The Ultimate Guide to Real Estate Business Development and How It Can Help Your Real Estate Company Grow
Assume working for a company without any assistants committed to growing and developing the business. There would be nobody to tell you about the changes in the market, new opportunities, what your competition is up to, there would be nobody to challenge you, and there would be nobody to guide you how you can attract your target audience more efficiently.
Don’t you think that this would make your work pretty hard and won’t let you succeed easily?
This is why the companies establish business development applications and hire the assistants to focus on these tasks (among others) to help them grow.
What is Business Development?
Business Development is the process of executing various processes and strategic opportunities across your organization to develop growth and enhance revenue. It includes pursuing chances to help your business rise up, identifying new prospects, and transforming more leads into customers.
Business Development is nearly connected to sales –business development representatives and teams are virtually always a part of greater sales organizations
Business Development VS Sales
As stated above, business development relies on the greater sales group yet it serves a different feature than a typical sales work and responsibilities. It is basically a process, that guides your company to maintain and establish links with prospects, increase brand awareness, learn about your buyer's personas, and look for new opportunities to assist growth.
In a variation, sales groups sell your service or product to clients and work to transform leads into clients. Business development-concerned work simplifies the work of a salesperson or sales manager.
Let’s take a nearer look at what business development representative –the people answerable for carrying out the various business development tasks –do next.
Business Development Representatives
Business Development Representatives (BDRs) looks out and initiates new strategies, targets, tactics, assistants, and clients for your business. Although their particular responsibilities may vary, the aim of all BDRs is to find ways to efficiently and effectively grow and provide long-term value for the business.
As your business grows, BDRs responsibilities may change over time, the following list will provide you with a solid understanding of typical BDR tasks.
BDRs must qualify leads, or spot ideal prospects, to decide who to sell to. Generally, leads are qualified through emails, calls, social media, and web forms. The key to qualifying the leads is to examine their needs and then determine whether or not your software or product could be a solution for them.
Identify and Communicate with Prospects
BDRs will identify ideal prospects, by qualifying leads and looking for people who fit your buyer personas. They can easily interact with those clients to understand more about their pain and needs points. This is how BDRs can easily decide whether or not the prospect will really benefit from your product or service by becoming a client. This is an important part because it essentially increases the potential of improved client retention and loyalty.
Those products can be easily passed along to sales representatives on the team, once the BDRs have identified ideal prospects, the one who can nurture them into making a deal.
Proactively look for new Business Opportunities
Proactively look for new chances, whether that’s in terms of the prospects, product line, or brand awareness, is definitely an important part of your business’s success.
BDRs work is to find new business opportunities through, researching your competition, networking, and talking to clients and current clients.
If new business opportunities are recognized, BDRs should plan marketing assessments and discovery meetings with the sales representatives on the group so they can all assess there is potential for a deal or not.
Set Up-To-Date on Competition and New Market Trends
It is essential to stay up-to-date on your competition products, strategies, and target audience as well as new market trends. This will easily allow you to efficiently recognize ideal prospects.
Report to Salespeople and Development Managers
As we analyzed, BDRs reports to sales managers, in most of the companies. BDRs must communicate with these higher-ups for multiple reasons such as discussing lead qualification strategies and how to get clients in touch with sales representatives to nurture them into customers.
They also have to report their findings, for instance; market trends and business opportunities, to sales managers and representatives.
Promote Satisfaction and Loyalty
An interaction with a prospect being a BDRs, might be the very first interaction for the prospect ever has with your business. Since the first impression Is your last impression, so creating a good first impression right off the bat is crucial to promote interest early on. A BDRs interaction with all of your prospects matters.
Once the BDRs investigates the prospect or starts interacting with them, ensure they tailor all communication towards the prospect. Their way shows them they are being listened to and cared for by customizing all contents sent. These actions are clearly professional and leave a strong impression on the prospects.
In addition to understanding how BDRs helps you grow, business development ideas are another strong way to engage prospects and recognize new business opportunities. Let’s have a look.
Business Development Ideas
Business development ideas are the schemes you can implement to positively impact your company in a multitude of different ways. BDRs can help you recognize ideal prospects, network more productively, and improve your brand awareness.
The following schemes are here to get you started – every group and businesses are different, meaning these ideas may or may not be convenient for a particular situation.
Innovate the way you Network
This is not a secret that cold calls are less efficient than they were once. Instead, originate the way you network by establishing powerful links with your prospects. You can easily do this by meeting them in person at trades shows, conferences, or events related to your industry.
Browse your online networks including LinkedIn and other social sites for potential clients, too.
Offer consultations and estimations for prospects. By talking about the ways your service or product relates to their needs will help prospects think whether or not they will convert.
Provide Sales Demos for Prospects and Leads
Provide your prospects with leads and sales demos so that they can find out how your service and product works in action. You can even share these demos in person, on your website, over an email, or via video chat.
Don’t forget to nurture your prospects, even if it is by email, phone call, or any other mode of communication. The aim of lead nurturing is to supply any information needed about your service or product so your prospects can easily decide if they want to make a purchase or not.
Communicate with Marketing
Though business development relies on the sales department, that does not mean internal business development work only includes other members of the sales group. Throw regular meetings and keep maintaining open lines of communication with the departments at your company.
Think this way: Marketing crafts content and campaigns for your target audience about how your service or product solve challenges. Then why wouldn’t you want to talk about social media, campaigns, blogs, posts, and website content they are creating for the people you are selling to?
Your BDRs and representative can share any content the marketing team creates directly with clients to help them convert, plus let the marketing group know of any content they feel is missing for prospects.
Business Development Plan
A business Development Plan is a strategy the business development group can refer to while working through their different responsibilities related to rising up the business.
Sales manager generally creates and transforms the business development plan for the BDRs to work through.
Craft an Elevator Pitch
You can easily simplify any inceptive communication with prospects, by just having an elevator pitch ready to go. This elevator pitch should effectively explain your company’s aim and how your service and product can solve the needs of your target audience.
In addition, you can help your group recognize which elevator pitches used by BDRs and representatives both, are most successful in converting leads and documenting it in your greater strategy so everyone has an explosion to it.
Set SMART Goals
Set a smart goal for your policy, -meaning makes sure that your targets are specific and particular, measurable, relevant, and timely. This is how you will be easily able to ensure these goals are aligned with those of your entire company.
You recognize this goal is attainable due to the fact you increased your number of qualified leads last quarter by 3%.
Conduct a SWOT Analysis
As discussed above, the part of any role in business development is to stay up-to-date on industry trends and in the market and understand your competition. This is where SWOT Analysis comes in – SWOT (stands for strengths, weaknesses, opportunities, and threats). You need to have a clear goal in your mind before you use the key to SWOT.
For instance; if your aim is to recognize the best way to handle outreach with prospects, you can begin BDRs, sales representatives, sales managers and current clients about what works best for them.
The next thing you are supposed to do is, think about your strengths –What does your business do well? Maybe you have a large number of a support group that provides helpful onboarding for new customers. Don’t be afraid to list your strengths because you don’t know which one may create the greatest impact on your clients.
Now, think about your weaknesses, Are your products limited offering requiring some leads to consider your competition’s product in addition to yours?
Think about what you know you can accomplish and where you are going as a business or who is producing a product like yours?
The SWOT analysis allows you to recognize the ways your company can create chances to expand and grow.
Determine How You Will Measure Success
You will also need to find out how you are going to measure your business development success, relying on the SMART goals you crafted and SWOT analysis you performed. Here are some examples of some common business development that can easily help you to analyze your efforts:
- Changes in revenue
- Company Growth
- Lead conversion rate
- Pipeline value
- Prospect and customer satisfaction
Set a Budget if necessary
You may determine you need to set a budget, depending on the type of business development goals you set for the group. Collaborate with a greater group to find out the amount you are willing to and need to, spend on business development to get the process started at your company.
Always keep your target Audience in Mind
You need to keep your target audience in your mind always, without focusing on what you are working towards. Evaluate their needs and learn how exactly your product and services are going to help them.
Make sure your idea addresses them and their needs, so your group can convert more of them and grow your business.
Choose as Outreach Scheme
As stated above, a major feature of business development is looking for new prospects and potential clients. To find new clients and prospect, you will need to decide how you are going to perform outreach or connect with these potential clients. Here are some tips:
- Use Referrals
- Sponsorship and advertisement
- Upsell and cross-sell
You also need to review requirements or guardrails concerned with outreach representatives are held to so your business has only professional and on-brand interaction with prospects.
Congrats! You have just completed your business development plan –with your scheme and ideas, your business will be growing in no time.