Empower your business with business to business prospecting for quality assurance

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in this video you're going to learn some of the best prospecting business development strategies you can use to find new clients and close more deals make sure you watch it to the end because we're going to cover everything from how to sell into small medium businesses all the way to enterprise companies what's going on everybody it's patrick dang here now before we get started make sure to give this video a like subscribe turn on notifications if you want to see more business development videos like this and so with that said let's go ahead and get started so now the first step of business development prospecting is how exactly can you target small medium businesses right so i know a lot of you guys might be targeting let's say like local gyms restaurants retail stores and basically mom and pop shops how exactly do you get your foot in the door with people like this and so for this type of strategy when you're selling into small medium businesses you got to understand it's all about velocity right you don't want to spend too much time on one person because you know if you're going for let's say a local gym you know somebody says no you got to move on to the next local gym right if you spend too much time on one person you know it may not be worth it and so that's why you got to build a big list and you have to do a lot of transactions in order to make this business development process and strategy worth it so to give you an example i'm going to pretend i am working at uh as a business development person working at green bits and for those of you who may not be familiar green bits is basically a point of sale system for dispensaries and when i say dispensaries i'm talking about weed right so wherever weed is sold legally basically green bit is a software and they sell it directly into the retail stores of dispensaries for them to handle all their retail sales to understand their data of who's buying why they're buying and basically it's software to manage the backend process of a physical retail store and it's also to process transactions so if you're not really familiar with this type of business it's very similar to square right so square essentially is like kind of like the same thing they have a point of sale system where if you want to pay by credit card or you know visa mastercard you connect it to your ipad you swipe the card and then it takes in your money passes through the software then goes to your bank account and you get all the information about the customer right so square is kind of for everybody meaning it could be a flower shop pizza shop gym whatever but uh green bits is specifically for dispensaries all right so if i was working here and it was my job to let's say sign up as many dispensaries as i can because there's a boom in the weed market and you know weed is becoming more and more legalized in different states in california and other states in america well what i would do is i would go to a state let's say like uh or go start with a city like san francisco and you could just type literally weed or weed dispensary within yelp right so you can use any type of directory today example today's example we're gonna use so for you essentially i would be like all right so let's make a big list of all the weed dispensaries in san francisco i would go you know this guy this guy uh urbana the green cross and basically i would take all these people and all the information and i would add it to let's say an excel list or i would add it to my crm and that's customer relationship management software that's just where you know it's basically a fancy excel sheet use my software right so i'll go on their yelp page and i'll see like all right cool like we got there's a real dispensary they got a real retail store um and they're probably making money and so my job as someone who works at again uh green bits is to say okay are they using you know what software are these guys using to run their business you know are they using any point of sale software are they only cash are they using something that is more rudimentary and not very complex and maybe it sucks and you know if i could identify those pain points you know i would basically make a big list of all the dispensaries in let's say san francisco and i would try to identify pain you know if they're only doing cash then you know let's get them using you know visa mastercard right that's one specific pain point you might go for um and then what you would do from there is you would find the email of this person right and so what you want to do is you want to go to the website which is on yelp right you also have their phone number go to your website and you want to see you know if who can contact here right uh so go to the about page and all right so basically when you go to someone's about page you can either cold call them right if you're good at cold calling you know put that on uh you can send information to the info uh at you know business.com or you can message them on instagram so i actually recommend you know sending them a code email and cold calling right you can do a variation of both so you send them an email first and saying who you are what challenges they probably have and see whether or not they want to talk on the phone and then if they don't respond to that you can you know have a variation of code email next day cold call and then you know try to generate a conversation with a cold call if they don't respond to that and then a couple days later you follow up with the second email and you kind of use this variation of multiple touches and when you're sending an email to let's say info at companyname.com a lot of times the owner is going to look at it because you gotta understand that these are to be small medium businesses so a mom and pop shop right so maybe they only have one business email for the entire company and that's what people can reach out to and so you know when you're sending it to infoadcompany.com a lot of times the owner is going to look at it and so that's you know you're getting the eyeballs on your email and if they're interested they're gonna take your meeting so like i was saying before if you're selling this software um all you gotta do make a big list of all the people who are you know into this right and from there you can expand to different cities first and then different states and then eventually you have the list of every single dispensary in north america and you know if you can't sell it to them then you're not going to sell to anybody right so now that you understand let's say small medium businesses and how to use directories to find these companies next type of business development prospecting is to go more up market and go for more enterprise companies right so these are companies are going to be really huge and you know you don't have to sign up a thousand of these guys to make a big difference in your business if you sign up let's say five a year that might be a complete game changer for your business all right so for example let's say you're working at square right which is the company we talked about before they got a point of sale system and can be used for many type of businesses not just weed dispensaries right so you can either go for all the local mom and pop shops which they do do and you can also have a dedicated team focused on enterprise going for the big deals like going for someone like a starbucks for example right um so you know so one interesting use case that i found is that you know square actually did a business development deal with postmates and postmates is basically if you don't know what it is it's like uber for food delivery right you just kind of go on the app and say okay i want to order some chinese food and then deliver to my house and then the restaurant will basically get the order and make the food and then someone in postmates who's like freelancer will pick up the food and drive to your house you can also order you know i guess random stuff like beer medicine grocery so basically any a lot of different items you can use postmates with right so why would square do a business development deal with postmates so basically this is how it works right you have a restaurant for example over here let's say a chinese restaurant and let's say chinese restaurant is using square as a point of sale system now square can connect directly to postmates so that when the consumer on this side is on their phone on the postmates app and they order something on postmates then that connects directly with square and square directly gives the order to the chinese restaurant saying hey this guy ordered some noodles using postmates and you have to make it and give it to us another person who's going to drive by and he's going to pick up the food right so actually it might sound simple but actually there's it's very complicated process because there's basically like four steps from the person who ordered the app right who wants the food to actually processing it through all the software to eventually get to the chinese restaurant postmates now square wants to do a deal with postmates because you know if all the restaurants are already using square and the restaurants want to expand their business especially during this time where there's social distancing and maybe you know people can't physically come to the restaurant well it makes it a lot easier for these restaurants to be like hey you know we should just sell on postmates right because we're not getting as much customers as we used to so we might as well just take advantage of you know what's going on in the market and sell more and square is winning because you know every transaction that goes through uh postmates and then goes to square then goes to the restaurant they're getting a percentage of the sales so obviously the more platform square is on whether it's postmates ubereats or basically any of them they're making a percentage of the sale so they're in advantage position to do these type of big business development deals where they integrate their software directly with another person's platform and they get a percentage of every single sale that goes through their point of sale system so for this type of enterprise deal you know you're not reaching to like thousands of people because there's not a lot of companies that have this type of platform and scale instead you're really focusing on let's say a certain type of market that fits specifically in your ideal customer profile and you know if you do let's say like five deals a year that might be huge for your company right because you know just post mates alone you know how much revenue these post mates process through their payment processor that goes to square i'm guessing it's millions or maybe more and you know square gets a percentage of that so well you can kind of see the value that is generated here and square is probably generating multi millions just from this one deal so if you're doing any type of enterprise sales you want to make a list of the top companies you want to work with and you want to make sure that you don't just burn through these people because you really want to build a relationship be respectful when it comes to the cold email offer more value it's not just the you know quick and go kind of thing where you just buy something and bounce you actually got to build a real relationship over months usually for something like this and then maybe over years actually build that relationship continue with the meetings understand their problems show them that you can solve the problem and then over time you eventually get closer and closer to closing the deal and once you do close that deal from a prospecting perspective you just want to find all the other people similar to that person that you close and say hey look i did this for you know postmates i can do it for ubereats i can do it for this guy i could do it for this guy and then you kind of just do your prospecting like that but you got to take your time you want to do it right because if people you know see you as someone who's just slimy and sleazy and just wants to make money nobody's gonna work with you right but if they can see you're bringing real value then you got shot now the next step of business development prospecting is to refine your prospecting strategy so whether you are selling to small medium business like we did in the weed example or you're selling to let's say technology companies and you're connecting with like postmates the thing you want to pay attention to is that whatever you sell or whatever business development deal you do you need to ask the customer even after the deal was done why exactly they decided to go with you versus any competitor what exactly do they like about using your services you know what are the things that you can improve and you want to understand exactly what the customer is feeling about your products and services and that business development deal from there you want to take all those learnings right and you want to apply it back into your prospecting strategy so if let's say all the weed shops are saying yeah you know we're using cash before but you know we had no way to understand our customers we have no way to keep track of data of who's buying and creating membership sites and all these things and you know you thankfully came and solved all our problems so now you understand the real problem you want to go to all the other dispensaries or retail stores whatever that face a similar problem and you want to solve that same problem if they are experiencing that same problem right so when you're doing your cold emails they're a lot more likely to respond because they're like oh this guy gets it right especially if you have your post on what's going on in the market and what pains people are experiencing if you can communicate that through a cold email or communicate it through a cold call to actually get the ball rolling to get a real meeting then you know people are more likely to take that meeting and buy your products and services but if you don't refine the process and you're just selling the same thing over and over and you're not understanding why it is that your customers are buying then you're never going to improve your response rates your meeting rates and your closing ratio so that's why it's always important to look at the deals that succeeded and understand why is it that it worked and then apply into your prospecting strategy on who you should go after you know if it works do more of that if it doesn't work do less of that right don't waste your time on prospects that you know aren't going to buy right just let it go and go for the ones that do so refine your process and that's basically how you get better over time and so with that said those are going to be my three business development prospecting strategies that you can apply right away if you enjoyed this video make sure to give it a like subscribe and turn on notifications and if you want to check out my other business development videos make sure to do that here and let me know in the comments if you enjoy this video if you want to see more examples of modern business development and i'll be happy to make that for you guys so with that said my name is patrick dang and i will see you guys in the next one