the best designs and you're going to have this coolness and relevancy. And you're going to have gaps on infrastructure and their ability to produce coping at scale, at affordable cost. Now to make this deal happen, right? It sounds like a miracle deal, but to make it all happen, it's not as if Kanye West is just going to meet the gap CEO and saying like, hey, we should do a partnership. It doesn't really work like that. What typically happens is that gap is going to have a whole team of people dedicated to making this work and easy is going to have a whole team of people as well also dedicated to trying to make this work right? So when, when it comes to the business development side, you gotta think about like, you know, which side is reaching out to who first, right? Who's our first initial contact? Who's sending that first email? How are you getting the first introduction to even start this conversation? That's all business development. And once you have your first couple of meetings, then it comes to how are you going to negotiate the deal, what are the terms and how are each side going to work together to create the best quality product for the customer, right? And these conversations can literally take months or even years before even one product is released to the public. So as you can see, it's very different from the regular B2B sales I talked about in the first example. Because in B2B sales is kinda like you have a product ready. You're just going to all the stores and you're saying like, hey, you wanna buy it cool, how much? But then when it comes to business of element, like in the second example I'm talking about with Gap in easy. It's not as if easy and Kanye are just coming in and saying like, Hey, we got a bunch of shares. Can you put them in the Gap store? It it doesn't work like that, right? That that's not that's very transactional, that's a sale. But we're talking about business development. That's when two entities work together to create a growth opportunity. That's a win-win situation for both sides. Obviously, it's gonna take a lot longer power. When you have two entities working together, you create something more special and supposedly it will be better for the customer. Now once this product is created and whatever clothing that they turn out is out and ready for the public. Then once he started selling it into stores and things like that, then that's a regular sales. But to make that all even happen, that's all business development. So when you think about your business and whether you should focus on B2B sales or business development. You gotta think, well, what exactly is your product or service and how you bring value to other people. If you already have a product or service that's kinda like a commodity, doesn't really change that much and you're just trying to get it into as many stories as possible, then obviously B2B sales is the way to go. But if you have a product or service where you are really deeply integrated in another person's company and you work together to create something new, then that's going to be business development. And why business develop might be advantageous is that if you don't have a big sales team and you can just have a small group of people or maybe you're just working by yourself. When you do business development, you can work with another company who has leveraged, right? Maybe they already have an audience. So if you work with them and you create a product or service, they can sell that product or service to all their audience. So you only need maybe one or a team of people to build that connection to reach a wider audience. Whereas for B2B sales, it's more like a numbers game where you get to just reach out to as many people as possible. Whereas business development, reaching out to the right people that can really move the needle in your business now depending on what you're selling and what you wanna do, both strategies work. You can build huge companies using either strategy. But the more important part is understanding which one is gonna fit best for you and your customers that you're trying to serve. So that said that's going to be the difference between business development and sales. Now if you're interested in learning more about business development, I actually have another video where I go even more in depth on the business development topic mixture. You click the link somewhere on the screen to get access to that. Now, so with that said, my name is Patrick dang. Thank you for watching. Appreciate you guys and I'm gonna see you guys in the next one. 4. 3 Business Development Strategies for Growth: Business development is one of the most underrated strategies when it comes to growing your business. So in this video, I'm going to break down three of some of the best business development strategies the top companies are using. I'm takin boss, Spotify, Netflix, Apple, Oracle. I'm gonna break it down step-by-step and how each of these business development strategies work. And I'm gonna show you exactly how you can apply these strategies into your business. Whether you are at a small, medium size business, or even if you're working at a large corporation and you wanna make sure you watch this video until the end. Because if you don't, you're going to waste months of your time trying all these different strategies that don't really work. So I'm just gonna give you the shortcut and show you what does work so you can get results right away. So the first thing we're gonna do, we've gotta define exactly what business development is. And the definition that we're going to use is the process of developing growth opportunities and relationships with other organizations. And we wanna make sure that these relationships are long-term relationships that are a win-win on both sides. So let's go ahead and give you the first of business development strategy and that's going to be product business development. So product business development is basically when two or more companies work together to create a better product for their customers. And so, to give you a better idea of what this means, let's go ahead and give you a real example. So the first example we're going to use when it comes to product business development is this company called Music match. Music match. If you don't know who they are, right? They are a back-end software that a lot of big companies use to put their lyrics, to put song lyrics onto their app. For example, some of the customers they have is Spotify, right? So if you use Spotify and you notice that when you're listening to a song, you might see the artist's lyrics and some explanation on what those lyrics mean. Music matches actually the company behind those lyrics or Spotify basically did a business development deal where the music match was able to get the lyrics of the songs and put them into Spotify. So as you can see, Spotify is a customer, Instagram is a customer. Amazon, Apple Music, Google. Shazam saw these companies that have a music streaming service. They don't really want to build their own software when it comes to finding all these lyrics, categorizing them and putting the meaning behind the lyrics because it takes a lot of energy to do that. Not only that, but you have to get licensing agreements with all the big record labels to legally use these lyrics in their apps. So instead of these big companies like Apple, Spotify and things like that, instead of them building this out themselves was just going to really take millions of dollars to do. They can instead work with accompanying music match and just take their product and develop it into their app. And when it comes to what exactly these features are, like I said before, you could display the lyrics of a song, right? So there's a Lady Gaga song and you can see all the lyrics, synchronized lyric. So it kinda plays the lyrics as a song continues on. So you're not just reading it like a script, you're seeing it real time. You could search by lyrics, right? So instead of typing in the song named Sometimes you remember the melody, you want to type that in and boom, it's gonna show up in an app. Translated lyrics, right? So at different languages, lyric videos, and also when it comes to the royalty administration side, meaning, you know, paying the record labels for using these lyrics. They got you covered. So why would this be product business development versus just regular sales? Well, it's not as if like an apple or Spotify is just gonna go to the music match West High and be like, OK, I'm going to buy this boom done, right? It's a lot more complex than that because You have to talk about like, how much are you going to use this service? How many lyrics are you pulling every single month? What's the subscription deal going to be like isn't going to be a multi-year contract. And if it is, is a, you know, are they going to get a discount? So this is going to be all these complications when it comes to putting this deal together. But not only that, once they even buy the product, they have to integrate it from a software perspective into their app, right? It's not like you just buy it and you just plug it in. It's like you really have to integrate it into the app and it takes a lot of engineering effort to do that. So that's why it's business development, a product business developments specifically because two entities are working together to create a better product for the consumer, spotify itself is a product, and by using the resources of music match in what they have, they're going to integrate that into Spotify, thus creating a better product for the end consumer. So how does this relate to you? Well, if you have a product or software that can integrate very deeply with another person's products, right? What you can do is you can say, hey, you know, I do this certain thing. This is how I bring value. Let me try instead of building all these things yourself, which I have already invested a lot of time and resource and doing. I'm just going to work with you and we're going to integrate my product into your product so that your customers are more happy, right, in that way. So instead of you having to find all these customers to use your product, you can find a couple key partnerships, right? For example, if you build a software and you integrate it with Apple, then suddenly your app or your software or product is used by millions of Apple users just right off the bat. So that's how you can leverage bigger companies to get your small product more exposure and get more people to use it, right? Instead of reaching out to thousands of small companies, you might reach out to maybe a 100 big companies. And if you get a couple of deals and it completely changes your business. And if you're a large company, you can work with small companies. And instead of building your own products yourself in developing, putting in resources to do that, you can just work with another person that I've already created something and integrate it into your own product. So it's a win-win situation on both sides. Fire. So now we're gonna move into the next type of business development strategy, and that's going to be distribution business development. And the main example we're going to have is Netflix. Now when it comes to distribution, business development, all that really means is that you're taking some kind of product or service right? In your distributing it, meaning you're the one that is pushing it out to your customers. Okay. So when it comes to Netflix, I remember back in the day when I first heard enough like I saw an advertisement on TV promoting efflux. And at the time, streaming wasn't really a thing. So what Netflix did was every month, you pay a certain subscription and you would borrow three DVDs at a time, right? And you can exchange it whenever you want. So in the early days of Netflix, it's kinda distribution deal, right? Because you have all these DVDs, all these companies that have DVD's and they want to get it into the hands of more customers. And Netflix is saying, OK, we're going to charge a subscription and we are going to distribute your DVDs to our customers. And obviously we're going to pay you to use those DVDs, but we're gonna make up some money by having to service for other people, making it easy for them to rent DVDs. And now things have changed. Where instead of renting DVDs, it's all about streaming. So they can take a popular movie, right? That everybody wants to watch and put it on their platform. And people will sign up for Netflix just to watch that show. So if you are, let's say a TV show or production company or you have a movie. You could put your movie or TV show on Netflix. You can put it on Hulu, you can put it on Amazon. You can put it in all the different networks. And you can make money from all these different companies. So incense, you're doing distribution, business development because you're having these other companies distribute your product. Now there's also exclusive distribution where Netflix might pay you a large sum of money and they might say, hey, we like your stuff, but we don't want you to put it anywhere else because we want people to sign up for Netflix. And because you have so many fans, they're going to sign up for Netflix because they want to watch your stuff and it's only available on Netflix. So in that case, they're going to pay you a lot more money for that exclusive deal. So some examples might be Dave Chappelle, right? Dave Chappelle, famous comedian, you know, went on hiatus for ten years and then you want to come back and do stand up. So obviously, if he does Netflix deal where his content is only available on Netflix, a lot of people are going to sign up just to watch that standup comedy because it's nowhere else and they're a big fan of Dave Chappelle and he has been performing for like ten years. So that's an example of an exclusive business development deal. And another quick example that I just remembered is if you notice, if you watched Joe Rogan, the Joe Rogan podcast, you know, it's on all different platforms like Youtube, Spotify, and all the different podcast platforms. And recently he just signed an exclusive deal with Spotify, right? To have the podcasts exclusively on Spotify and future. So obviously, you know, here's a huge fanbase. Everybody wants to listen to his podcast irregularly. So if the only option to listen to Joe Rogan is on Spotify, then all these people are gonna flood Spotify. And obviously Joe Rogan is gonna get a pretty good deal because it's an exclusive contract. So how does this apply to you? Well, if you have some kind of product, service or show, right? And you are thinking that you have a fan base or you know that people want it and you just need to put it on the right platform, whether it's an Amazon spotify or any other niche platform, then you can do an exclusive TO have them pay you money to exclusively put your stuff over there. Also, if you don't want to do an exclusive deal, you can put your stuff everywhere. So these distribution companies will distribute your product or service to other people on your behalf and take a cut and you make money because they're doing all the heavy lifting and pushing your product or service to people you would have not otherwise reached i. So now the third type of business development that we're going to talk about is going to be channel distribution. So Oracle is a company that I used to work out. That's why I started my sales job. First job in tech, what they did was I was an inside sales rep, meaning I worked at Oracle Rouse and employee at Oracle. What I learned is that there are other people who are selling Oracle products but weren't technically employees of Oracle. There are something like contractors or they had a deal with Oracle. So how it would work is, let's say you're a consultant, let's say an IT tech consultant, right? And you have your own clients and you know, you do work for them, they pay you money, okay? Now there's going to be a point where your clients might need a certain product or service and you are in the position to make a recommendation on what they should buy. So if your customer is once a certain software, right? And you know that oracle sells out software. There's other people you can choose, but you'd like Oracle. You can say, hey, customer, you know, I'm not an employee of oracle, but I can sell you or core software and it's the one I recommend. So if that consultant cells and Oracle software to their client, then they're going to take a commission from that sale. And why Oracle wins is that they have all these great consultants and IT people, you know, basically be brand ambassadors for their company and in recommending their products and services. So Oracle makes money because they didn't really have to do any work to get the sale. The consultant makes money because they're going to recommend something anyway. So they might as well make a commission from the one they like and they want the one they recommend. And so it's a win-win situation on both sides. So how does this apply to you? Well, if you are a software company or you're selling some kind of product or service, you don't always have to be the one actively doing the selling. You can work with other people who will resell your products, right? And this is a really powerful strategy because if you can tap into its channel partnerships, right? So if you can tap into people that already have customers and their customers are already going to buy. If you build a relationships with these channel partners, when the channel partners customers want to buy something, you are going to be on the top of mind because you already built this relationship and you're willing to give a healthy commission to people that are resell your product. And if you are like, let's say a consultant or you're in the position where you can resell other people's products. Instead of building a product yourself, you can go to other top companies and be like, hey, I love your company, I love what you do. I recommend your product, are ready for free. But let's see if we can work together where, you know, if someone wants to buy a certain product or service, I can recommend you and Stan a 100% behind it, but I would like a commission for making that recommendation and getting you the sale. So it works on both end. If you're a product creator, findings, channel partnerships, you sell your stuff. If you are in a position where you are the seller, find the companies that you can help promote. And you know, it's a win-win situation on both sides. Because at the end of the day, it's all about what is best for the customer, right? So if you're making the right recommendation and you believe in the product or service that you're selling and creating, then the customer always wins, right? Because they're getting the value that they pay for it. So that is pretty much how channel partnerships are going to work. And it's not just exclusive to consulting or tech, literally anything. You can have someone sell your product or service for you. So that said, those are going to be the three different business development strategies you can use to grow your business. Let me know the comments which went you found most valuable and how you're going to apply it to your business. So with that said, my name is patched dang, thank you for watching and I'll see you guys in the next one. 5. Business Development & Sales Prospecting: Prospecting, prospecting, prospecting. Now if you ever been in sales, you know that prospecting is one of the most difficult and grueling jobs that you can do. A lot of times you might be sending out emails, cold calling people and nobody is really responding. Or even if they do respond, they just tell you to stop, go away and never talk to you again. And I see a lot of new salespeople are out there say something like, oh, it's all about a numbers game and you just gotta keep reaching out to people. But in fact, if you're doing this the wrong way, nobody is going to respond no matter how many people you reach out to. So what I wanna do in this video is share with you some of the best and most effective ways to prospect, get meetings before real customers so that you can eventually close deals. You wanna make sure that you watch this video until the end. Because if you don't know how to prospect properly, you can just end up wasting months of your life and just trying to reach out to people that just don't care about what you have to offer. Alright, so when it comes to prospecting, we're gonna use something called the scientific method. Now for those of you who learned this in school, essentially it's how scientists do very basic experiments and we're going to use the same exact process, do our prospecting. Now the first thing when it comes to prospect thing is you have to have a hypothesis. So essentially when you have a hypothesis, all you're really asking yourself is, who is going to be a good fit for my product or service. You don't actually know who is going to be a good fit. You just had to have a educated guess based on your experience in research. So let's go ahead and give you an example. Let's say you're selling some type of software and you're selling to small, medium businesses. Specifically, your hypothesis, you might be you want to sell software to companies and California. And you want to sell to, let's say, yoga studios with 20 or less employees. Okay, so this right here is an example of a hypothesis. You have product or service, right? Let's say in this case a software and you're basically making a guess and yours is gonna say, okay, I think that California businesses who are yoga studios, who have 20 employees or less, might be a good fit for my product or service. And now the thing is, it's a hypothesis. You don't actually know the answer to this yet, but you're willing to put in the effort to test it. And that's where the cold emails and everything like that comes in. So let's go ahead and put this in a box. That is your hypothesis. So once you have your hypothesis, what is going to be the next step? Well, you could reach out to a one yoga studio, but if that person says No, you don't really know if your hypothesis is correct or not. You actually need more numbers, right? So for example, if this is your hypothesis, you want to reach out to these people. You gotta find a least 20 companies or people, depending on what you're selling, who fit your hypothesis. And 20, it's not really a huge number, but you need some kind of statistical difference by Obviously if you can do like 50, that would be more accurate to the numbers. But a lot of times you may not have a lot of time and energy to do this. So you wanna make sure you start with at least 20, so fine. 20 companies who live in California who have yoga studios. I have 20 employees or less. Reach out to these people all at once using the same type of messaging. So the next step is how do you reach out to these people? Well, there's many different ways like cold email, LinkedIn, cold calling. Before our example today, we're going to use cold email. So you got the hypothesis, you got 20 companies, you make a list, you can just do it on excel sheet or Google Sheets, whatever's easier for you, because you want to just keep it simple in the beginning. So now what you wanna do is you want to craft your email, right? So if you're sending an email to these people, is right. So it's 20 emails go into 20 different companies. You've basically can write the same thing and send it to all 20 companies. And the reason is because your hypothesis is that this type of demographic will be a good fit for your product or service. And usually if you believe this, there's some kind of pain that they experience that you can solve. So it doesn't matter if you have one yoga studio over here. When yoga studio over there, they all experience the same problem based on your hypothesis. And that's why you can literally copy and paste your exact same messaging to 20 different companies and nobody can tell the difference. So once you do that 20 companies, you sent 20 emails. You want to make sure you send it in the morning. So how would you recommend 06:00 AM to 70 AM? From my experience, you actually get a higher open rate with this when it comes to cold email. And that's because people check their emails first thing in the morning. And if you're there in their inbox, they're gonna check it. So once you send these emails, some people are gonna respond, some people aren't going to respond, right? So let's go ahead and categorize this. So some people are gonna say, stop spamming me. I don't want to read your email. I'm not interested, right. And they don't like whatever it is you have to offer. And that's okay because when you meet this hypothesis and you make this list, you don't know who's interested. You don't know who is not interested, right? And you just have to try it out. So some people, they're gonna say, don't bother me, and that's totally okay. That's actually a very normal other people are neutral. They might be kinda interested in maybe the ask a question over e-mail, but they don't really follow up or maybe they don't take a meeting with you. And that's okay too, because maybe in the future you can reach out to them. Now, here's what you're actually looking for. A, you're looking for the people that are very interested in what you have to offer, right? Assuming your hypothesis is pretty decent, you wrote a pretty good email and you sent it at the right time. You're gonna get some people that actually are interested in what you're selling. And so these people are the people you're going to schedule a meeting wolf and you can do that via email and follow with the next step. So how you want to think about this is that most people will either fall in this camp, there won't be interested or they're neutral. Small percentage my fall into this camp where they're going to take a meeting, right. So if you send out 20 emails, okay. And let's say you got five meetings out of that. That's actually pretty good. Now, when it comes to percentages of like what should be the response rate, every industry is going to be different, right? And it really depends on your campaign and what you're selling, you know, but, but in general, if you're getting five calls per 20 emails that you send, that's actually extremely good because if you want to get more meetings and sell more of your products and services, all you gotta do is find more companies that fit your original hypothesis and you just keep going from there. Alright, so what's going to happen next? Well, for the people that actually took the meeting with you, you're going to move into the next step, right? So you're going to actually get into the meeting. And so when you talk to your prospect over the phone, Ray, you're basically asking them questions to see what their pains are and how you might be able to help them. So in that meeting, you will find that either they are interested in moving forward and buying your product or service, or maybe they're not. And if they're not, you have to ask why, why exactly. They took the meeting for a reason and meaning there's somewhat interested, but if they don't want to buy, you have to figure that out so that when you do another meeting with the next customer, you can change up your pitch so that it tailors towards what people actually need. And once you do a couple of meetings and you close a couple of deals from this process. Now it's hunter, repeat this cycle, right? So you got some results. You basically got some data from this. And you've gotta think, Okay, what can I do to improve my hypothesis? So that when I send my emails, more people were respond and more people will buy my product or service. And essentially, when you repeat this process over and over and over, you're gonna understand your customers so well. And you're gonna know how to craft your message and you're going to know how to pitch your product, your service, in such a specific way that appeal to this demographic that your likelihood of actually sally, dramatically increase compared to where you start. But again, if you're starting out, you gotta start off with one idea, right? Usually the first one is not going to work and that's totally okay. You try it out, get some data, learn what your customers like, and learn what they don't like, and you try it again. And if you're a salesperson, you, this is basically your job is just that generate leaves, close deals, generate leaves, close deals in the cycle constantly repeats. Now once you get this cycle going and you know, you're closing deals and it's working. If you want to take it to the next level, all you have to do is just scale it up because if you have a good hypothesis and you really narrow down like who exactly is going to buy your product or service, all you gotta do expand. So in this example I said, let's go for the people in California, start in one state. But if you find that any yoga studio might be a good fit for your product or service, then you might say, okay, now let's go to New York. Let's go to Texas. And you basically go to all the different places that fit your original hypothesis. So it's actually much easier to scale once you get a good hypothesis going. But if you try to go for everybody all at once, whether they're in New York and California, it doesn't really matter because if you don't understand why people are buying, you can't scale. So you want to start small, get something working, get it going, and then scales up from there. And once you gotta go in and you know how to sell your product or service, then you can just go to the moon. And so with that said, those are gonna be the simple steps that you can use to start prospecting more effectively, right? No more just reaching out to random people and hoping that they take a meeting with you. You've got to come up with a hypothesis, collect that data, get that feedback, and just do that again. So with that said, my name is Patrick Dang and I'm gonna see you guys in the next one. 6. Next Steps: Now, if you're getting any value out of these courses, make sure to leave a positive review, sharing your experiences. I read every single review and I really do appreciate your feedback. And if you wanna see more videos like this, make sure to follow me on skill shares so you can notified on when I released my latest courses.