Closing a sale is a challenging task. But what about finding the lead in the first place? Imagine a business with no employees committed to identifying new prospects. How would a company like that succeed?
That’s why companies hire business development representatives (BDRs).
As part of the sales team, BDRs identify potential customers, approach them, and move the sales conversation forward. They are the customer’s first point of contact with your organization, so they play a crucial role in your business.
However, BDRs aren’t alone in the search for new leads. There is an entire department that makes BDRs’ job easier by conducting market research and assessing prospects’ needs – market research analysts (MRAs).
MRAs’ efficiency in determining the right market opportunities directly impacts the success of BDRs’ lead nurturing. Therefore, making some strategic adjustments is worthwhile to ensure that both of their performances are on track. Namely, focusing on proper market research and targeting can significantly increase BDRs’ efficiency.
So, let’s talk about market research and targeting and how these practices help your BDRs and, ultimately, your business.
Increase BDRs efficiency with market research and targeting
The goal of any company is to offer a product or service that will satisfy the needs of the specific target market. Therefore, understanding your clients is essential to operating a successful business. That is where MRAs’ market research and targeting enter the picture.
Market research entails collecting information about your clients’ opinions, preferences, purchasing habits, and locations. Similarly, targeting is selecting the top prospects who are most likely to buy your products or work with you. As such, both are essential for those in charge of making the first contact with prospects – BDRs.
Here are three significant ways MRAs’ strong implementation of market research and targeting improves BDRs’ efficiency.
Understand customers better
Market research and targeting are all about better understanding your customers, which is necessary to develop a people-first approach. Once established, this approach enables your BDRs to maintain customer experience at the center of everything they do. As a result, they prioritize the prospect’s needs, which is a well-known recipe for success.
Through these strategies, MRAs identify the market segments with the most excellent opportunities, allowing BDRs to concentrate on these groups. They can then appeal more specifically to prospective customers’ preferences and significantly increase the chances of moving leads through the sales funnel.
Ensure your relevancy
Companies must evolve and remain on top of current trends to successfully connect with customers. Market research is an excellent way to achieve that. During this process, MRAs point to the newest sales methods that clients respond positively to. Thus, BDRs can stay innovative and adapt their strategies as necessary.
It’s especially important to keep up with changes in your consumers’ purchasing habits, communication channel preferences, and appropriate messaging. With detailed information, your BDRs can target the most valuable prospects and interact with them to effectively persuade and engage them.
MRAs’ targeting can boost your team’s productivity by reducing the time spent communicating with inadequate contacts. This tactic identifies potential customers and increases BDRs’ confidence that their outreach activities will advance prospects along the pipeline. Furthermore, focusing only on qualified leads will save you time and money.
A well-defined targeting strategy contributes to the whole sales process. By concentrating on fewer, higher-quality segments, BDRs will have more time and energy to interact with prospects who are more likely to buy. This not only increases their productivity but also ensures higher closing percentages.
Additional strategies to increase BDRs’ performance
Aside from the correct implementation of market research and targeting, there are additional concrete strategies for increasing BDRs’ efficiency.
Set clear and realistic goals
To succeed, BDRs must have clear goals that can translate into actions. Therefore, provide them with structure by setting definite, achievable expectations. BDRs’ efficiency will rise with clear targets and specific KPIs since they will know what to prioritize throughout their daily, weekly and monthly tasks.
Simplify the process
Take action to make daily routines easier and better for your BDRs whenever possible.
Data analysis is ideal for automation. AI can detect tiny behavioral patterns that humans may overlook. Additionally, AI systems regularly update and get better over time. BDRs will thus have more time to concentrate on crucial interactions with leads.
Appropriately approach underperformance
Consider using a CRM system to assess output and identify inconsistencies.
The way you address underperformance in your team and BDRs has a substantial impact on your company culture. The goal is to discuss issues respectfully and offer constructive advice. Ideally, you should consistently demonstrate (rather than tell!) the proper procedures.
Supporting BDRs’ efficiency
Above, we looked at several ways MRAs’ market research and targeting increase BDRs’ efficiency. And it’s clear that appropriate team cooperation and tactics are essential in supporting your BDRs in making the most of each lead.
These techniques allow them to engage with prospects adequately and keep track of changes and opportunities. By encouraging MRAs to perform market research and targeting successfully, you’ll help your BDRs succeed and enhance your company’s overall results.