In this article, I will discuss the obstacles encountered by founders when trying to create a pipeline for their business. My aim is that at least one aspect of this blog may assist someone facing the challenges of new business development.
What is a prospect?
A business prospect refers to a potential customer or client for a company's products or services. These prospects are individuals or organisations that have shown interest in what the business offers or fit the ideal customer profile criteria.
What is Pipeline?
Simply put, it’s potential new customers. It typically consists of multiple stages, starting from initial contact or lead generation and progressing through qualification, proposal, negotiation, and finally, closing the deal.
Whilst researching 7 main challenges came up:
• Building Trust
• Identifying Ideal Clients
• Overcoming Competition
• Effective Networking
• Managing Rejection and Persistence
• Navigating the Sales Process
• Scaling Efforts
Below I will outline the top 3 from my own experience and opinion.
1. Managing Rejection and Persistence
Rejection is inevitable in business development. It's essential to develop resilience and persistence to bounce back from setbacks and keep pursuing new opportunities. Every "no" is an opportunity to learn and refine your approach. The hardest thing about constant rejection is keeping up the motivation to just keep going.
What Helps Me?
- Setting daily targets - If I plan to do 30 calls a day then I only do 30 calls a day. From my experience, you will have 3 conversations out of 30 calls.
- Taking time away from my desk. Going for a walk, getting in the sun, taking a breath or going to the gym.
- Remembering the small wins - At the beginning just booking a new meeting was a huge moment but for some reason over time, it’s easy to forget that and take it for granted. Reflecting at the end of the day helps remind me that I’m doing okay.
2. Effective Networking
Building a strong network is essential for business development. However, networking effectively, whether it's through industry events, social media platforms, or professional organisations, takes time and effort. It's crucial to strike a balance between building relationships and promoting your business without coming across as too pushy or self-serving.
What Helps Me?
- Asking customers for referrals and offering a kickback for them
- Attending Industry relevant events. It’s nice to mix up the day to day and have face time with our potential clients along with understanding trends going on in their industry.
3. Overcoming Competition
Competition is fierce in almost every industry. Convincing potential clients to choose your offerings over those of established competitors requires differentiation. You need to clearly articulate what sets your business apart and why your solution is better suited to meet their needs.
What Helps Me?
- Remembering that the fact my prospect is speaking or has heard of my competition is a good thing. They’re more ‘buyer ready’.
- Remembering that our product is the best
- Learning from the losses and having a pint at the end of the week.
Overall, gaining new clients as a founder involves overcoming numerous hurdles, but with perseverance, strategic planning, and a customer-centric approach, it's possible to succeed. This is just a small challenge in the world of being a founder but the reason I am writing this is to remember myself.
Get in touch for a demonstration of our platform: sales@duetrade.co.uk
www.duetrade.co.uk
