Summary of "Business Development :- Process {Module 1} CH 7."
Summary of Business Development Process (Module 1, Chapter 7)
Key Frameworks and Process Steps
General Business Process Mapping
- Define the initiation phase (idea inception) and end phase (execution completion).
- Clearly outline the scope of the idea and map the journey from start to finish.
- Emphasizes documenting the process on “pen and paper” for clarity and effective execution.
Typical Service-Based Company Process Cycle
- Lead Generation: Acquire potential prospects daily to increase platform visitors.
- Conversion: Convert leads into paying customers.
- Operations: Handle customer queries, issues, and support via an operations team.
Lead Generation Process (Organic Focus)
- Target audience example: college students for a headphone product.
- Identify a Single Point of Contact (SPOC) in each college who is an influential figure.
- Expand the network by onboarding Class Representatives (CRs) to promote the product.
- Onboard SPOCs and CRs by assigning tasks with associated benefits or incentives.
- Leverage this network to generate potential leads organically.
Conversion Process
- Utilize the pool of generated leads.
- Pitch the product by highlighting its Unique Selling Propositions (USPs).
- Combine pitching with content marketing skills to educate and persuade leads.
- Goal: convert leads into paying customers.
Actionable Recommendations
- Always start process creation by clearly defining the desired outcome.
- Break down broad goals (such as lead generation and conversion) into detailed, manageable steps.
- Use influencers and micro-influencers within target segments to organically generate leads.
- Provide incentives to intermediaries (like SPOCs and CRs) to motivate lead generation.
- Integrate content marketing with sales pitching to improve conversion rates.
Metrics and KPIs (Implied/Recommended)
- Number of potential leads generated daily.
- Lead conversion rate (ratio of leads converted to paying customers).
- Engagement and effectiveness of SPOCs and CRs (measured by leads generated per SPOC/CR).
- Customer feedback and resolution time handled by the operations team (for post-sale support).
Presenters/Sources
- Unnamed presenter delivering a business development training module focused on process creation and management in service-based companies.
Category
Business
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