Business Development and Sales: Keys To Succeed In Business Development and Sales | Patrick Dang | Skillshare

Business Development and Sales: Keys To Succeed In Business Development and Sales

Patrick Dang, International Sales Trainer

Business Development and Sales: Keys To Succeed In Business Development and Sales

Patrick Dang, International Sales Trainer

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6 Lessons (40m)
    • 1. Introduction

      0:41
    • 2. Top Business Development Strategies

      12:13
    • 3. Business Development Essential Skills

      7:16
    • 4. Techniques for Business Development

      8:18
    • 5. How To Run Your Business Development Meetings

      11:18
    • 6. Next Steps

      0:22
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About This Class

I've always believed that business development and sales are skills anyone can learn.

Now just because anyone can learn it, doesn't mean that it's easy...

But the main characteristic you have to have if you want to be successful in this field is the willingness to learn.

Defining Business Development & Sales
Business Development: The process of developing growth opportunities and relationships with other organizations. These business development relationships will typically be long term growth opportunities where both sides benefit.
Sales: Transactions where a buyer receives a product or service in exchange for money

Examples of Business Development and Sales - Faze Clan x VertagearThe first business development and sales example is Vertagear and Faze Clan. In this strategic business development partnership, both parties collaborate to create a gaming chair. This business development strategy works very well because Faze Clan has the attention, and Vertagear has a unique product.

Business Development Example - Huawei x Leica
The second business development example is Huawei and Leica. Leica has been making high-quality cameras and lenses for over 100 years, and Huawei is one of the largest phone manufacturers on the planet. In this business development partnership, business development executives and business development managers work together to create a consumer-friendly phone with high-end camera specs rivaling the iPhone and Samsung series.

Key Skills To Succeed In Business Development & Sales
To succeed as a business development representative, you must have excellent people skills, persuasion skills, copywriting, prospecting, networking, negotiations.

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. Introduction: Hey, what's going on, everybody? It's Patrick Dang here. And now in this video you're gonna learn the keys to succeed in business development and sales. We're going to walk you through exactly what these things are. And we're going to give you some real-world examples of business development and sales and how it's working right now. And we're also going to share with you some of the skills that you absolutely need to have if you want to be successful in business development and sales and for a class project, but I want you to do is share the number one takeaway that you learn from this course and share it with the rest of the class. And so if you, once you learn exactly what business development is and sales and how you can get into it, what skills you need and how this actually works in the real world. Well, Make sure you enroll in this course now. 2. Top Business Development Strategies: In this video, you're gonna learn the keys to succeed in business development and sales. And the first thing I'll start off with is that business development and sales is a skill that anybody can learn if you have the right knowledge and methodology, but you have to have the willingness to learn and stretch out of your comfort zone to actually become a better communicator and a better person. And you wanna make sure you watch this video until the end because we're going to walk you through exactly what business development and sales is. We're gonna give you some real examples in different type of industry so you get a real understanding of how it works in the modern world. And then we're going to cover the basic skills that you must have if you want to be successful in these roles. The first thing we're gonna do is we're going to first define what exactly business development and sales is. So the definition of business development that we are going to use for this video is the process of developing growth opportunities and relationships with other organizations. And typically these are going to be long-term relationships that are going to be a win-win for both sides. So it's not as if you're trying to close someone on the phone in one phone call Re this is literally a long-term deals. It might take weeks, months, or even years before you start building real profitable relationships. Now the definition of sales, which is a little different, is going to be transactions where a buyer receives a product or service in exchange for money, right? So this is going to be a lot more transactional, not necessarily a partnership between two parties, but it's more like, hey, I got this product or service. Do you want it? Ok, it's going to cost this much and then we trade. So now that you've got an understanding of what business development and sales is, let's go ahead and give you some real examples, some tangible examples in the real world so you get a better understanding of how this works. So the first business development example that we're going to use is a brand called Verde gear and faze clan. Alright, so check this out. So very gear if you are into gaming at all or you understand the e-sports scene. Here is creating these chairs and they're specifically computer. Gaming chairs are not necessarily computer, but just gaming chairs in general. So basically it's like a high-end chair people can use when they play games, whether it's Xbox, PlayStation on their PC. And it's very marketed as a comfortable chair, gaming chair for gamers. So there's, I mean, there's a lot of different features from high-quality materials. The seed can go up and down and yeah, very ergonomic. So these chairs are in the hundreds of dollars just to buy one share, right? And faze clan, if you don't know who they are, they are a gaming organization where they have, you know, I think dozens or maybe even over a 100 different influencers part of their roster. And essentially they're like a modern day influence or company, media company where they held telling, grow their communities online, whether it's on Twitch, YouTube, Instagram, whatever, and then how they make money is obviously because they have so much attention, so much people watching, let's say like game gamers who are live streaming and making YouTube content because they have a lot of eyeballs, they have a lot of places to do sponsorships. And as you can see on their YouTube page, they're sponsored by G fuel, Nissan, Verizon beats steel series. So a lot of big companies are wanted to happen to the gaming market to tap into these new growing fans. And, you know, sell their products and services, right? So the collaboration between faze clan and vertigo gear face kinda does a lot of collaborations with different type of companies. But this specific one that we're going to talk about. So basically it is a verdict gear chair right here. You can see the branding over here, but it's sold on the faze clan website. So essentially, if your face clan and you have all this attention, all these people who are looking at everything you do. And you have all these influencers who basically can't promote any product that you put out. Well, if you work together with another company that makes these chairs, you can make a custom chair of custom designed specifically for people who are fans of faze clan. So when they go on your website, well, into giving chairs and into gaming at the have the money to buy 489 share. Well, they're gonna buy this Hair versus all the other chairs because why? They are a diehard fan of baseline. So it's a win-win relationship on both sides because faze clan wins, because they get a monetize their audience and make money from their viewers. Vertigo wins because, well, they're tapping into these audience that they wouldn't have otherwise reached. And if you do some kind of deal where it's like a revenue split where phase gets a percentage of the sales of the chair. Well, it's a win-win on both sides. And obviously to do this type of deal, it takes flight probably months or years in the process of making because you have to design the chair specifically for the audience of faze clan. And to do that process may take a long time to go back and forth. And then you actually make the chair. Then you have to create a marketing campaign and figure out how you're gonna roll it out to all the different influencers on their faze clan. And you know, there's a lot of logistics to actually make this happen. But in the end, you know, if it's a successful campaign, both sides should profit. So obviously to do this kinda deal, you're gonna need business development people, one business development on faze clan to vet the idea, to make sure it works for the audience. And you're gonna need a business development person on Verde Geer, who was the main contact person, talking to face canon and seeing how this collaboration is going to work. Alright, so now we're gonna get into another business development example and we're gonna move outside of gaming and we're gonna move into tech. So Huawei reaches one of the biggest manufacturers of phone, right? And I'm sure you have heard of them. They make a lot of smartphones. And what they have done is they partnered with Leica and Laika is a high-end camera company that makes cameras that are in the thousands of dollars, quite expensive. They're, they're more seen as a luxury item and their handmade and everything like that. So as you can see on the hallway or website, on the main phone website, it's hallway, blah, blah, blah. Co engineered with Leica. So basically while he's making these phones and the Pareto fica to make the lenses and camera technology. So you kind of see when you zoom in on the camera itself, all these hallway phones had the Laika branding on it. So what's going on here, right? This is basically a business development deal going on where two parties are working together to create a better product for their consumers. So, you know, if you're a hallway, you're making all these phones and you doing fantastic. You have big market share, right? If you want to compete with the iPhone or Samsung phones, you gotta have really good image quality, whether it's video or photo. And if he doesn't have the capacity or, you know, team and technology to make the best possible picture. Well, they can collaborate with somebody who does. So if they want to get into the cameras space, they can work with someone like Leica, who's been in business for over a 100 years making some of the best cameras. Out there. And if you're like me and you want to move into the mobile space and you want to make, you know, camera lenses for smartphones. But you don't really have the capacity to produce smartphones and you're not smartphone company. Well, it's perfect opportunity to work with someone like Huawei because they make great smartphones and they have a large customer base so you can start getting your product out there more. So if you're a hallway, it's going to be a pretty good situation because you're working with Leica, who has a 100 years of history and they're known as a premium quality brand and makes great products. And you know, you're going to basically use their brand name, put it on your phones, and now suddenly people perceive your Hawley phones something more higher value, right? Because you're using Leica technology and if you're like, Oh, well, you're kind of a niche product category where it's only for a certain type of people who are willing to spend a lot of money on this camera equipment. Well, now your technology that's super good goes with Huawei. Right now it's more consumer-friendly and everybody knows who you are. And if they're more interested in your brand, well maybe one day they will go back to you and by your expensive cameras in for this particular business development deal. And what I've researched, the teams of Leica and hallway are working together and they have a whole engineering team to not only work on the camera lenses, but how those lenders will work with that software and the building artificial intelligence to make the image quality better. And you know, all these things that basically they need to do to compete with Samsung and the iPhone, right? So if you can't do it by yourself, why not work with another person who has the expertise and work together? And as you can see, they're going to be business development people on both sides to talk to each other, to figure out how the relationship is going to work. How much is one party going to pay the other? Is it gonna be revenue split? And, you know, how does the branding work? Where there's a branding goals, you know, there's going to be whole teams of people dedicated to making this happen. So now that you have a couple of examples of business development, let's go ahead and give you an example of sales. So you kinda see the difference between business development and sales. Now, the sales example I'm gonna use is framed IO. And essentially it is a software where video editors can use it to collaborate. Not each other's videos be like, hey, you know, you've gotta fix this part in the edit and editor can see it in their software and be like, Okay, I'll fix that, boom, done, right. So it's basically just a post-production workflow for video editors and creative people, right? And I personally uses software myself. So when you want to pricing, what's going to happen is that you got the free pro team and then we're gonna talk about enterprise, right? So when you are selling frame dot IO, it's basically a sale. It's not business development deal, right? So let's say you're charging $25 per person and you're selling to a company with a 100 and creative people, right? So I'll twenty-five dollars times a 100 times 12 months, that's going to be $30 thousand. So when you're saying something like software and you don't really make changes to the software for one specific customer. It's more like, hey, this is the product. You can decide how many seats you want to buy and you pay per month. And that's where you're gonna get and we're not going to change the product just because you say so, right? And that's pretty much a straight sale because if you can just sell that as fast as possible and you make the sale cycle I shortest possible. Well, you're just kinda, you know, exchanging the subscription or changing the software for money, right? So it's like I had this thing. Do you want it? Cool? Well, this how much it costs to other money? Yes. Boom, gave me the money. I give you the product, right? It's like that's pretty much, it's much more transactional. Okay. Now in sales for, let's say something like Software. It doesn't mean that you don't listen to customer feedback, right? Because many people are saying like, hey, you know, we want this feature, then obviously you can put it in your pipeline or roadmap of making the software better. However, it's not necessarily like a business development deal because it's not like two parties working together to create a product like Leica and Huawei, they're working together to create a better phone, right? But when you're selling something like a frame software, reframed the IO. Well, you're not really working with another company per se. You're just kinda saying like, hey, we're ready, made it. Do you want to buy it? Boom, done, right, so a business development, much more strategic and more collaborative and long-term and frame when you're selling software as you know, the traditional sales way, it's lot more transactional. Now one isn't necessarily better than the other. It just depends on what exactly your product or service is and how you want to make your money, right? In some cases, sales is a lot easier where you just sell the people and then you just close, close, close, close called Business Development for other people maybe better because you just got to work on a couple of deals and then you get a couple of those business development deals going and now you're off to the races. So now that we covered, you know, business development, sales, give you some real-world examples of what's going on in the modern world. What are the skills that you actually need to succeed when it comes to business development sales. Now both actually require the same skill sets you're gonna, even though they're alleles slightly different, because really you're just communicating with another person, talking to them, understanding their pains and in collaborating together on how you might be able to work together and, you know, sell your products and services. So obviously the first key skill you need as prospecting, you need to understand who exactly do you want to work with? How can you find them? How can you get in touch with them? Whether it's a referral, cold email, cold calling, LinkedIn, whether the case is you've got to find a way to generate leads. You also going to need copywriting skills of, you know, if you're writing the emails and things like that, you've gotta make sure that people read it and respond and book a meeting. And once you book a meaning, you've gotta have the people skills to sell your ideas and sell your products and services, right? You gotta be able to connect with other people, network with them, understand their pains, pitch your product or service, negotiate an actually close the deal. So but you need these people skills regardless, if you are doing sales, business development, and this is just a must-have in business. And the soft skill that most people overlook is empathy, right? If you want to be successful in this row, you really have to have empathy and understand the emotions of what another person is experiencing. Because people buy from people they like, and people make their decisions based on emotion. So if you really understand what somebody wants in their life, well, it's gonna be a lot more easier for you to pitch your product or service as the solution to, you know, what the emotionally want. And so with that said, that is going to be sales and business development in a nutshell. And so what that said, my name is Patrick Dan and I will see you guys in the next one. 3. Business Development Essential 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 it 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. You know, 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 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, we're 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 high 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. Guy 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, you gotta 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. 4. Techniques for Business Development: Business development is one of the most critical activities you can do to grow your business and take it to the next level. So in this video, I'm gonna walk you through these seven keys to business development. And I've used these strategies during my time at Oracle at a start-up and when I'm running my own business and I'm confident if you implement these seven key strategies into your business and to your particular sale, you can really take your game to the next level and start selling more of your products and services. Diving right into the seven key business of Eleanor strategies that you can use right away to take your business to the next level. The first key we're going to talk about is keeping your pipeline for, okay? So this means that anytime you're doing business development, whether it's doing coat outreach from cold email, LinkedIn or cold calling. You're always trying to generate conversations with potential people you can work with and with. A key to business development is you want to keep your pipeline of business opportunities for with people that are gonna take meetings with you, right? And I'll give you an example. If you're doing business development and you're, let's say you're working out five business development deals. If any of these deals fought through, let's say five out of five people decide they don't want to work with you anymore. Well, you're just completely out of luck. So this is the reason for why you always gotta keep your pipeline. Fool with new opportunities, right? So if e1 opportunity falls through the cracks, totally fine, just replace it with another one and you always have a consistent flow of meanings. The danger of business development is if you do not have this consistent flow of meetings while you have a lot of meetings I 1 and then you have no meetings and it's like there's a roller coaster of Hadn't business and have no business. However, if you are able to keep your traveling for at all times and that means constantly doing prospecting activities. Well, you're always going to be in good standing when it comes to having opportunities to work on in working with other businesses. Key number two is leveraging warm connections. Now for me, I'm a big fan of using caught outreach, whether it's cold email called LinkedIn messages or even cold calling. However, one thing I will say is that if you do have a warm introduction to someone you want to work with, you might as well use that opportunity and advantage to increase your response rate and to really get a meeting with someone you want to work with, right? It's a lot easier obviously to get recommended by somebody and get a meeting that way. So what you wanna do is you want to leverage your second-degree connections or first three connections, right? So if you want to work with a company and you've got a friend that works there. Obviously asked a friend to give for a meeting. But if you want to work with somebody, but you don't know anyone there, but you have a friend that might know somebody there. Well, ask your friends and make that introduction. And a very easy way to find out who's connected with who is using LinkedIn, second degree connections. And all that really means is finding someone who's connected to someone you want to talk to and just reach out to your friend and say, hey, you know, I saw that, you know, John, can you make it introduction, I want to talk to him about XYZ. And if you can make that introduction, you know, the other person is going to be a lot more likely to take your meeting. Now, you don't always have to do one connections if you don't have any if you don't have any totally core caught outreach still works, but if you've got one connections, leverage them. Key number three is to connect with decision-makers. Now I see a lot of novice business development and sales people. You know, a lot of time to connect with the wrong people, okay? You want to always connect with director levels and above. So that means director, VP COCOMO. These type of people are the decision-makers. That will make the purchasing decision on whether they want to buy something or not. And usually it's not going to be the manager, it's not going to be the individual contributor. These are people that are just executing on a day-to-day basis. And they might have some feedback for their bosses, but you really want to be talking to the boss who can make these decisions. So as you're reaching out to different people, whether it's cold or warm, make sure your director level or above, and that's going to increase your chance of actually closing a deal because you always want to talk to people who can buy. You don't want to talk to people who don't have any pole in an organization. Key number four is to identify pains in your market, right? So no matter what product or service you're selling in any industry, you really need to understand what's going on in the market today. And what did the pains that people experience that you can solve? Something I always believed in is that if there is no pain, then there's going to be no cell, right? Because people don't have a motivation to buy products and services. However, if you're able to identify these panes, then, you know it's a lot more easier to sell. For example, if you know that the travel industry or the hotel industry or not doing really well, they were having a lot of difficulty, you know, bringing in customers and January more revenue if you've got a way for them to generate alternative forms of revenue or get them more customers or maximize their customers? Well, they're going to want to talk to you because you have a solution to their problem. So whenever you're doing any code outreach or you're in a meeting with a potential client or customer or business development deal, ask yourself, what is the pain this person is experiencing? And how can I solve that pain? You're pretty much like a doctor, right? Diagnosing the problem and then solving the problem. So if there's no pain, no sale, make sure you find the pain in your market. Key number five is to listen more than you speak. I know as business development and sales people, a lot of times we want to talk a lot and pitch and in a way we kinda make a living off of speaking, right? However, the best business development people and salespeople are the ones that can listen more than they speak. So you wanna make sure that when you're in a sales meeting, you are listening 20% of the time and the prospect is speaking 80% of the time right AT 20. And the reason is because like I said before, you need to identify the customer's pain. So by asking the right questions, lend the prospect talk, not cutting them off and really listening to what they have to say, You start to get an idea of what they really care about and what their problems are. So towards the end, when it's your turn to talk, you position your product and service as a solution to bear paints, right? But if you reverse it and you're talking 80% of the time and the prospects talking 20. Well, they're going to, you know, I mean, it's just that that sounds like a salesperson that you're won't stop talking and we've all been there like a used car salesmen or, you know, someone trying to sell you a gym membership that just keep talking and talking, talking and you find yourself thinking like, deal, when is this going to end? So don't be like that. Don't give sales and business development people are bad rap, do it the right way. 20% speaking for a salesperson, and 80% listening. Key number six is to control the sales cycle, right? So no matter what you're selling, you need to be in control of what happens during the meetings, when the meetings will happen and you know, basically the timeline on when you will close a prospect. Now obviously a prospects, everybody has their own timeline. However, once they give you the timeline of when they want to finish the deal, you have to guide them through the process and make it as easy as possible for them to buy from you, right? It. The more complicated you make it, and the more steps and hoops they have to jump through, the less likely you are going to get the deal. So make it easy, you know, whether it's, you know, first meeting, right, even second meeting and then third meeting with his presentation and a fourth meeting, negotiations and enclose, make it as simple as possible. That's just one example. Every sale cycle is a little different depending on what you're selling and who you're selling it to. But make the process as easy as possible and make sure you understand the timeline and get the prospect to follow your timeline right. Get them to go through your process of how you sell and make it repeatable for every customer that goes through. And this is going to dramatically increase your closing rate. Because if you've got a system and you know exactly how people behave in your system, it's allowed more easy to close. Key number seven for business development is to over-deliver on what you promise. And they know our salespeople a lot of times we want to promise the world so that we can get the deal. I totally get it. And that's okay. As long as you can't actually deliver or over-deliver on what you promised. You never want to under deliver because that's just bad customer service and fulfillment and they're not going to work with you again and they're going to refund, right? But if you over-deliver on what you promised, you're not only going to wow the customer and keep them as a customer for a longer period of time. But they're also going to recommend your product and services to their friends and their network because they're so impressed by your products and services. So no, whatever it is you're promising overdeliver, right? If you're generating someone revenue, generate them more than they expect. If you're saving someone's time, save them even more time than they expect, and really just wow them and blow them out the water. And that's how you create an amazing business development relationship. So with that said, those are gonna be b seven keys to business development. And so with that said, my name is Patrick name and I'm going to see you guys in the next one. 5. How To Run Your Business Development Meetings: Most people who are starting out in sales may not realize that sales is very much a scientific process. And what I mean by this is that the average salesperson who doesn't realize that this is a scientific process, they'll go into a meeting and just ask them questions, pitch your product and service, and hopefully the prospect will buy. And this typically doesn't work because it's very unpredictable on how the prospect with a potential costumer might respond to your offering or product or service, and you don't really know what's going to happen, you just kinda jump in there. And I guess in the beginning, that's all right. But if you want to consistently close deals, you've gotta have a scientific process and know exactly how the prospects will react during each step. Now over the years, what I've discovered is that there is a process that you can take someone step-by-step and it's very predictable. So when I go into a sales meeting, I know already what's exactly going to happen step-by-step from the beginning to the end of the conversation. And what I wanna do in this video is I want to shed some light on this methodology and show you exactly how you can use the exact same framework that I have used in 1000 of my students have used to successfully close deals. And you wanna make sure you watch this video until the end. Because if you miss out on this framework and you don't know exactly how you can run your sales meetings or discovery cause or strategy sessions. Well, you're gonna kinda be able to close these deals and figure out why people are not closing. And once you learn this framework, even if you're not a natural born seller or maybe you're not the best smooth talker, you're closing rate is going to increase dramatically just from following these steps. Hey, what's going on, everybody? My name is Patrick Jang. Well into my channel wherever we're going to talk about all things sales. So I'm gonna give you the step-by-step structure on how you can run your discovery cause and strategy sessions. Now to quickly define discovery calls and strategy sessions, all that really means is that's going to be either the first sales meeting or it could be the second sales meeting where you're just asking questions to the prospect to understand whether or not they should buy your product or service. You're not actually pitching hardcore. It's not necessarily a demo or presentation quite yet. Most of the time, 80% of the time you're just asking questions, letting the prospect talk. And maybe 20% of the time at the end of the conversation, that's when you actually do any type of pitching or ask the prospect to take the next step of your sales process, which might be to do a demonstration or a presentation. So this is where you're just uncovering or discovering the prospect's pain to see whether or not they should buy your product or service. Now when it comes to using this methodology, the first step you want to do is you want to build rapport with the prospect, right? So in the beginning of the meeting, sometimes I know it can be a little awkward when you're chatting on the phone or meeting them in person, like, what exactly are you supposed to talk about, right? How do you get the person to like you during the sales conversation? Because, you know, people like to buy from other people that they enjoy or like being around, right? So you wanna make sure that you are a likable person. And when it comes to report quickly to get you the idea how it works, most of it is actually is going to be determined by your physical appearance and your tonality. Not necessarily the words who say, it's just how you look and how you sound if you're over the phone. And most of it is how you sound over the phone. So you wanna make sure that where you look and the way you present yourself. Is in a respectful manner and actually kind of matches the way the other person represents themselves. So, you know, people like other people that are similar to themselves. So the more you like someone else, the more they will like you. So that's like a quick summary and it doesn't really matter what you say. So for example, if I'm on the phone and I'm talking to a prospect, all I really have to say is, you know, go on their LinkedIn, see where they're from and see where they're working. I'll say something like, Hey, data hazard going. John says I was, I've adjunct and say, oh, I saw you are from the Chicago area. How do you like it over there? And we just start a conversation like that. You know, honestly it doesn't really matter what I say. People just resonate with my tonality. It we talk about the weather, we talk about how things are going and then I just get the meeting started. And after you build rapport for you, maybe a minute or two. And you know however long you want to do it, you don't undo it too long honestly. And you just want to get the ball rolling and start the meeting. So how I like to start is I would go into the agenda phase of the meeting. You just want to set the expectations to what's going to happen during a meeting. So I usually start off like this, hey John, you know, you might have to go ahead and get started. John's gonna say it, share it. Let's go ahead. So then from there I earn permission to set the expectations for the car. And I will say something like so I reached out to you because I want to see if I can help you if XYZ. So what we're gonna do with this call is I wanted to learn a little bit more about you, what you're doing and you know what your goals are and see if I can help you in any way. And by the end the call, if we find that there's a fit to work together, great, we can move on to the next step of what that looks like. Find that, hey, you know, maybe it's not the best fit, that's totally fine. Is that okay with you, John. And John's gonna say, that's all right and we get the ball rolling. But as you can see, I set the agenda. John knows exactly what's going to happen in meeting. I'm gonna ask a bunch of questions, see if we can work together and then move to the next step. I also mean a more comfortable and made them feel like that he can tell me anything. And if he thinks it's not a good fit, you can tell me right away from the agenda, you move into the pain, right? So the pain is probably the most important part of a sales meeting and that's where you uncover the person's problems, you know, because if they don't have any problems that you can solve, well, they're not going to buy your product or service. So majority of the sales meeting, in my perspective, should be spent on uncovering pain. So to start things off right, you can basically get an understanding of where the person is currently at and then where they're trying to go, as simple as that. So for example, let's say John is trying to grow his business, right? So I can say, hey John, I noticed that, you know, you have couple CLC bar on your team and I'm just curious to know how exactly were you doing a cold email right now to reach out to new prospects? And John might say like, oh, we're trying this, but it's not working. We're trying that. It's on working either rates on getting a feel of where John is currently at. Ok. Then who asked questions like, okay, well, now that I understand where you're currently and what the problems are, what is your ideal goal? And John might say something like, you know, I want my sales rep to get, you know, 123 meetings every single day. I want these on my revenue goals and whatever it is, right? So we're, we're basically getting where this person in where they're trying to go and we're trying to figure out what's stopping them. Okay. And I were asked more questions. I say like, okay, well, what exactly is stopping you from achieving the goals that you just told me? And John's going to tell you exactly what's happening here and I'm uncovering more pain, diving deeper into it and making sure that we are both aware of what his problems are because if there's no pain, there's no sale. So, you know, after you spend a good amount of time understanding the pain, then you want to understand whether or not this person can buy your product or service and if they're qualified to even buy, right? So the next step I would usually go into, and you don't have to do this in this order is budget. Okay. So I will ask John the budget. You know, if it's companies set aside a budget to invest in a solution like I'm offering, right? So if I'm offering like coaching or consulting, I need to understand if they have money and if they're willing to spend money to buy my services essentially. Or if you're selling a product is the same exact thing. So you ask question like, hey John, you know, just curious. Did you have a budget set aside for something like this and John will give you here. But after you do the budget, where you want to do is you want to understand the decision-making process of this company, right? So this is going to be Authority, Okay? So who exactly needs to sign off on the deal? Does John is that the director? Is that the Vp is the CEO or the sign. You need to understand how a company internally works so that everyone who is approved and, you know, deal gets through. And if you're selling to, let's say an individual or like a solo entrepreneur or just a regular person. Does their wife had to approve or their spouse or their husband had to approve something like this before they make a purchasing decision, right? So you know, whether you're selling to a big business or you're telling to, you know, like a mom-and-pop shop, you want to make sure, you know, everybody who needs to be involved in the decision-making process to move the Afford. So now that we have covered authority, the next thing we have to figure out during the discovery car is timing. When exactly can people move forward with the deal, when it comes to you sign the contract or actually getting started in implementing your services or buying your product or service. So an example would be if I was selling, coaching and consulting services to companies, I would say something like, hey, you know, if we were to work together, when do you want to get started and they will give me a day on, you know, what that looks like in its kinda like future pieces, right? Make it imagine what it would be like to work with me. And then they give me a date in the future. And then from there, if I know the wanting to start in two weeks, then I have some room to figure out. Okay. Well, when do you once signed a deal, then I would say something like, OK. So if we're gonna get started over here, when do you think we can expect to finish the contract and get all the ingredients going so we can move for it. And the person will, might say, okay, well next week is probably good day, and that's when we get that's when we'll have a meeting to decision-makers to see if whether or not we should do this. So timing is extremely important because if you don't know the timing on when someone will buy your product or service, then you know, time's gonna pass and you're just going to wait and wait and wait until they get back to you. And it's gonna be really weird. But if you know the timing of when people were actually make a decision, then you can forecast your sales appropriately and finding when you don't get the timing down, the next step is the close. Okay? So when it comes to sales, there are many different type of cells. Some cells you can actually close and one on the first car and other cells in my take multiple meetings before you actually close the deal. I've done both before. And typically if you are closing on the first car, well, after you go through this entire discovery process, then you can actually pitch your product or service and, and just close the deal right there. And how you started off is you can say, OK, well, thanks for sharing all this with me. Now I might be able to help you solve some of your challenges. Do you mind if I just share a little bit about what I do? And they're gonna say assure, and then that's going to open it up for you to pitch your product or service. If you know that people are not going to buy on the first car, let's say you're selling something to the enterprise where it's like tens of thousands of dollars. And you know, someone's not gonna make like a $50 thousand decision on one car. Well, what's going to happen is you're going to set it up for the next car and you're gonna say, okay, you know, thanks for sharing all that with me. Now I might be able to help you. Do you want me to share with you what typically the next step is to move forward with our products or services. And they might say, Sure. And then from there you kinda described to them, OK, so we did a discovery car. Next step is to do a presentation and you give outline of what that looks like. And then you see whether or not they're interested enough to do a presentation or a demo, meet in person or wherever it is red. So whether you're closing our first car or closing out the meeting to get to the next part of the sale cycle is pretty much the same thing, right? It's kinda like you get an idea of what you do and then you get them interested enough to move to the next step. Now when you get to the next step, if it's a presentation, then you actually do your pitching. Your private services do and you tailor it to that specific pains that they shared with you on the discovery cock. So that's pretty much the general strategy when it comes to writing your sales meetings and your discovery calls, understanding at the prospect she even buy your products and service. When you go through this entire methodology, you really have a good understanding of whether or not someone will buy, you know, their timeline. You know, the decision makers, you know, they have a problem. You break it, you know, everything you need to know when it comes to closing a deal. So there's no real question as to whether or not someone will buy and if they don't fulfill all the qualifications, for example, they don't have a need, they don't have a budget. Well, you already know they're not gonna buy. But so go ahead and uses process applied to your cells and see whether or not it makes a difference when it comes to you, you know, understand your prospects and closing more deals. So that said, my name is Patrick and I am going to 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.