How to Boost Growth Via Your Customers

What is Business Development?

Should BD stay involved after a prospect becomes a client?

Before you answer, consider this...

In my recent LinkedIn poll, 88% answered YES.

Most of the YES votes were business developers.

If you are part of the 12% thinking NO, consider...

• Probability of selling to a new prospect = 5% - 20%

• Probability of upselling to an existing client = 60% - 70%

A lot of business leaders think Operations is no place for BD.

They leave expansion to those with little or no BD training.

It leads to revenue leakage of missed opportunities like:

• Failure to grow existing accounts
• Failure to know which prospects make the best customers
• Failure to attain and implement product feedback
• Higher customer churn rate and costs
• Missed referrals and word of mouth

Customer Development is a Business Development specialty.

It started in 2005 when Steve Blank created the Customer Development concept in his book," The Four Steps to the Epiphany: Successful Strategies for Products that Win."

Customer Development was further popularized in Eric Ries' 2011 book, "The Lean Startup."

Customer Developers help...

1. Leverage satisfied customers for sustainable growth

2. Serve as the customer's advocate during Success and Growth phases of the customer journey.

3. Provide value add thought leadership or business insights to help clients avoid risks and exploit opportunities for growth.

4. Optimize the growth of enthusiastic and loyal customers driving referrals and positive word of mouth.

5. Monitor the Customer Value Benchmarks and helps create Customer Value Maps, and Service Designs.

6. Monitor Customer Health Scores and helps optimize for high CHS.

7. Collaborate with Marketing, Prospect Developers, Sales, Pricing, Contacting, Product Developers, Community Developers, and Corporate Developers.

8. Lead customer surveys and fix major issues.

FUN FACT: Customers who answer surveys may spend 131% more

Get the Business Development Body of Knowledge to learn details of CD Ops.

See slides for how CD helps grow your business.

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

Get your copy on Amazon today!