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Today’s business development landscape has changed. There’s more information, more people, and more choices in this always on, mobile-centric world. As a result, today’s buying process is more complicated than ever, with clients who are more informed, independent, savvy, and highly influential.
With access to so much information early in the buying process, clients are waiting longer before contacting a firm. By the time clients talk to BDM’s, they are already 57% of the way through the buying process. What’s more, clients have already defined their needs, researched solutions, settled requirements, and are starting to benchmark price. So, by the time the client reaches out, the only thing left for the firm to compete on is price.
What’s clear is that the sophisticated and more demanding clients of today expect to be engaged in new ways. But for many firms, it’s not clear how they should respond and how BDM’s will find the time to engage in meaningful ways. BDM’s are already under tremendous pressure as well. Their jobs are highly complex, with internal demands consuming 67% of their time, leaving them with little for developing new business. BDM’s have so many non-BD demands placed on them that they multi-task constantly just to keep up. But every time they switch tasks, they don’t get more done. Instead they end up losing 40% of their productivity. When you add up all the lost productivity, it’s no wonder BDM’s spend only 1/3 of their time doing what’s most important – bringing new clients to the firm.