#31 IP business development does not have to be complicated
One of the reason IP professionals are stunned with business development, is that oftentimes business development is overcomplicated by professional terms and jargon to make the sales trainers and coaches to look smarter. I have to admit that I am not innocent in this regard either. In this blog post, I try break business development down into digestible chunks that make sense.
Fundamentally, you can divide your business development activities to three simple categories.
Category 1 – Building your reputation
Ideally, you want that your clients come to you, instead of you having to chase for them. In the long term, it is your professional reputation that does it for you. Your reputation is primarily based on the excellent service you provide for your clients.
Part of your reputation is your authority over your IP subject, which can be established by providing relevant insights to your audience by writing or public speaking. As the word-of-mouth circulates within people, having a strong network is essential in reputation building.
Category 2 – Contacting potential clients
You cannot only rely on potential clients calling you up, especially if you are just starting to build up your client base. First, you have to determine who are your ideal clients. Are they start-ups or SMEs? Are they practicing in a certain industry? Are they local or international? Does my existing client base have any undiscovered needs?
Next, you have to figure out where their attention lies. Where do your prospects congregate? What media they follow? How to reach them?
After identifying your potential clients becomes the hardest part. You have to contact them. You are going to face a lot of rejection, a lot of radio silence and frustration. However, the more you can tolerate rejection, the more appointments you will have with potential clients.
Category 3 – Closing sales opportunities
Nothing happens in business before the client is closed. When you are pitching, you have to first figure out what are the needs of your prospect and what are their business goals. After that you should present your IP service as a solution to their needs or business goals.
You should not sell you service to a person or a company, you think that wouldn’t benefit your service.
In the following posts we are going to go more into detail with these three categories. But when in doubt, you can co back to these fundamentals as they are the essentials of client acquisition in the field of IP.
If you an IP Expert who wants to improve their business development skills, enroll to IPR Leads Institute now!
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