Business Development - Top Business Development Strategies For Growth | Patrick Dang | Skillshare

Business Development - Top Business Development Strategies For Growth

Patrick Dang, International Sales Trainer

Business Development - Top Business Development Strategies For Growth

Patrick Dang, International Sales Trainer

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6 Lessons (43m)
    • 1. Business Development Strategy

      0:54
    • 2. Growth Strategies For Business Development

      12:09
    • 3. Business Development Psychology

      11:57
    • 4. Pokement Business Development Case Study

      10:48
    • 5. Business Development Skills

      7:16
    • 6. Next Steps

      0:22
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About This Class

For most sales and business development people starting their careers, prospecting is usually the most challenging job aspect.

Most sales and business development people never get past this hurdle and don't ever get a chance to get on the phones to close deals.

And from my experience, even if you have the perfect cold email template or cold calling script, if your prospecting strategy is off, you're not going to get any results.

So in my latest YouTube video, I'll be covering the top business development strategies you can use today to start booking more appointments with your dream customers.

"Intro to Business Development Strategies
This video will show you how to create your business development strategy to get more meetings and close more deals.

Targeting Small & Medium Businesses
The first type of business development strategy is to target SMB or small and medium sized businesses. This could be local shops, retail stores, restaurants, etc. If you're a business development rep selling into SMB, the most important thing is to define your ideal customer profile and have high velocity. To create your prospecting list, you can use directories like Yelp to find companies and use their search and filter features to narrow down your target. From there, you can go to the companies website and find their email, phone number, or Instagram account.

Targeting Enterprise Businesses
The next business development strategy we'll talk about is targeting enterprise companies. When your business development is focused on enterprise, you will typically have less velocity, but each potential prospect is worth much more than the average SMB. This type of business development prospecting can be very profitable because one right customer can drive a significant portion of its revenue.

Refining Your Prospecting Strategy
Once you start closing business development deals, the next step is to analyze what's working in your prospecting strategy. Ask your clients why they choose you versus your competitors, what they like about your product or service, and what can be improved. From there,e you'll want to take this information and refine your business development and sales prospecting strategy."

Meet Your Teacher

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Patrick Dang

International Sales Trainer

Teacher

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 Strategy: Hey, what's going on? It's Patrick Dang here. And now in this course you're going to learn some of the top business development prospecting tragedies to sell into anybody, whether it's small, medium businesses or enterprise companies. I'm gonna give you the framework of how I would reach out to these companies. How I would find their contact information, how would coat email, call them or send them on LinkedIn message and generate an appointment. We're also going to show you how you can refine the process, increase your response rates, and get better at doing business development prospect. And so you can basically get a meeting with your dream clients. So I don't want you to do is to use the strategies you learned about business development prospecting in this course and share your strategy on who you will target and why you are targeting them, what's their pain they, they experienced, and how you solve those paints. So if you are ready to learn everything you need to know when it comes to business development prospect thing, make sure you enroll and discourse now. 2. Growth Strategies For Business Development: In this video, you're going to learn some of the best prospecting business development strategies you can use to find new clients and close more deals. Make sure you watch until the end because we're going to cover everything from how to sell into small, medium businesses, all the way to enterprise companies. And so with that said, let's go ahead and get started. So now the first step of business development prospecting is how exactly can you target small, medium businesses, right? So I know a lot of you guys might be targeting, let's say like local gyms, restaurants, retail stores, basically mom and pop shops. How to exactly do you get your foot in the door with people like this? And so for this type of strategy, when you're selling into small, medium businesses, you've gotta understand it's all about velocity, right? You don't want to spend too much time on one person because, you know, if you're going for, let's say a local gym, you know, somebody says no, you've got to move on to the next alkyl gem, right? If you spend too much time on one person, you know it may not be worth it. And so that's why you gotta build big list. And you have to do a lot of transactions in order to make this business development process and a strategy worth it. So to give you example, I'm gonna pretend I am working at business development person working at green bits. And for those of you who may not be familiar, green bits is basically a point of sale system for dispensaries. And when I say dispensaries, I'm talking about weed, right? So wherever we'd IS sold legally, basically, green bit is a software and they sell it directly into the retail stores of dispensaries for them to handle all their retail sales, to understand their data of who is buying, why they're buying. And basically it's software to manage the back-end process of a physical retail store. And it's also to process transactions. So if you're not really familiar with this habit business is very similar to square, right? Square essentially as a kinda like a same thing. They have a point of sale system where if you want to pay by credit card or, you know, Visa, MasterCard, you connect it to your iPad, you swipe the card and then it takes in your money, passes through the software, then goes to your bank account and you get all the information about the customer, right? So square is kinda for everybody, meaning it could be a flower shop, pizza shop Jim, whatever. But green bits is specifically for dispensaries. Alright, so if I was working here and it was my job to, let's say, sign up as many dispensaries as I can because there's a boom in the wheat market and weed is becoming more and more legalized in different states in California and other states in America. Well, I would, I would do is I would go to a state, let's say like or both. Start with a city like San Francisco. And you can just type literally weed or we dispensary within Yelp, right? So you can use any type of directory today. Example today is it can have, but we're gonna use Yelp. So for yeah, essentially I would be like, Alright, so let's make a big list of all the weed dispensaries in San Francisco. I would go, you know, this guy, this guy, Urban Green kras. And basically I would take all these people in all their information and I would add it to, let's say an Excel list or our attitude, my CRM. And that's customer relationship management software. That's just where it's basically a fancy Excel sheet, but use my software, right? So I've gone there, Yelp page and I will see like, oh cool. Like we got a real dispensary, they got a real retail store and they're probably making money. And so my job as someone who works at again, green bits is to say, okay, are they using, what software are these guys using to run their business or their using any point-of-sale software. Or they only cached or the using something that is more rudimentary and not very complex. And maybe it's socks. You know, if I identify those pain points, you know, I would basically make a big list of all the dispensaries in, let's say San Francisco. And I was trying to identify pain. If they're only doing cash, then let's get them using Visa MasterCard, right? That's one specific pain point you might go for. And then what you would do from there is you would find the email of this person, right? And so what you want to do is you wanted to go to the website which is on Yelp, right? You also have their phone number, boats or website. And you want to see, you know, if who you contact here, right. And it's like go to the About page and all right. So basically when you go to someone's About page, you can either cold call them, right? If you're good at cold calling, you know, put that on. You can send information to the info at business.com or you can message them on Instagram. So I actually recommend sending them a cold email and cold calling, right? You can do a variation of Wolf. So you send them an email first and saying who you are, what challenges they probably have and see whether or not they wanna talk on the phone. And then if they don't respond to that, you can have variation are called email, next day, cold call NGO try to generate conversation with cold cough if they don't respond to that. And a couple days later you follow up with a second email and you kind of use this variation of multiple touches. And when you're sending an email to, let's see, info, company name.com. A lot of times the owner is going to look at it because you gotta understand that these are going to be small, medium business or a mom-and-pop shop, right? So maybe they only have one business email for the entire company and that's what people can reach out to. And so, you know, when you're setting it to info at company.com, a lot of times the owner is going to look at it. And so that's, you know, you're getting the eyeballs on your email and if they're interested, they're gonna take your meeting. So like I was saying before, if you're selling this software, are you gonna do, make a big list of all the people who are into this, right? And from there you can expand to different cities first and then different states. And then eventually you have a list of every single dispensary in North America. And you know, if you can't sell it to them, then you're not going to help anybody, right? So now that you understand, let's say small, medium businesses and how to use directories to find these companies. Next type of business development prospecting is to go more upmarket and go for more enterprise companies, right? So these are companies that are going to be really huge and you don't have to sign up 1000 of these guys to make a big difference in your business. If you sign up, let's say five a year, that might be a complete game changer for your business. All right, so for example, let's say you're working at square, right? Which is the company we talked about before and they got a point-of-sale system and can be used for many type of businesses, not just we'd dispensaries, right. So you can either go for other local mom and pop shops, which they do do. And you can also have a dedicated team focus on enterprise going for the big deals, like going for someone like a Starbucks for example, right? So, you know, when you interesting use case that I found is that square actually did a business development deal with post meats. And post MI is basically, if you don't know what it is, it's like Uber for food delivery, right? You just kinda go on that and say, okay, I want to order some Chinese food and then delivered to my house. And then the restaurant will basically get the order and make the food. And someone in post mates who was like Freelancer, will pick up the food and drug to your house. You can also order, I guess, random stuff like beer, medicine, grocery. So basically any, a lot of different items you can use Postman it's worth, right. Why would square do a business development deal with post mates? So basically this is how it works, right? You have a restaurant, for example, over here. Let's say it's a Chinese restaurant. And let's say to Chinese restaurant is using Square as a point-of-sale system. Now square can connect directly to post mates so that when the consumer on this site is on their phone, on the post mates app and they order something on post mates than that connects directly with square and square. It directly gives the order to the Chinese restaurant saying, hey, this guy order some noodles using post mates and you have to make it and give it to us. Another person who's going to drive by and he's going to pick up the food, right? Actually, it may sound simple, but actually there's a very complicated process because there's basically four steps from the person who ordered the app, right? Who wants the food to actually processing, get through all the software to eventually get to the Chinese restaurant post mates. Now Square wants to do a deal with post mates because if all the restaurants are already using Square and the restaurants want to expand their business, especially during this time where there's social distancing and maybe people can't physically come to the restaurant. Well, it makes their life easier for these restaurants and be like, hey, you know, we should just sell on post me. It's right because we're not getting as much customers as we used to. So we might as well just take advantage of what's going on in the market and sell more and squares winning because every transaction that goes through post mates and then goes to your square, then goes through the restaurant, they're getting a percentage of the sales. So obviously, the more platform squares on whether it's post maids, Uber, Eats, or basically any of them. They're making a percentage of the sale. So they're in advantaged position to do these type of big business development deals where they integrate their software directly with another person's platform and they get a percentage of every single sale that goals through their point of sale system. For this type of enterprise deal, you're not reaching to thousands of people because there's not a lot of companies that have this type of platform and scale. Instead you're really focusing on, let's say, a certain type of market ie fits specifically in your ideal customer profile. And if you do, let's say like five deals a year, that may be huge for your company, right? Because, you know, just post meets alone. You know how much revenue is post means process through their payment processor that goes through square, I'm guessing it's millions or maybe more, and square, it gets a percentage of that. So, well, you can see the value of that is generated here and square is probably generated multi-millions just from this one deal. So if you're doing any type of enterprise sales, you wanna make a list of the top companies you want to work with. And you don't want to make sure that you don't just burn through these field because you really want to build a relationship. Be respectful when it comes to the court e-mail offer more value. It's not just the quick and go kind of thing where you just buy something in balanced. You actually got to build a real relationship over months, usually for something like this, and then maybe over a year to actually build that relationship. Continue whether meetings understand their problem, show them that you can solve the problem in an overtime, you eventually get closer and closer to closing the deal. And once you do close idea from a prospecting perspective, you want to find all the other people similar to that person that you close and say, Hey, look, I did this for, you know, post maze. I can do it for Uber Eats. I can do it for this guy, I could do for this guy. And then you kind of just do your prospect thing like that. But you gotta take your time. You want to do it, right? Because if people see you as someone who just slimy and sleazy and just wants to make money, nobody is going to work with you. But if they can see your bringing real value, then you gotta Shop. Now the next step of business development prospecting is to refine your prospecting strategy. So whether you are selling to small, medium businesses like we did in the weed example, or you're selling two, let's say technology companies and you're connecting with like post mates. The thing you want to pay attention to is that whatever you sell or whatever business development deal you do, you need to ask the customer, even after the deal was done, why exactly they decided to go with you versus any competitor? What exactly do they like about using your services? What are the things that you can improve? And you want to understand exactly what the customer is fueling about your products and services in that business development deal. From there, you want to take all those learnings, right? And you want to apply it back into your prospecting strategy. So if let's say, all the wheat shops are saying yeah, you know, we're using cash before, but we had no way to understand our customers and we have no way to keep track of data of who's buying and creating membership sites. All these things. And, you know, you think really came and solve our problems. So now you understand the real problem. You want to go to all the other dispensaries or retail stores, whatever that's faced, a similar problem and you want to solve that same problem if they are experiencing the same problem, right? So when you're doing your cold emails, there are a lot more likely to respond because they're like, oh, this guy gets it right. Especially if you have your posts on what's going on in the market and what paints people are experiencing. If you can communicate that the record, email or communicated through a cold call to actually get the ball rolling, to get a real meeting, then people are more likely to take that meeting and buy your products and services. But if you don't refine the process and you're just selling the same thing over and over and you're not understanding why it is that your customers are buying, then you're never going to improve your response rates. You're meeting rates and your closing ratio. So that's why it's always important to look at the deals that succeeded and understand why is it that it worked and then apply into your prospecting strategy on who we should go after. You know, if it works, do more of that. If it doesn't work, do less of that, right? Don't waste your time on prospects that, you know, aren't going to buy it, right? Just let it go and go for the ones that do so refined your processes and that's basically how you get better over time. And so with that said, those are going to be my three business development prospecting strategies that you can apply right away. So with that said, my name's Faraday and I will see you guys in the next one. 3. Business Development Psychology: And sales, there's going to be moments where you're just in the flow state, where you're seeing everything right, you're doing all the right things. You're building rapport with a customer and everything just goes smoothly, perfectly and you close the deal, right? And in my opinion, this is one of the best experiences you can have as a salesperson because you're just kinda flowing and doing everything right. Now, Some days are like that. Other days it might feel like everything's going wrong. You're not saying the right things. The customer doesn't like you and hang up on you and everything just goes down the drain, right? Ivan, their success. So the question is, what exactly is the difference between one day which is going really well and you close the deal and another day where you flat out just get rejected. Now the interesting part is that most people in sales and business development, they may learn how to sell, but they may not think about the psychology triggers that directly influence whether or not they're going to be successful and sales. So in this video, I'm going to review the seven keys to the psychology of selling. And you wanna make sure you watch this video until the end, because these are going to be some of the most powerful techniques and strategies you can use on a psychological level to start turning prospects into paying customers. And if you don't know these strategies rooted in psychology, well, you might actually waste a lot of time and money going after clients and not really understanding why is it that they actually buy? And let's go ahead and dive in. Now the first key we're gonna talk about when it comes to the psychology of selling is that people can feel your intention. Now in sales or business development, the moment you are meeting someone for the first time, or maybe you're talking to them on the phone, they're actually going to make a split second decision, usually within the first five seconds on whether or not they trust you and like you and actually wants to do business with you, right? And this is mostly from your tonality of how you sound and how you speak, and your physical presence in how you look, how you dress, your posture, right? People do make decisions and the judge other people based on the first five seconds of seeing somebody and based on your tonality and physical presence, People are going to subconsciously judge you on whether or not they want to work with you. So, for example, if you look like a salesmen and you sound like a typical salesmen, like snake oil salesmen. Well, people are not going to trust you right off the bat. It doesn't even matter what your product or service is. They just don't feel like they trust you, just based on how you look and based on how you sound. So instead of being like everybody else and being a typical salesperson, I would actually recommend being a little more different in being more yourself. And also what actually helps is coming in with the right intention, right? If your attention is that you don't really care about the customer success and you just want to sell them. People can actually feel it. They can feel it and hear it in your tonality and your physical presence. But if you come from intention of helping people can also feel the authenticity of that as well. So remember, people can't feel your intention. So you wanna make sure that your intention is in the right place. They'll just try to sell somebody, actually trying to help. Next strategy of the psychology of selling is let people feel like they are in control. Now in any type of sale situation, a lot of times, let's say someone who has a more of an amateur or maybe don't have that much sales training. They will want to keep talking and they keep wanting to pitch. And this is a problem because when someone is pitching, while the prospect doesn't like, right? They don't feel like they're in control. They feel like they want to leave, but they don't want to be rude. And so they feel like they're stuck. And if they feel like they're stuck and they don't want to listen to what you have anyways. They're not going to buy. So instead you want to change the situation and make the prospect feel like they are in control. In how you do this is you set the right expectations and you basically ask permission or you ask these questions that frame the conversation and gives the other person the feeling that they are in control. But in reality, the salesperson is always in control. For example, let's say in the beginning of the meeting, I want to set the right expectations worth my potential customer. I could say something like, hey Sally, I just want to take ten minutes to learn a little bit more about your business and see if that makes sense to work together. And by the end of the conversation, if, hey, there is a fit to work together, great, we'll move on to the next step. But if not, I want you to let me know and you can say no at any time. Is that okay with you? So when I asked this question and I set those expectations, Sally, on the other hand, you're gonna think like, oh, that's pretty nice Apache to consider my feelings. And he also gave me a way out if I decide that, hey, this is not a fit for me. So the prospect feels like they are in control. But in reality, the salesperson is in control because they're the ones that frame the entire conversation. And if the person is not interested, why would the salesperson even waste their time trying to convince the customer who's not going to buy anyways. So that's why you want to set the right expectations, ask the right questions and let the prospect feel like they are in control next to it. We cannot recover this a little bit, but I want to go a little more deeper in that is focused on helping not selling. During your sales meeting as a salesperson, don't just pretend to listen to your prospect. Actually care about them and what they want and how you can solve their problems, right? A lot of salespeople, they just kinda ask one or two questions and they wait for an opportunity to just pitch their product or service, right? For example, let's say amateur salespersons in a meeting and the prospect says, yeah, you know, we're not really running any Google ads yet. And then an amateur salesperson. Oh, did I run Google ads? Nows much time Russia and I'm going to pitch all our services, right? And nobody likes it. Instead, you want to take a step back and think, okay, well, what kind of experience do I want to create for this prospect? How do I make them understand that? I'm just trying to help them. How do I understand their pains then? How do I solve their problems, right? You are a problem solver as a sales person, you're not a pitch and dog and pony show. You are a problem solver. So instead of just pitching and playing the game and hoping that people buy reverse situation and say, hey, how do I understand these people? And how can I actually help? And when you come from a place of help, you automatically just differentiate yourself from all the other salespeople. And because you're so different, people are going to perceive you as what better. So spend some time to really think, how can you actually help instead of just cell? And if you really do a good job in helping somebody, they're much more likely to buy. Next tip when it comes to the psychology of selling is to dive deep into the prospect's pain. I always say this in my other videos and I'll say it again. No pain, no sale. You have to uncover what problem somebody has in order to pitch a product or service as a solution to that pain. If somebody doesn't have a problem, there's really no reason for them to want to buy, right? There has to be some type of motivation. Like it's like when you're sick, you want to go to the doctor. You're not going to go to the doctor if you're not sick. So in sales, you know, you're only going to buy something if you have a problem, if there is no problem, there is no sale, right? So if you're suddenly software, if the software doesn't solve any problems or problems that prospect doesn't have right now. Well, why would they waste money buying software? It doesn't make any sense. But they have a very clear problem and you just happen to be able to solve that problem for it and reasonable price, well, that it's easier to sell. So ask these questions to your prospect. What is it that they're trying to achieve? What are the challenges that are stopping them from achieving their goals? What have they tried so far to solve these problems? Why hasn't it worked? How long has this been a problem? And my favorite, How does that make them feel? Right? And a lot of times they feel frustrated, angry. They feel like they're being held back. They feel like they are their potential is limited. And so it's your job to show like, Hey, I understand you man, I understand that you want to get to this place, but there's all these problems. I can help you remove those problems and help you get to where you already wants to go. Does that sound interesting to you? And obviously, it's going to be interesting because that's their dreams and aspirations. So if you show you understand their problems and you can actually help them achieve their goals. Easy cell next to it we have for you is you need to listen. So when you're asking these questions and you are understanding the prospect's pain. If you really have to listen to what these panes are so that you can ask better questions throughout the sales conversation. Now, when it comes to listening, a trick is that when you're listening to the prospect's pain, you want to make the prospect feel like you are listening. So if you're listening, but it doesn't show on your face and the prospect feels like you're not listening, even though you understand everything they're saying and you're really intently listening. If they don't feel you're doing that, then it's good as you are not listening at all, right? Because people need to feel you are listening and they feel a better connection with the Biltmore report, they're more likely to buy and trust you. So how you show people that you are actually willing to listen, are you are actually sunny? Is you say things like ah-ha, yeah, I see. Tell me more. Oh, okay. Interesting. Right. So these are kinda like mini affirmations or a mini like ways to show that, hey, I'm listening, I hear what you're saying. Another technique you can use, if you just repeats what the prospect is saying. So if the prospect is saying something like, we're trying to do marketing, but then we'd have no idea how to do Facebook ads. And you can say, oh, I totally understand your problem. I get that, you know, doing Facebook ads is very challenging. You know, it's really hard to know what's going on if you have no experience, right? If you kinda just summarize and repeat what someone said, they're automatically think yet, are this guy totally gets me because he's just repeated what I said and he understands my situation, he understands my problem. Obviously, they're not really thinking at a conscious level. It's all subconscious. But when you repeat back what people say, people feel like you are listening because it's not enough just to listen. You gotta show the other person that you care. Now next tip of the psychology of selling is to only pitch your offer after you understand the prospect's pain. So a lot of people, they make the mistake pitching way too early, right? So if you're an amateur, you probably picked your product or service right in the beginning of the conversation and then the prospect likes it like 1% of the time, maybe they'll buy it and then 90% of time they're not going to buy, right? So instead, what you wanna do is before you pitch, you ask these questions that I've been talking about and you understand the prospect's pain only when you really understand their pains and really what their aspirations are and what roadblocks they have, and how you can solve that problem. Then you are equipped to pitch your offer, whether it's a product or a service, right? And the reason why you want to earn the permission to pitch is because you want to make sure you qualify the prospect to see whether or not they are actually a good fit to buy your product or service, not a good fit. What's the point of pitching them not gonna buy anyways? So that's why you asked his questions. Understand the pains and you think to yourself, can I actually help this person? If the answer is a big yes, then you pitch your product and service and you can actually do it with authenticity because you know for sure that you can make their lives better by selling them your products and services. But if you don't know this information and you pitch, it's a lot less authentic because how do you even know they should buy, right? So that's all you got to ask the questions, understand the paint, and then you earned the right to pitch. Now the next step we have for you is don't focus on the sale. Instead you want to look for in natural fit. And so in my sales meeting, right, I always do is say, look, you know, am I really trying to sell anything to you? I'm just trying to see if it's a fit for us to work together. If there is a fit, great, if not totally fine, right? So what happens here is that people understand that I'm not forcing a sale. I'm not trying to sell at all costs. I'm just trying to see whether or not it's a fit to work together. Relate key freezing, right? They're fit to work together. Now if it's not a fit, then it's not going to work anyways, right? But if they have a problem that I can solve, that's good fit. And it makes sense for me to go all out when it comes to sales only after I see that fit. So throughout your entire salesmen from the beginning to the end, you're always looking to see in asking that question, are we a good fit to work together? Because if not, I don't want to waste any time. I don't want to waste your time. So let's just move on. But if there is a fit, then it's your obligation to get your product or service in the hands of your customers. Because you really know that if they buy it than their life is going to be told the better. And that's where that comes from, a very authentic place. But if you don't find fit, then it's not really genuine, it's not really real. It just feels like you're trying to force a product down someone's throat. So always look for the fit first and then you sell. And so that said those are gonna be the seven keys to the psychology of selling. So that's add money, especially dying. And I will see you guys in the next one. 4. Pokement Business Development Case Study: If you have been on the internet these days, you might have seen that Pokemon is having an insane resurgence. So many people are starting to get back into the hobby and especially the training cards and people like logic, the rapper, bada chars are for over $200 thousand. Logan Paul also bought another chars are for over $2 thousand. And that's crazy, right? $200 thousand for a piece of cardboard just for a single card. A Pokemon is a franchise that has been going strong since it started in 1996. And even for me when I was watching it as a little kid on Saturday morning cartoons, It's crazy to look back at it now it because he, because it makes you feel very nostalgic because I remember like charm and, or Pickett's used squared on all these characters, right? But something you may not have realized is that Pokemon is actually the largest franchise in the entire world when it comes to generating revenue. It's brought in more than $92 billion in US dollars since it started in 1996, is bigger than a Star Wars, Hello Kitty and Mickey Mouse, the Marvel universe, it's bigger than all of them by far. And so with other hype going around Pokemon these days are that'd be great to create a video about the top business development deals Pokemon did to take the number one spot of the highest grossing franchise of all time. And make sure you watch this video until the end. Because by learning what Pokemon dear to get the number one spot, you can kinda take some inspiration and some business lessons of how they were able to succeed and apply it to your business as well. And let's go ahead and get started. So the first business development strategy we're going to cover is we're gonna start from way in the beginning when Pokemon started, and that is the publishing business development deals with Nintendo. Now the creator of Pokemon is Satoshi to jury from Japan. And he started this company. It's a magazine company called game Freak. And he would create handwritten magazines about the latest video games, new strategy guides and things like that. You know, as I started to go pretty well, he transitioned into creating video games. And one of his partners that he created video games for was Nintendo. And obviously does TMDL has a platform where people buy the console and you get to play the games. Game Freak was able to make games like quanti, Joshi, and Maurio and Mario. And once game Freak, which is focused on being a video game development studio, had a track record of creating hits or relative hits. They were able to pitch their own idea for Pokemon to Nintendo and long story short Pokemon became a huge hit with the release of the reversion green version and blue version in North America. And now Nintendo owns about 30% of Pokemon. So to dive into the business development side of things, right? Why exactly does game Freak, which is the creative Pokemon and a video game studio, why is it that they need to partner up with someone like Nintendo? And why is it that the half to give 30% of the ownership of Pokemon to Nintendo, why not just do it themselves? And now when we dive a little deeper, you gotta understand that game theory is a video game development studio, meaning their focus is purely on creating the best possible game for consumers. But in a TMDL is the publisher. So they're going to handle all the business aspects of making a video game a success. So just because you make an amazing game, it doesn't mean people will play it. It doesn't mean people will even know that it exists. Somebody has to put out there and do the business side of things. So some of those elements of why a game studio would have a publisher is first we're gonna talk about funding, like who is paying for the developers and who's paying the salaries of all the people that are working on this video game, right? Obviously, it could be someone like Nintendo or a publisher who will invest in a game studio to create a game for their platform. And also who's handling the marketing. You know, when you create a game, who's creating the TV commercials with the ads and the magazines? Who's creating the bus and getting the word out there. And to do that, you know, it takes a lot of people full-time to get those sales going. And so if you're a game Freak and Europe solely focused on creating a game. You know, you don't have time to have a marketing division and things like that. So what you do is you pass off the game to Nintendo and then they take it from there and put it in their machine so that they can get the buzz going. Especially back in those days when you had to actually physically create the gaming cartridges and put it in the boxes, purple boxes, and ship it out to other retail stores, right? Because people go to sort of pick it up and not like just downloading a Hindu today. Well, who's gonna do that? You know, it takes a lot of work to actually physically manufacturer these games and ship it to all the different stores across the country or around the world to generate those sales. So if your game Freak and you don't have it, the Department for every single one of these dots. So instead you have to work with a publisher who specializes at doing those things that you may not be the best that so you just focus on creating the content that IP, the game intellectual property. And you know, you give to someone that can actually get the ball going, and then it's a win-win situation on both sides. So 30%, you know, Nintendo owns about 30% pokemon too. They deserve it kind of because they're the ones that help it become a success. Now we're gonna move into the second business development deal, Pokemon dear to really expand its reach across the globe. And that is their business development deal to create the animated series or anime with all LM. Now the Pokemon, the Pokemon games red, green and now the Pokemon games red and green first came out in 1996. Later on, as you know, this artist generates sales. They want to create an enemy and enemies very popular in Japan and now actually is very popular all over the world. So if you think about it, why is it that they would create animate and why is it that they would partner up with a anime studio to do this and why not do it themselves? Well, like I said before, if your game Fruit, you're kinda focus on creating the games, making it as good as possible. So to create a whole team dedicated to creating animate when you have no experience craning anime is very difficult and that's why you've got to partner up with somebody or pay them to create the animate on your behalf, right? And so game Freak and poke on the Pokemon company, they own the IP, the intellectual property to use the characters and things like that. And it can take it to a studio and be like, Hey, we got all these assets. We gotta fire game as selling like hot cakes. Can you make an amazing animator? So O L M is going to take the money and they're going to create the animate. And I'm going to do a good job to help boost the perception of Pokemon and get people more interested. Now, why exactly would game Freak and the Pokemon company create an anime? And why is this series continue to keep going? I think they have hundreds or even 1000 episodes by now. So if you look at the revenue of Pokemon, right, since the inception of 1996, the most of the sales are coming from merchandise, and then it's going to be video games, trading cards, and then TV revenue is pretty much like super low is not even existing compared to everything else, right? Why would Pokemon dedicate so much energy into creating enemy? So if you think about it in Anatomy is actually like a commercial to get people to buy the cards, the merchandise, and the video games, right? Because, you know, when I first heard a Pokemon, I saw it on Saturday morning cartoons right now that I was really cool. And then from there, after I fell in love with the k2 term and underscore two, I'm sorry, I want to buy the game which I did. I bought a Game Boy which genomics Wendy, from about the trading cards. I'm going to add some Pokemon toys as well. So pretty much I bought all this stuff because I saw the anime first. And so that's why game Freak and Pokemon would want to invest in creating enemy series. Because if adds fuel to the fire and it makes something popular, even more popular and more mainstream and more easy to access because watching TV is essentially free. And then if you want to dive deep into more into that world, you can buy the products. Next business development deal we're going to cover is the Western expansion of Pokemon with four kids entertainments. Pokemon was first released in Japan as the video game. And it was doing really great at entity at the enemy series. And obviously, you know, if you're doing really well in Japan, you are thinking about expanding around the globe, especially in the North American market or the English-speaking market. And so if you're a Japanese company, you're not really sure how to expand all of the world, especially in a Western audience. So what do you do? You've got to partner with a licensing company to help get Pokemon in front of Western eyes. And that's why court Pokemon partnered up with four kids entertainment and gave them the licensing rights to one, take the anime series, right, the television show, and then create a dubbed versions of an English version. So they helped produce that and then put it on TV in America so that people like me can watch. Now in that before kids Entertainment had the rights to create the merchandise and Toys for Pokemon. So obviously if you're forgets entertainment, you're making bank because you took a risk on Pokemon, which is not known outside of Japan. And you're bringing it to the Western audience, hoping it's going to be big. And then you also have the license, the rights to. The bigger it gets, the more toys and merchandise you can sell in the more money you make. So if you think about it, it's a win-win situation because Pokemon wins, because they get expansion and they hire someone else or partner with someone else. The franchise in markets that they don't know how to penetrate. And then if you're for kids in entertainment, you went because you took a hot commodity in one country and you just put in another and it worked and you're making money. And without going into the details of it, for kids entertainment owned about 3% of Pokemon at 1. But then because things were going so well, to put the Michelman decide a buyout their shares, and do all the licensing and things like that and create their own division in North America on their own. So forgives entertainment not making that money anymore. Pokemon, you know, capturing all the revenue. But in the beginning when pokemon was small, it made sense for both sides. Next business development deal Pokemon did with multiple vendors, is creating the merchandise, Right? So obviously if you're Pokemon company, it's not like you have all these factories all over the world to generate the, to create these products and toys and merchandise, T-shirts and things like that. You're gonna have to work with different partners to create them and distribute them to where you need them to go, right? And like I said before, Pokemon generates a majority of their revenue from merchandise. So that's like necklaces, accessories, t-shirts, plush toys, you know, things like that. And it's a known thing that Pokemon, the Pokemon company works with over 80 different manufacturers to create these toys because obviously they can't do everything by themselves. So from this perspective, it's like multiple business development deals with all these different factories or torn toy and merchandise manufacturers. And if you're one of those manufacturers and you gotta deal with Pokemon, you're just kind of printing money, right? Because pokemon already has that demand. That got the great marketing. They got IP that's been going strong for decades. So all you're really doing is Pokemon just saying like, hey, printers to the, you know, 10 thousand of these and you're just like, Okay, sir, boom. And then you print out here basically printing on money. So obviously it's win-win both sides, Pokemon wins because they don't have to create everything themselves. And it's easier on distribution if they are working with someone in a certain area and they don't have factory there, then it's easier to ship it to where they needed to go. If you're the manufacturer, you're just printing money because you're just taking an orders. And of course, if you dive into the water Pokemon, there's going to be so many different business development deals from, let's say, the trading card games, right? They work with another person to create the game and manufacture the cards. Or even the mobile games like pokemon goal, which, you know, exploded augmented reality games onto the mobile. Seen so many different type of business development deals. Because it now, because there's so many different type of business development deals we can go over when it comes to book a Mind For the sake of this video, we're gonna go ahead and cut it right here. So soulful lead, you guys learned a little something about how Pokemon was able to become the number one franchise by working with other partners. Obviously they're not doing it, just bite themselves. So well, that said, my name's fashioning and I'll see you in the next one. 5. Business Development Skills: In this video, you're gonna learn the top three essential skills you must have if you want to be successful in business development. And you wanna make sure you watch this video until the end. Because if you're just missing one of these three critical skills, then it's going to be very difficult for you to succeed in this row. And so with that said, let's go ahead and get started. All right, so the first skill that you gotta have when it comes to succeeding in business development is creativity. Now, if you watch a lot of YouTube videos or bow sales and business development, you won't hear too many people talking about this. But from my experience working at Oracle, working at Y Combinator backed start-up and owning my own business. Now, creativity is one of the most important parts of business development. So when you are, let's say selling a product or service, or you want to reach out to other companies who you wanna do business with. Creativity plays a big part because you have to find creative use cases on how to take your product and services and pitch it to other people. Because if you don't pitch it the right way, whether it's finding the right people or writing the right email or LinkedIn message that really resonates with your audience? Well, nobody is going to take a meeting with you and you don't have any meetings. Well, you don't close any deals. And the truth is when you are doing business development and whether you own your own business or you're working at another company as an employee, your boss or manager may not always give you creative ideas on who you should target. And a lot of times you're actually just left on your own to do the work and go under computer, Go on Linkedin or go on different websites and try to figure out who exactly you should even reach out to. But without creativity and understanding people's pain points and how you can solve those pains in creative ways. Well, you're just going to be out of luck and you're not gonna get any meeting. So for example, if you, let's say we're selling software to media companies and you just close the big deal with, let's say, a movie production agency. Well, how can you take that information and find more people who are likely to buy? Can you find more movie production companies in your area or around the nation? Or maybe you can see why they use that specific product or service that you're selling and maybe go into different divisions, let's say like education, finance, real estate, you know, do they have the same problems that you can solve that were similar to the first person that you sold two, right? And even if it's a completely different industry, if they have the same pain points and you kinda find a creative way to pitch it. Well, suddenly you can expand your products and services to other industries that people have never even thought about. But that takes creativity and that really just means connecting the dots. You know, when some person buys over here, can you find another person that will buy over here that kinda matches that so same characteristics and match those pain points. And this is something not everybody can do, right? Because a lot of sales and business development people, they're just waiting for someone to tell them what to do. But if you want to be successful and you want to thrive in any type of environment. Or if you want to be successful as an entrepreneur, you've got to have this creativity to connect the dots and see the links that people are not seen. Now speaking of connecting dots, the next step that we have to talk about when it comes to the second skill for business development is listening. Alright? So listening is one of the most critical factors of business development because contrary to popular belief, selling, whether as BD or sales, it's not about just talking and pitching. It's actually 90 or 80% listening to your customer and understanding what they want. Because if you don't understand your customer and you don't have empathy to their pains. It doesn't matter how great or product or service you are, because if you don't know what they want and why they want it, you know, years kinda knocking door to door, seeing if somebody who buy but you're not understanding why exactly they will buy, you gotta ask questions, listen to their problems, understand aspirations, you know, where is it that they want to go? What's stopping them from getting there and how does your product or service helped them break through their mental barriers or breakthrough, any barriers that they have and really push them to their goals that they want to achieve. Because when you do that, you're not even pushing a sale, right? You're not forcing anything. Somebody, you're actually just listening to what they already want. This is something they're already going to do and you're aligning your product or service in a way that clearly demonstrates on how that if they purchased this product or service, as there's gonna be a lot easier for them to achieve the goal that they were already looking to accomplish. And again, it's about using your creativity. How exactly can you position your product and service in a way where people make that connection? And they think, oh, if I buy this person's product, I can get what I want. So, you know what, I think I should buy this guy's product, right? So it's like they're making the decision to invest in you. You're not pushing them the bide. You're not forcing them to do anything. They are making an investment in you and really making an investment in themselves to achieve their goals. And the last skill that you've gotta have if you want to be successful in business development is grit, right? Sales and business development is not necessarily an easy job. You basically faced some type of rejection almost every single day, whether it's prospecting or, you know, you're on the phone, you're pitching and the client says, no, it happens all the time and the majority of the people that you talk to are not going to buy your product and service i because if they may not be a good fit and there's going to be like random moments of, you know, bad situations that happen. I remember for me, back to my sales career, I was doing it quite a big deal and, you know, I was working with a customer for about two months of an all of a sudden the customers like patrick, We really like you, you're you, they like your product or service. You know, you've been really good to us, but you were gonna go if your competitor, right? And just, just like that, you know, yellow, I lost the deal and I didn't even know the competitor was involved. Partly my fault for not asking if they were talking to anybody else, sky assume there's talking to me, but they weren't. And they went with the competitor and, you know, that really struck a blow because it took me a year. It takes a lot of work to do those long type of deals. Now, when it went up because of grit, those things happen, right? Those things happen all the time, right? You just learn from it. Understand what you could have done better. Like I could have qualified better. I can see if either working with a competitor, it's things like that. I could've done those things better. I did it and it's okay because moving forward now I started doing those things. So no matter what you're selling, whatever your product and service, know that you're going to face rejection. Know that you're going to fail a lot and know that a lot of things are not going to work, but you have to have the grit to continue through and you have to be okay with accepting, rejection because that's part of the game of business sales and business development. So ask yourself, Are you coming into work every day with that mentality and dealing with these things and accepting them. Can you keep your mental health in check so that when somebody says No, you know, do you feel emotionally hurt or do you just let it slide off your back? Can you control your emotions, whether it's at work or you controlling your emotions and not thinking about the problems when you're living your personal everyday life because you don't want your problems and work to bleed in your personal life because it will affect the overall quality of the results you can produce. If you want to be successful in business development, you've got to have the grit to keep pushing forward. Strengthen your emotional intelligence, strengthen your emotional stability so that when things get bad, you don't crack under pressure and you can continue to move on. And so with that said, those are going to be the three skills when it comes to being successful in business development. And again, if you're missing one of these skills is going to be very difficult for you to thrive in this type of role. And so with that said, hope you guys learned a little something and I will 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.