outpace your competition: building a strategic business ...€¦ · outpace your competition:...
TRANSCRIPT
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Outpace Your Competition: Building a Strategic Business Development Plan to Drive Results
James Murphy/Danielle Feroleto
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The following CE credits are offered for this session:
1.0 AIC CPD Credit | AGC of America has been approved to offer Continuing Professional Development (CPD) credits for qualifying programs by the American Institute of Constructors (AIC).
1.0 SMPS CEU Credit | AGC of America is approved by the Society for Marketing Professional Services (SMPS) to offer SMPS CEUs.
AGC of America is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors.
This session is designated for 1.2 CPE credits in the field of Communications & Marketing.
Outpace Your Competition: Building a Strategic Business Development Plan to Drive Results
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Participants must:1. Check in with attendance scanner at the door or in the back of the room.2. Attend at least 95% of the session.3. Complete the session and post-program evaluation.
Additional instructions will be emailed to attendees requesting CE credits.
You may contact Jo-Anne Torres, Manager of Professional Development and Continuing Education, at [email protected] call (703) 837-5360 for questions.
How to earn CE hours for this session
Outpace Your Competition: Building a Strategic Business Development Plan to Drive Results
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By the end of this session, participants will be able to:1. Identify long-range BD opportunity ideas and goals.2. Review the 4 levels of BD development and the activities
that are necessary to execute in the absence of a project pursuit.
3. Describe the difference between active and passive business development activities and examine how to apply it to future pursuits.
4. Discuss roles for the team to enable a modified "seller-doer" model to consider multiple titles being involved in business development.
Learning Objectives
Outpace Your Competition: Building a Strategic Business Development Plan to Drive Results
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James MurphyCEO, Willmeng Construction
Outpace Your Competition: Building a Strategic Business Development Plan to Drive Results
Danielle FeroletoPresident, Small Giants
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What We Will Cover
• Formalized BD Plan• 4 Levels of BD• Seller/Doers and the BD professional
• Developing a Zipper Model for client retention Competitive Analysis
• Market Sector Opportunity
• Active and Passive BD Efforts
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“YOU’RE CRAZY”: ‘WE DON’T NEED MORE WORK’Additional Text Goes Here If Needed
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.5%
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Audience Participation Menti.com
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COMMIT: BEFORE YOU’RE READY
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• Everyone is busy• Multiple channels to
“market”• Hard to see further out• Don’t desire to expand
the clients/services• Don’t know what to do
So Easy Not To…
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
$300,000,000
$350,000,000
$400,000,000
$450,000,000
2005:
Yr. 7
2006:
Yr. 8
2007:
Yr. 9
2008:
Yr. 10
2009:
Yr. 11
2010:
Yr. 12
2011:
Yr. 13
2012:
Yr. 14
2013:
Yr. 15
2014:
Yr. 16
2015:
Yr. 17
2016:
Yr. 18
2017:
Yr. 19
2018:
Yr. 20
2019:
Yr. 21
2020:
Yr. 22
Company Revenue and the BD Champion Model
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Execution Teams
Executing
BD People Developing
The Internal Conflict
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THE UNEXPECTED: PLAN BAdditional Text Goes Here If Needed
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BD Need Prior to When
Expected
M&A
Market Sector
Unexpected Decline
Key Employee Departure
Succession Not Fully
Communicated
Client Leadership
Changes
Trends in Construction That Create a Plan B
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EYE ON THE PRIZE: VISION
Outpace Your Competition: Building a Strategic Business Development Plan to
Drive Results
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• Must understand the big picture• Short sided need in WIP
WIP Vision vs. BD
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SET THE GOAL: STRATEGY
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Market Sector Strategies
Market Specific, Market Research needed, Key Trade integration, Pursuit Capture Plans
BD Plan/Marketing Plan (1 Yr.)
Activities, BD Actions, Seller/Doer, Client Retention Plan (Zipper Model)
Corporate Strategy (3-5 Yr.)
Differentiators, SWOT, Brand Message, Corporate Plan
The Construction Strategy Outline
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Summary of Strategic Plan
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Business Development Plan
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• Respect the BD efforts• Protecting ”their” space• Plight of the Crawdads
PREPARE THE TEAM FOR THE INITIATIVE
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FIND YOUR PACE: GET WORK
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Get Work
Do WorkBusiness
of the Business
Multiple Hats Issue
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
$300,000,000
$350,000,000
$400,000,000
$450,000,000
2005:
Yr. 7
2006:
Yr. 8
2007:
Yr. 9
2008:
Yr. 10
2009:
Yr. 11
2010:
Yr. 12
2011:
Yr. 13
2012:
Yr. 14
2013:
Yr. 15
2014:
Yr. 16
2015:
Yr. 17
2016:
Yr. 18
2017:
Yr. 19
2018:
Yr. 20
2019:
Yr. 21
2020:
Yr. 22
Company Revenue and the BD Champion Model
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• Sustained effort over time• Anticipate where growth is going• As company changes so should your approach
Effort Unit
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SUPPORT: SHARED EFFORTTHE SELLER-DOER MODEL
Outpace Your Competition: Building a Strategic Business Development Plan to
Drive Results
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Business Development Re-Thought
Existing Client + No Project2
Existing Client + Existing Project1
New Client + Existing Market3
New Client + New Market4
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Shared Business Development vs Seller-Doer
Basic
Sales
More Follow Thru, Differentiation
Higher level of networking, research, leverage of market partners,
connecting dots
Advanced BD; research, network, leverage similarities in projects, networking; tracking; follow
up
Existing Client + Existing Project1
Existing Client + No Project2
New Client + Existing Market3
New Client + New Market4
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0-9
months
1-2 years
2-3 years
3-5 years
Shared Business Development vs Seller-Doer
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Hurdles to Success
• Reference the Levels• Recognize your style (introvert, extrovert)• Personality assessments• Don’t make this a blanket mandate• Align with your clients
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KNOW THE COURSE: POSITION & REPOSITION
Outpace Your Competition: Building a Strategic Business Development Plan to
Drive Results
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• Client Perception Surveys• Market Research• Competitor Analysis
The Value of Honest Perspective
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Price vs. Performance Buying
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THE COMPETITION
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Deeper Competitive Analysis
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SETTING YOURSELF APART: WHO ARE YOU?
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Drive Results
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Demand for “More”…Beyond Services
• Knowledge-Based Firms (SMEs)
• Technology
• Professional/Leadership Training
• Relationships to Leverage
• Differentiator
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THE RITUALS: FREQUENCYAdditional Text Goes Here If Needed
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• Be Known as Giving More Than You Take• Networking Targets• Last Call of the Day is Magic• Active and Passive BD Activities
Create Rituals That Work
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• Listening• Go where they are• Think of them• Create a Client Capture plan• Document and track in a CRM
Suggested Activities
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REMEMBER YOUR FANS: KEEP WORKAdditional Text Goes Here If Needed
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• Thought leadership• Manage relationship—multi layer• Create Advocates—Help them
“sell” your firm
Remain Client-Centric
Suspect
Prospect
Customer
Client
Advocate
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GRADE & ZIPPER TOP CLIENTS
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Executer Behavior
• Client Driven• Client Retention Plan• Accountable for their activities
• Making Time• Revenue Goal
• Measure and adjust
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POUND THE PAVEMENT: THE ART OF NETWORKING
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Nothing Replaces Time Together
Find associations where clients and prospects will be
MUST be involved and stand out
Know at a level of shared/known interests
CRM is a must Typical “sale” happens after 7 interactions…
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RACE DAY: SELLER-DOER EXECUTEDAdditional Text Goes Here If Needed
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Must Feel Like a Win-Win
ACCOUNTABLE FOR THEIR ACTIVITIES
MEASURE AND ADJUST
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GAME DAY: THE POWER OF THE EXPERIENCE Additional Text Goes Here If Needed
Outpace Your Competition: Building a Strategic Business Development Plan
to Drive Results
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• Know their project expectations beyond what got you there
• Involve many• Plug in to each other’s network• 3rd Party Client Surveys—project and
strategy based
Make the Client Experience Distinct
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“DID YOU WIN?”: MEASURE
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• Market knowledge• Opportunities• Win/Loss• Client retention and NPS scores
Find the Right Measure of Success
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CLAIM YOUR MEDAL: THE BENEFITSAdditional Text Goes Here If Needed
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• The effort will show• Clients become well-armed advocates• Prospects are close• Team is bought in early = Confidence• Measurement & accountability is established
Your Efforts WILL Pay Off
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QUESTIONSOutpace Your Competition: Building a Strategic Business Development Plan to Drive Results
James Murphy/Danielle Feroleto