How will a Business Development Team use leads, people, companies and/or deals?
Overall, we can't differentiate the business development team and the sales team use case as they both are almost similar. Although a business development team will still be qualifying leads and converting them to People/Companies. These leads, people, and companies represent potential partners to your business and your deals may represent potential partners or large strategic deals versus direct customer sales.
How should a Business Development Team think about structuring its pipeline?
Business development stages pipelines are similar to standard sales pipelines, which represent significant milestones. Typically the business development process involves milestones like understanding the goals of the potential partner, then comparing those to the goals of your company.
Consider having stages like:
- First Meeting: Understand the goals of the potential partner - are they aligned with your company’s goals?
- Scoping: What will the partnership look like?
- Proposal: After scoping, send an official proposal
- Negotiation: Resolve any action items following the proposal
From here, if the partnership moves forward, mark the deal as 'Won'. If a deal doesn’t move past any of the stages above, mark as 'Lost' or 'Abandoned,' depending on what prevents it from moving forward.
What reports should a Business Development Team pay attention to?
Once you determine what questions you want to be able to answer by tracking your business development deals and adding in your custom fields, start brainstorming what reports your team may be interested in.