Business Development, whether it is cold calling or emailing, is full of “gyan”. At times some tactics seem to be working and other times not so. There are so much of best practices all around. Nothing is data-driven. This creates a lot of turmoil and uncertainty in the life of business development executives and managers.
Work is an essential block of life. Work is our identity in the society. It gives meaning. The life of business development executives is filled with day in day out, lots and lots of activities with no repeatable results. Absolute unpredictability leads to mental agony. Apart from that, the job involves digesting lots of rejection throughout the day. Most of the business development executives are leading their life at an average common denominator of life. Their basic needs are met but too less access to the luxury items. It is not a profession of choice. It has been a profession of compulsion.
This can turn around only when business development executives are able to generate leads predictable and sustainably and profitably.
Most of lead generation breaks to the following formula:
No. of leads created = No. of data knocked X No of email open or call connected X No. of email replied or call answered by right person X No. of positive replies.
Hence any tactic that can lead to predictable mail opened predictably, predictable calls answered predictable positive answers and so on. These are 5 to 6 variables.
Tactics should be validated mathematically. Get your tactic experimented. Choose the clear winner. Which is that one tactic that helps me to get the mail open rate by 40% and so on. For example mail, open rate is dependent on the following factors.
- Does the mail land on inbox?
- Mail Subject.
You can benchmark open rate at 50%.
Email reply rate is dependent on the following:
- How many times have you knocked on the door?
- The content of the email.
- The content of the blog hyperlinked in the mail body?
You can benchmark reply rate at 30%.
Similar variables are for cold calling. As emerging companies, we can have the privilege to run one experiment at a time. We have to run multiple experiments at the same time so that we reach an optimal level fast. Running experiments, keeping them documented properly, inactivating what is not working and spread out what is working among all is cumbersome, manually.
Once an experiment is tested and successful, no one is asked to experiment further. No steps missed. Everything works as a well-choreographed movie.
We have created a tool that helps you to do that. It is Asia’s 1st Sales Engagement Platform. It integrates with your CRM. In fact, it has bidirectional integration with CRM. No double entry of data. It integrates with your G-suit mail or Outlook. It tracks mail open, a hyperlink of mail clicked, mail replied, telephone line be it calling Indian customers or international. You can configure the tactics testing situations. The system will continue to run it automatically. It will keep a track of the metrics of tactic A and B. Once there is the clear winner, you can inactivate the losing tactic. Thereafter you can propagate the tactic among all the business development executives. The system will ensure that no tactic is missed and remind the sales person to execute the steps. The business development leaders act as a conductor of the orchestra. All parts run as a smooth as a fully choreographed movie.
We have created the company with a hypothesis that only such experiments can make lead generation scientific and predictable. I know this vision will only sync in with few of us now. People with similar faith and believe. To these communities, we will like to offer a trial for a month. In every company a different tactic works. Every company has a different audience, different product. A tactic that works for one doesn’t work for another. use the system to check if
- Personalized emails have more replies than generic messages.
- Account based prospecting works better or not.
- Adding persona on the subject has more open or not.
- The argumentative pitch has more replies or solution pitches or product pitches.
Making business development scientific rather than artistic.