Business Development in Products vs. Services

Episode 61 of The Business Development Podcast with Kelly Kennedy focuses on the difference between business development for products and services. Kennedy emphasizes the importance of building relationships with the right contacts within a company, such as the director, operations manager, or president, who will be buying the product or service on a regular basis. He advises against relying solely on the supply chain and encourages reaching out directly to potential customers to introduce the company and its offerings. Kennedy also emphasizes the need to build trust in oneself and the product or service being sold, as well as the importance of creating interest and rapport with customers. Additionally, he announces that the podcast will soon be available on YouTube and expresses gratitude for the listeners and their support.

Overall, this episode aims to provide insight and advice on the business development process for both products and services, emphasizing the need for proactive outreach, relationship-building, and establishing trust with potential customers. Kennedy encourages businesses to identify the industries that may benefit from their product or service, create target lists, and connect with key decision-makers within those industries. He highlights the significance of customer trust and the value of trying the product or service to understand its worth. The episode also announces the expansion of the podcast to YouTube and expresses appreciation for the audience's support.

Key Takeaways:

1. It is important to build relationships with decision-makers, such as directors, operations managers, and presidents, who will be buying your product or service on a regular basis.
2. Business development is about creating trust in yourself and your product or service. Building rapport and trust with potential customers is crucial.
3. It is essential to identify the industries that will need your product or service and reach out to the people directly responsible for buying it in those industries.
4. Don't solely rely on supply chain connections, as they are often the last to know about a company's needs or problems.
5. Generating interest in your product or service and getting customers to try it is crucial in business development.
6. Building trust and credibility takes time, and it is important to continually provide value to customers.
7. Creating a target list and identifying the right contacts at companies is necessary for successful business development.
8. Don't limit yourself to one industry; explore a wide range of industries that may need your product or service.
9. Business development involves being a detective and doing the necessary research to find potential customers and decision-makers.

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