As a sales manager, you are faced with competing priorities and objectives that you would like to emphasize with your team.
Successful sales managers are aware that business development is a key ingredient to account and organizational growth and should prioritize it with their account executives. There are some key factors on why you should make business development front and center, and then there is the how. Let’s take a look at both.
Why You Should Prioritize Business Development
- Revenue Growth: Business development activities, such as acquiring new customers, expanding into new markets, and developing new products or services, directly contribute to revenue growth.
- Competitive Advantage: Business development can help a company gain a competitive advantage by identifying and capitalizing on opportunities that competitors may overlook.
- Long-Term Sustainability: A focus on business development ensures that a company is continually evolving and adapting to changing market conditions. This long-term perspective helps sustain the business and makes it more resilient to economic downturns or shifts in customer preferences.
- Talent Recruitment and Retention: A company that prioritizes business development is more likely to attract and retain top talent. Employees are typically more motivated to work for an organization with growth opportunities and a dynamic approach to the market.
- Customer-Centric Approach: Business development often involves understanding customer needs, pain points, and preferences. This customer-centric approach can lead to better relationships and increased customer satisfaction.
Sales managers should prioritize business development because it is essential for long-term sustainability. By focusing on these aspects, businesses can thrive and adapt to the ever-changing business landscape.
Adopting A Growth Mindset
One of the ways that a sales manager can impact their team to be thinking about business development consistently is to adopt and nurture a growth mindset.
A growth mindset is a concept developed by psychologist Carol Dweck, and it refers to the belief that abilities and intelligence can be developed and improved through dedication and hard work. To grow and diversify your client base, you need to learn new things and sometimes shift your thinking a bit.
Here are some ways in which a growth mindset can help grow business.
- Embracing Challenges: Individuals with a growth mindset are more likely to view challenges as opportunities for learning and growth rather than as obstacles. In the context of business development, this means they are more willing to take on difficult tasks and pursue ambitious goals. In the world of sales, rejection, and failure are common, but a growth mindset helps individuals bounce back from setbacks.
- Continuous Learning: Business development requires staying current with industry trends, market dynamics, and emerging opportunities. A growth mindset encourages individuals to seek out new information and knowledge. This willingness to learn enables business development professionals to make informed decisions and adapt to changing circumstances.
- Innovation and Creativity: Business development often involves identifying new markets, products, or strategies. A growth mindset fosters creativity and a willingness to think outside the box. Individuals with this mindset are more likely to come up with innovative ideas and solutions that can drive business growth.
- Adaptability: Markets and business landscapes are constantly evolving. Business development professionals with a growth mindset are more adaptable and open to change. They can quickly pivot and adjust their strategies in response to shifting market conditions or unexpected challenges.
- Long-Term Perspective: Business development is not always about immediate results; it often involves laying the groundwork for future growth. A growth mindset encourages individuals to focus on long-term goals and invest in strategies that may take time to yield results.
A growth mindset enhances business development by promoting adaptability, resilience, and a willingness to embrace challenges. It not only fosters a proactive and forward-thinking approach to growing a business, but sets the individual and the organization up for long-term success and sustainability.