Webinar On Paradigm Shift in The Process of Business Development

Relationship Building

• Meaningful relationships were built over time with clients via multiple in-person meetings. This will see a change as more often than not physical meetings are replaced by virtual ones and will have to be accommodative of clients' timings and availability.
• Events and conventions for generating connections may now be based virtually. IBM had a flagship three-day conference that had participants from all around the world resulting in 5 times higher participation than the normal case scenario. 
• A modern solution to generate business in this volatility is to shift operations online. This is where the accessibility is. Market good case studies, ensure credible information, and result-oriented solutions. It will be challenging for manufacturing firms, but that’s where innovation is required. Use chatbots and WhatsApp for business etc

Training & Development

• Training and development can be key at the moment. With all due permissions in place, meetings can be recorded for training and developmental purposes. This wasn’t a reality before.
• Proficiency in telecommunication skills is required in order to balance out the physical absence. The other important thing is it is easier to get business from existing clients than to look out to get business from outside.
• Companies have to be) agile and b) relevant. The product or a service one offer has to be relevant to the times they are selling in. They have to be adaptive, flexible, and unique.
• At this time, when everyone is working from home, it is significant that employees stay motivated and engaged when it is very natural for them to take the pressure. This can be achieved by having informal chats. Similarly, even clients can be reached out in the same fashion.

Attracting Investors & Business continuity

• The organizations looking to get investments in this time, firstly need to secure their own collection and payment and ensure that people on jobs articulate to customers the criticality of payment. Secondly, a VC run company can go back to the investor who already has skin in the game.
• Companies can also look for new investors, as there are unallocated funds with VCs and GPs of private equity funds that can be sourced. The time for decision-making may take longer as the investors will double-check that they are investing in the right ideas.
• Organizations can also secure debt funding if their balance sheets allow and their ideas of scaling, expansion, etc are promising and conceivable.
• Companies right now will focus on business continuity by driving their attention to pursuing new clients. They will also consolidate service providers who will give them maximum value & we may see several mergers & acquisitions. 
• For business development, it is a cardinal rule to have all the tools of knowledge and domain expertise you require before pitching for a product/service. Going without the competency to service their needs will jeopardize the existing business and credibility. So this can be an opportunity to gain domain expertise via training.
• The best way to approach potential clients is to run up your portfolio of work of existing clients as referrals. Research on your client and know their pain areas and subsequent solutions to address them. Although mentioning it directly to them should be avoided. 

►Watch the webinar here: https://www.youtube.com/watch?v=a65Sza7DAVI&t=477s