Covid-19 has had a significant impact on the way we do business development and sales. In my humble opinion, there is a way to get a lot of positive out of it. I tend to see the bright side and it has always been beneficial to me.
Here’s what has changed for the better:
1. People accept videoconferencing meetings
Before Covid-19, going to meet a prospect was very popular. We thought that moving around would probably earn us points. But we must admit that we often traveled for nothing. When we reach our destination, we quickly realize that a prospect is not for us. He is looking for a price more than a partner for example. We got used to calling a prospect to qualify him before moving. Now it is quite possible to qualify him over the phone and do the whole sales process virtually. Can you imagine for a moment all the time saved? With fewer travel hours / saved, and if we invest this time in preparation and in meetings, we will certainly increase our conversion rate.
2. Adaptation of a presentation in real time
Thanks to virtual presentations, it is now so easy to exhibit certain elements, which are more difficult to present in person, simply due to a lack of computer equipment (computer, big screen). Now, when we are asked a specific question, we can present our answer using screen sharing to illustrate our point or provide an even more explicit answer. We can therefore easily transform a prospecting meeting into a demo of a solution or present examples according to the context of our conversation.
3. Expand the target regions
There’s a lot of talk about buying local these days. This is indeed a good thing. However, for the sale of services, there are B2B sales opportunities that are far beyond us. Since people no longer meet in person, they are much more open than before to collaborate with companies located in other regions, even another province or another country. People used to say that you absolutely needed an office in the United States to do business there. At this time, it is not recommended to travel to the United States for business development meetings. There is a window of opportunity that may close in a few months, take advantage of it!
4. Participation in previously inaccessible virtual fairs
It is certain, there are fewer conferences than before. But several congresses have been organized virtually. Moreover, I had the chance to participate in conventions in the United States which I did not dare to attend before. Travel and accommodation costs were too high, it was not profitable in my opinion.
I am really glad I had the chance to participate in the Congress Eos which takes place every year. In 2020, this congress took place virtually. Even though I had gone to the Inbound conference hosted by HubSpot in Boston in 2019, there was an economic benefit to Inbound 2020 is done in virtual mode. Several members of my team were able to participate and the costs were much lower. 4 hotel rooms for 4 days in Boston is not cheap. In addition, the majority of virtual conferences are recorded and it is possible for some of them to access the recordings (of missed conferences) for 1 year. For example, for Inbound, today we have access to hundreds of videos. In previous years, with around 20 conferences taking place at the same time, it was impossible to enjoy so much content.
Are you wondering what the link is with business development? Most congresses offer the possibility of contacting participants via a chat. In addition, it is normally quite easy to find participants’ LinkedIn profiles, or even conferences, and thus expand your business network.
5. Virtual networking activity
Contrary to popular belief, networking is quite possible virtually. For example, my business development colleague and I have joined Montreal Chamber of Commerce business clans and it was very interesting! The 2-hour meetings with about fifteen participants are very productive. As we don’t have to travel, we save a lot of time. And unlike in-person networking, we introduce our business to all participants in one fell swoop.
Also, it is easy to organize meetings of 15 to 30 minutes with all the participants. All this is possible without having to travel. Believe it or not, it really works. In addition, we can easily network with people located in other regions. People we wouldn’t have been able to meet otherwise!
As I said at the beginning of this article, there are several obstacles to business development in a context of containment and cancellation of all networking activities. However, do not think that it is completely impossible to do it. Besides, in the future, there will undoubtedly be a lot more virtual networking activities, I advise you to get used to it now. People will be much more open to virtual dating because they now see the many benefits. But don’t worry too much, face-to-face networking events will be back!
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