Modern Mindset Shifts -
Imagine a world where your potential clients have access to as much industry information as you do. Where relationships trump transactions, and agility outperforms rigid strategies. Welcome to business development in consulting for 2024 and beyond.
The B2B landscape has undergone a seismic shift, leaving traditional selling tactics in the dust. Consider these eye-opening statistics:
Buyers are 57-70% through their research before engaging with a supplier or partner and 80% of B2B buyers now use digital channels as their primary research method.
74% of the buyer's journey is completed digitally before engaging with a consultant.
Firms leveraging data-driven, relationship-focused strategies see a 40% increase in revenue compared to their peers.
These numbers tell a clear story: the power has shifted dramatically to the buyer. To succeed in this new reality, consulting firms must embrace fundamental mindset shifts that emphasize connection, adaptability, and value creation.
Always Be Opening: Building New Relationships
In today's interconnected business world, the outdated mantra "Always Be Closing" has given way to "Always Be Opening." This shift focuses on cultivating a continuous stream of new opportunities and nurturing relationships, rather than fixating on immediate deal closure.
Dan Sullivan's "Always Be the Buyer" framework adds another dimension to this mindset shift. Sullivan argues, "To be the buyer is to be the selector, not the selected." By adopting a buyer's perspective—having clear criteria and standards—consultants put themselves in control of engagements and naturally attract the right opportunities.
Consider:
Leverage social listening tools to identify and engage in relevant industry discussions
Create exclusive online spaces (e.g., webinars, white papers, private forums) for high-value prospects and clients
Develop thought leadership content that showcases your expertise and invites dialogue
Adopt a Buyer Mindset: Understanding Client Needs
The most important shift is that your ‘buyer’ is probably not buying right now. For 80-90% of their time they are just doing their job. Your role is to find ways to create a value based relationship that helps them to solve their problems at a time and in a way that supports rather than overwhelms them.
Jeremy Miner emphasizes in "The New Model of Selling" that understanding the buyer's psychology is crucial. He states, "To sell is human, but to connect is divine." This approach involves deeply understanding your clients' needs, motivations, and pain points to position your offerings effectively. ”Always be the buyer” by Dan Sullivan develops this concept and goes further. The core idea is that adopting a buyer's mentality empowers you to set standards and attract opportunities, rather than pursuing them aggressively.
Consider:
Give more to get more
Focus on creating the opportunities to uncover underlying client challenges - consider the personal objectives as well as the company/industry ones
Develop collaborative, living buyer personas and continue to evolve them with new insights
Use predictive analytics to anticipate future client needs based on industry trends
Lean into an Agile Strategy: Flexibility and Adaptation
In today's rapidly evolving business landscape, the only constant is change. Traditional, rigid sales strategies that once served as reliable roadmaps now often lead to dead ends.
Enter the agile sales strategy – a more dynamic mindset that allows you to pivot quickly, respond to client and market feedback, and align closely with ever-changing client needs. In fact McKinsey reckon that an agile sales strategy could see an upswing of 20-30% in performance.
Implementation Strategies:
Implement short, focused project cycles with clear objectives and regular check-ins
Form cross-functional teams that can quickly address emerging client needs
Continuously refine your approach based on real-time feedback and market changes
Quick Impressions: Capturing Attention in a Digital World
In an age of information overload, capturing attention quickly is critical. The inimitable Rory Sutherland notes in "Alchemy" that "great salesmanship is not just about persuasion; it's about empathy." This empathy must now extend to understanding how clients consume information in the digital space.
“Buyers are overwhelmed by the sheer volume of information available and struggle to identify reliable sources. As a result, the average number of buying interactions has increased by 27% ”
Forrester Global Buyer Journey Survey 2023
Consider:
Create micro-content (e.g., short videos, blog posts) for quick consumption
The brain processes visual information 60,000 times faster than text
Be yourself - trust your instinct when it comes to content - your people will find you.
Winning by Inches: Building Consistent Trust and Value
The concept of "winning by inches" focuses on the gradual build-up of trust and value over time. This approach is particularly relevant in consulting, where long-term relationships are key to success.
A focus on the gradual build-up of trust and value over time is about consistent, incremental progress rather than aiming for immediate, large-scale successes. It’s a lot like chossing a healthy diet and regular exercise over a crash diet and some liposuction.
A study by Edelman Trust Barometer shows that 81% of consumers need to trust a brand to consider buying from them.
Implementation Strategies:
Provide regular, valuable insights to clients beyond project scope
Implement a system for continuous feedback and swift action on client input
Develop a value-added ecosystem of resources and networking opportunities for clients
Conclusion:
The modern business development landscape demands a shift in mindset. By adopting the strategies
Always be opening
Embrace a buyer mindset
Lean into agile sales strategies
Make an impression in seconds
Focus on winning by inches
You can navigate the complexities of today's market more effectively. These shifts enhance relationship building, align with buyer needs, use resources efficiently, increase adaptability, and improve engagement. Implementing these changes will position businesses for sustained success.
