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in this video you're gonna learn what the day-to-day life is like in business development and you wanna make sure you watch this video until the end because if you are considering a career in business development or maybe you're just getting started you're gonna get an inside look on what the job actually is so you know whether or not it's going to be right for you what's going on everybody my name is patrick danny and before we get started do me a favor and give this video a like subscribe and turn on notifications if you want to see more sales and business development videos like this so with that said let's go ahead and dive in now the first part of the day-to-day life of someone in business development is actually prospecting now if you're doing any type of business development work meaning your job is to take your company and you want to partner up with other businesses and close deals well the first part of this process is actually to prospect and that means finding other people who will be a great fit to work with you and finding out ways to reach out to them and generate appointments meetings so that you can have a conversation to see whether or not it makes sense to work together and in the beginning of business development especially if you're just starting out and you're fresh to the row a majority of your day probably 90 of your day is going to be dedicated to prospecting and the reason why prospecting is so important is because if you're not generating meetings and appointments with potential dream customers well you can't really do any type of business development right you can't work with anybody if nobody knows who you are so in the beginning all day every day basically you wake up you go to work and your job is to find these companies build the list out of people you want to work with reach out to them with email linkedin or cold calling whatever works best in your industry get them on the phone book an appointment learn about their business and see whether or not it's going to make sense to work together and a very important aspect of prospecting is really defining who is it you should be going after which is called an ideal customer profile a lot of times for a business development person your manager or the leadership at the company you may be working at well they may not always have a clear idea of who you should be reaching out to so you have to come up with some creative ideas to see who you actually want to reach out to is it going to be companies e-commerce people in real estate finance cryptocurrencies right and you have to figure out the use cases for your services and see how they can fit into these industries so even though you know you might be a new person working a new business development role you still have to think very creatively you can't always be told what to do you have to come up with great ideas on who exactly you can sign up and work with to expand your business but as you generate more meetings and you have an idea of who you want to work with the next step after the process is to fulfill on these business development meetings all right so whether you're generating leads outbound meaning you're doing cold email linkedin or cold calling or if the company you're working at has some type of marketing mechanism where they're generating inbound leads and you kind of you know the leads come in and you're the one that talks to the potential customer on the phone you know either outbound in brown it's your job as a business development person to qualify the prospect to see whether or not it's a good fit to work together essentially business development meetings are very similar to sales meetings and generally what happens on these business development meetings is you want to learn more about the prospect see what their challenges are see what they're trying to do and what their aspirations are and understand what are the things that are blocking them from getting them to where they want to go and so from a business development perspective your job is to identify whether or not if they work with you can they achieve the goals that they already want to achieve and can you help them remove the blockers now there's many different flavors of business development from small medium business all the way to working with enterprise so let's say you're working at a tech company and it's your job to you know sign up all these restaurants and retail stores to use your software well you might be having you know five to eight meetings a day and just going down the list and trying to get as many meetings as possible with the ice cream store the clothing shop and things like that right because you're trying to sell into mom and pop shops you have high velocity meaning you're trying to get through and sign up as many people as possible right because you've got a lot of people who sign up for your software then potentially you can make a lot of money now when you're doing more enterprise deals you may not be doing eight meetings every single day you might be just doing one new meeting a day and that's considered a lot because when you're doing enterprise just closing one deal makes a significant impact on the business and i'll go ahead and give you an example of that so let's say you were a business development person working at square and for those of you who may not be familiar with square square is basically a point of sale system meaning it's like you know retail stores clothing stores and stuff like that if somebody wants to pay using a debit card or credit card basically they would connect that to something like an ipad or iphone and you can swipe the card and then basically the software that's on the ipad which is square will take care of the rest in terms of you know doing the transaction getting the payment setting it to your bank account and all that stuff right so basically if you want to buy something you're using square to process the payment and so if you live in let's say america where square is quite popular well you kind of see it in like you know places where they sell food or retail stores real stores and they also have software over here right so that square reader they have the thing that prints out the receipt uh card reader again or it might look like this where it's like an ipad and then you kind of swipe the card over here so again you might have seen this already and you know there are different com competitors to square that do pretty much the same thing and uh you know for reasons a lot of people are using square because it's clean it looks good and the software does work and i remember when i was running um a pop-up ice cream shop at one point in my career i was using square to collect payments as well so it basically looks something like this right so you can be you know selling flowers and stuff like that and using squares so basically any type of retail store where they need a point of sale system selling food flowers you know whatever the case is square is a good fit now if you're doing a business development on the enterprise level right and you're working at square and your job is to connect with let's say large restaurant franchises well this might be a good example so let's go ahead and give dive into a case study of a business development example with square and shake shack and agency fuse so shake shack essentially sells these burgers chicken hamburgers and you know they have i think 200 or 300 locations across the world and i think primarily in north america and it's a big franchise right they sell a lot of hamburgers every single day and they have hundreds of different franchises so with what's going on right now there's like social distancing and things like that shake shack basically has a way for people to come into the store and they order on basically i'm not sure if it's ipad or some kind of tablet so basically what they want to do is create a self-serve way for customers to order on these tablets and basically the order over here they go over here and they pick up their order so why is this good for shake shack well people can just come in and they don't have to like wait in a long line and wait for a cashier to bring them up and write down their order why not just let the customers do it themselves right because it's the same process essentially and then they pay and then they go to the front pick up their order and it's done and you don't have to have a lot of human contact you just got to press the buttons on the ipad get your order and you can leave and for this example to make it all possible shake shack had to work with an agency to basically make this all a reality and they also have to work with square who basically operates the software side of things to you know handle the point of sale system and integrate that payment transaction into the rest of their software so why is this considered business development well if you're a shake shack right even though this sounds very simple it's just like a place where you order it's actually very complex process right so basically there's business development people on all sides shake shack fuse and square every single person has business development people if you're a fuse you're the agency you basically have to convince everybody to say like hey we're going to create this amazing experience for you and you basically work with the other companies to make this a reality if you're square and you're a business development person it's your job to work with fuse the agency and work with shake shack to say hey you know we're going to be better than everybody else you should use our software our hardware and use them in all your stores instead of the other guys and here's why and you kind of explain why you're better than everybody else how you're going to integrate with the rest of their software and how you're going to make everything seamless and easy not only for the consumers who experience this firsthand maybe you're also going to make it easy for all the technical people working at square because you're trying to make your software as easy as possible to work with and a lot of times to make this happen you have to create custom software to integrate with whatever shake shack is using on the back end so it's not necessarily like you know you're just saying hey i got this product here you can buy it it's in business development you actually have to work together with multiple parties and to make a deal like this happen there's probably dozens of people working hard on this every single day to make this a reality and you're basically creating something new you know based on what you have you're working together to create something new and to create a better end experience for the consumer and why would square dedicate so much resources to making this happen well you know shake shack has about like 270 locations around the world right so if they are successful in creating this type of experience self-serve experience using square products in one store well why don't they just take that experience and expand it to all the other stores across north america and all of the world so suddenly if shake shack is using square and square is getting a percentage of every single sale that goes through the point of sale system well you know square is very incentivized to get as many of these square systems in every single retail store so that they just collect more revenue so one deal with shake shack right if they expand let's say if they're using square for you know all the payments in all the stores all 270 of them around the world well that's a huge number and huge revenue every single year for square so it's worth it to do this kind of business development deal because in the end when you you know talk about the long-term value of shake shack it could be a seven figure deal and not only that but you know you're making revenue off of one customer but then you can go to all the other restaurants all the other places that want to create some type of self-serve you know way for people to order their food and you can say hey we help shake shack do this we can help you do something similar then you work with another person and then you sign them up and then that's another seven figure deal so you can kind of see like when you work with one person you get the job done and you find more people who are similar to how you help the previous person and the ball just keeps rolling from there and then eventually everyone's going to be using some kind of self-serve mechanism and hopefully if you're doing a good job as a business and your square well square is going to be everywhere in you know all these different restaurants and retail stores and things like that so now that you understand what the day entails when it comes to you know what is business development do at the enterprise level well the next step is to understand what is actually the responsibility of the business development person what are the skills that they need to have in order to succeed so like i was saying before right so if you're a business development person working at square it's your job to take the meetings with shake shack and fuse beginning of the process it's your job to listen to what exactly they want and to see if you can create a custom solution to help them achieve their goals right it's understanding their problems having empathy and showing that you can be a solutions to those pains and make those pains go away you also have to have presentation skills pitching skills because you're trying to demonstrate that they should use square versus any other competitor on the market because essentially there's a lot of other people that do something similar but why should you choose one company versus another and it's the business development person's job to separate themselves from the pack and show why their company is different and show why their company is better so as a business development person it's your job to be on the phone meet the client in person build trust and rapport bring in any technical people to help answer technical questions right that you can answer yourself and you're basically that go-to point you know if if business development was kind of like football a business development person would be a quarterback right they're the ones making the play getting the read and then they're aligning all the right players to do their job and then they kind of throw the ball to the next person to get the job done that's gonna be what it's like for you know working in business development for the enterprise but let's say you're a business development working in small medium businesses right you're you're selling into you know individual shops or retail stores and things like that if you're trying to sign up people to your program it's a lot less complicated in that you don't have to really build anything custom you kind of say like hey do you want to sign up for a program here's why here's why we're better and then they sign up or they don't sign up and you go by volume right so usually the larger the company the bigger the deal the more intricate and complex it is and the more effort you have to put in before deal closes now the smaller the company and the less investment required to sign up well you know these can typically be faster so like a small medium business deal might be you know one week two weeks or one month a large deal like signing up a shake shack or starbucks might literally take six months a year you know because these are big deals and the last part of a business development person's job is to provide feedback for the product team and the leadership team at the company they are working at right so if you're the quarterback and you're the go-to person that the customer or client is always talking to you're the one that's gonna have the most information and you have your hand on the post of what's actually going on so if the customers have certain problems or you know they want to do something but there's nothing in the market that solves that problem it's your job as that go-to person to go to the team and say hey guys you know shake shack is saying this this is what they want there's no nothing on the market that can solve it you know do we want to spend our resources to develop this technology to solve their problem right so a business development person it's not just to sell what it is that you currently have it's also to come up with new ideas based on customer feedback on where the product should be going and because you're the person that is directly talking to the customer you're the one that knows best so sometimes you know business development person is very involved when it comes to developing a product so that the product fits the needs of where the market is going and so that's it that's pretty much the day-to-day life of business development and basically what the job entails at a high level if you enjoyed this video make sure to give it a like subscribe turn on notifications if you want to see more videos like this and let me know in the comments if you enjoyed this type of business development video an example because i'd be happy to make more for you and if you want to see more business development videos make sure to check out my other videos somewhere on this screen so that said my name is patrick dang and i will see you guys in the next one