3 Prospecting Methods for Business Development Success

What is Business Development?

Outbound, Inbound, and Hybrid prospecting...

Which is the best?

Prospectors (BD) engage prospects in conversation.

It occurs during Activation Phase of customer journey.

69% of corporations said it's the most difficult activity.

Here's how 3 Types of Prospecting compare:

1. Outbound Prospecting

DEFINITION
Proactively engages high quality prospects to accelerate conversion

SYNONYMS
Outbound Marketing, Active Prospecting, High Touch Marketing

HOW IT WORKS

o  Tailored Content
Educates prospects with customized content

o  Influence Engagement
Influences prospect to conduct actions for higher conversion rates

o  Increase Conversion Rates
Uses lead scores to target the highest quality leads
Qualify the prospect...do they have need and resources to buy?

o  Influence Prospect’s Requirements
Educates prospect on your unique product features and benefits

o  Gather Competitive Data
Engages prospect to gather data that competitors don't know

o  Gather Information for Conversion Phase
Gathers info to find out how and when the prospect will buy

o  Marketing Feedback
Determines effectiveness and attribution of Awareness Phase content

COST
High

STATS
56% better chance of attaining sales goals vs Inbound
71% of prospects want to hear from business developers
58% of these prospects are more likely to be repeat customers
51% of prospects more likely to spread positive word of mouth

2. Inbound Prospecting

DEFINITION
Passively monitors prospect intent signals to update lead scores

SYNONYMS
Demand Generation, Demand Gen, Tech Touch Marketing, Passive Prospecting, marketing, Inbound Marketing, Inbound Prospecting, Self-Service Customer Journey, Self-Navigated Customer Journey, Do It Yourself (DIY), or Direct to Consumer (D2C), Buyer Enablement

HOW IT WORKS
Prospects consume content until they declare purchase intent

COST
Low

STATS
McKinsey study found that nearly 34% of customers prefer this method

3. Hybrid Prospecting

DEFINITION
Combines Inbound and Outbound to maximize efficiency and effectiveness

SYNONYMS
Low Touch Marketing

HOW IT WORKS
Active Prospecting used on ICP leads that exceed a threshold lead score.
Inbound Prospecting used on leads that don't meet the threshold score.
BD only engages below-threshold prospect who requests info.

COST
Medium

STATS
2021 McKinsey study found prospects increasingly self-navigate the Activation Phase before engaging the corporation.

WARNING
Don't enage Sales before prospects declare intent.
6Sense found early direct outreach by sales decreases PWIN.

Tony Gray, BDP
Author of the Business Development Body of Knowledge

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