Your decisions are influenced by natural psychological forces. Whether that's deciding on which coffee size to select, or which firm to work with... cognitive bias is at play.On this episode of Breaking BizDev, John and Mark share 7 cognitive biases that shape new business development, and share how you can use them to help buyers make better, more informed decisions:AnchoringMessenger EffectLoss AversionSocial ProofDecoy effectPain of payingOptimism Biaswww.breakingbizdev.com

We're not the only ones who think BizDev needs a smack-down.For several months now John and Mark have beaten up and broken down various business development topics like prospecting, content marketing, pricing, events, proposals, referrals, and even job descriptions.A while back, we had this idea to go out and ask some friendly contacts what *they* believe is broken in business development. Their responses spanned nearly the entire marketing <> sales continuum referenced on the show:🔸 Krystn Macomber on what's broken about the go/no-go process🔸 Florian M. Heinrichs on what's broken about lead generation, especially on Fridays🔸 Patrick Johnston on what's broken about the sales/marketing feedback loop🔸 Joe Pope on what's broken about channel selection and deployment of resources🔸 Perryn Olson on what's broken about branding and firm websiteswww.breakingbizdev.com

How should experts and busy doer-sellers approach prospecting?On this episode, John and Mark share three specific examples of multi-channel prospecting sequences that your firm can put into practice right away using LinkedIn, email, and the phone:A two-week cohort-based prospecting sequenceA 120-day, podcast-led prospecting sequenceA post-conference follow-up prospecting sequenceIf you found this episode valuable, please subscribe to the show and leave a rating or review on Apple and Spotify.www.breakingbizdev.com

Whether you believe it or not, lead generation is possible for your firm. On this episode of Breaking BizDev, John and Mark break down 7 content marketing frameworks that can be used to generate leads in professional services:The Email NewsletterThe Podcast FlywheelOriginal ResearchInfluencer Co-CreationContent DarwinismDemand Capture FunnelContent RecyclingRead more detail in this blog post by John:www.redcedarmarketing.com/blog/content-marketing-frameworkswww.breakingbizdev.com

Do you really need to hire a full-time role for sales, marketing, HR, finance, or other internal business functions?In this episode, John and Mark break down the benefits of working with fractional consultants in professional services. They discuss the different scenarios in which it makes sense to work with a fractional consultant, and examples of fractional consulting engagements.- Scenario 1: Diversifying into a new area without a full-time hire- Scenario 2: Filling a skills/expertise gap temporarily- Scenario 3: Accessing consultant networks for additional expertise- Scenario 4: Fast-tracking training without long-term commitment- Scenario 5: More efficient use of capital vs. full-time salaries/benefits- Defining fractional consultants vs. freelancers vs. contractors- Examples of fractional consultant engagementswww.breakingbizdev.com

In this episode, John & Mark explore the variety of roles and skills needed for professional services firms to develop new business today. Having strengths across both marketing and sales is essential for driving business growth. This conversation covers:Key marketing roles like digital marketing specialist, web developer, graphic designer, and marketing directorExamination of sales roles like closers,  sales managers, and doer-sellers"Messy middle" roles like proposal managers and researchers that straddle marketing and salesReview of necessary sales skills like curiosity, process leadership, emotional intelligenceMarketing skills like analytics, networking, emotional intelligencewww.breakingbizdev.com

John and Mark provide an in-depth look at effective prospecting targets, tools, and techniques for doer-sellers in professional services firms—a critical part of the lead generation toolkit. Here are the key points covered in this conversation:Prospecting involves proactive outreach to uncover new opportunities and lies on the sales side of marketing.Mark uses an iceberg analogy to explain market segments: actively buying,  passively buying, and satisfied with their status quo.Prospecting objectives are to schedule follow-ups, gather information, or increase familiarity.Prospecting outcomes include determining fit, wrong timing, or qualifying an opportunity.Mark walks through an example 14-day sequence for busy doer-sellerswww.breakingbizdev.com

On this episode, John and Mark share 10 ways to suck at conferences and events for professional services firms: Just show upWrite a big check for a sponsorship and then send a couple people to “network”Don’t set goalsNever try to speak or present at a conferenceDo zero pre-event outreach or post-event follow-upNever, ever research the event audienceDon’t build anticipation with your networkDon’t look up social posts from the event and engageDon’t leverage your marketing team at the officeDon’t create any content from the eventFrom there, Mark dives into a framework for how to make the most out of conferences and events. www.breakingbizdev.com

Pricing is a major lever for revenue and growth, but most business development professionals are not involved in setting price. In most firms, there are a three main approaches to pricing  services:Cost-plusMarket-basedValue-based In this episode, John and Mark beat up pricing and offer a new perspective to help you guide buyers to making the right decision. You'll hear them discuss:Why it's important to have pricing discussions early in sales processHow value pricing presents relieves downward price pressureElements of good pricing strategy: positioning, sequencing presentations, understanding needs, negotiating win-winHow to guide customers through options with choice architectureAn overview of common cognitive biases impact pricingwww.breakingbizdev.com

Delve into the importance of *showing* that you understand your buyer in the sales process. Craft a standalone "Statement of Understanding" as a foundation upon which to develop a solution.In this episode, John and Mark break down the importance of understanding. Listen to hear perspective on:The importance of true understanding The power of listeningCritical elements of the statement of understandingImplementing a statement of understandingHere are some additional links on understanding:https://www.wainwrightinsight.com/the-importance-of-understanding/https://www.wainwrightinsight.com/the-statement-of-understanding/www.breakingbizdev.com

On this episode, John and Mark beat up a few metrics like "leads" and "win rate" and share 5 marketing and 5 sales numbers professional services firms should be paying attention to if they want to grow their firm.Top 5 Marketing Metrics:Qualified Opportunities by SourceClient Lifetime ValueClient Acquisition CostRevenue by SourceReturn on Marketing InvestmentTop 5 Sales Metrics:Total Potential RevenueOutreach activitiesPipeline - Creating new OpportunitiesPipeline - Closed Won Revenue to DateProposals - Ratio of Proposed to Contract Value ($)www.breakingbizdev.com

In professional services, people are your biggest asset. Especially when it comes to developing new business. Unfortunately, many firms set people up to fail before they're even hired, which could translate to stagnant growth as a result. It all starts with the job description.In this episode, we beat up disastrous job descriptions for the following roles in professional services firms:BD ManagersMarketing ManagersSenior Doer-Sellerswww.breakingbizdev.com

The client success story can go by many names; case story, case study, use-case, past performance, the list goes on...  But how should it be structured? When can it be used? How can it be used for marketing? For sales? In this episode, John and Mark break down the client success story in professional services—what it is, how it’s used, and mistakes to avoid. The Client Success Story Framework:The client's situationThe client's problem or needThe solution you providedThe client's resultsRead more from Mark on the client success story here:https://www.wainwrightinsight.com/client-success-story/Using the PASTOR framework for the client success story in marketing:P - label the client's problemA - amplify the problemS - show the solutionT - bring in a client testimonialO - offer a way to connect (contact us, book a demo, request an audit)R - promptly respond to offer requestswww.breakingbizdev.com

LinkedIn is the primary social media platform for most professional services firms. But oftentimes, it's not used as effectively as it could be to build visibility, generate leads, and move prospects along a buying journey. In this episode, John and Mark break down how to use LinkedIn for business development (marketing + sales). You'll be sure to pick up actionable strategies and tactics you can put into practice today. www.breakingbizdev.com

Referrals are a powerful tool to use in lead generation toolshed. Referral leads tend to move faster in your pipeline, they're more likely to close, and they end up becoming fantastic clients. But referral generation is used unevenly across professional services firms. On this episode, John and Mark outline a process on generating new referrals:Create a list of potential referrersDefine your ideal client and be prepared to articulate themDevelop a story about results to be used during the meetingSet goals, get organized, and measure progress and resultsAsk permission to have the Referral conversationSchedule a meeting to talk and brainstorm with themDescribe your ideal client and offer a Client Success StoryGet an introductionFollow up with thank you's and progresswww.breakingbizdev.com

On this episode, John and Mark call out every single person who, in the name of “BD”, has sent a useless “I’m just checking in” email that produced zero results. We'll break down:Why "checking in" is bullsh*tThe hamster wheel of ghosting (and why it happens)The role of the magic emailAfter listening to this episode, you'll have a new tool in your toolkit to get your pipeline moving.www.breakingbizdev.com

"Strategic planning" is an oxymoron. Strategy and planning are two different things. In this episode, Mark and John beat this topic up, differentiate between strategy/planning, and offer a revenue-centric lens with which to help with both your strategy and planning efforts. There are three lenses to look at revenue in order to help define your firm strategy, and  ultimately your planning efforts:In the previous period/year, where did the revenue come from?Right now, what is the potential revenue in the pipeline?In the next period/year, where do we want the revenue to come from?www.breakingbizdev.com

We all know there are good and bad salespeople. We get inundated with the flood of "pitch slaps" on LinkedIn, cold email clogging up our inbox, and sales reps who can't quite seem to understand your challenges. Which begs the question, do "good salespeople" even exist?On this episode, John interviews Mark about his perspective on bad and good selling in professional services,  and how that meshes with different kinds of buyers.www.breakingbizdev.com

In this episode, Mark interviews John about what poor marketing looks like in professional services firms, including:Lack of plan or lack of patiencePoor customer experienceMessaging is too company-centricBrand is based on assumptionsLack of a content strategyListen to hear what not to do, and how firms can turn these blind spots into areas of relative strength.www.breakingbizdev.comwww.breakingbizdev.com

Professional services firms lump marketing and sales together into one bucket. It gets confusing. Sometimes, it’s a total mess. They call it “business development.”In this episode, John Tyreman and Mark Wainwright introduce the Breaking BizDev podcast and explain how they're going to break down, beat up, and redefine "business development" for the professional services firms of tomorrow.www.breakingbizdev.comwww.breakingbizdev.com