There is an emerging phenomenon in business, especially in the innovative technology sector, that can actively be applied to multiple industries and business models. This phenomenon helps accelerate revenue growth, especially for companies that may have tapped out their networks or hit a plateau in sales. Here’s how the new trend works: Complementary companies — those that operate in the same space or value chain, but don’t necessarily compete with each other — are partnering openly and collaboratively. In addition to these partnerships, companies are strategically positioning themselves to partner in smart ways with their own customers, too.
The results? Way more of what you want and desire so that your actual results match the vision you have for your company. And, because this type of collaboration attracts talent and fresh ideas, bigger opportunities emerge than what would be possible by one company alone.
As a business professional with expertise in the technology industry, I’m participating in this change and helping companies grow by finding new innovations to make it happen. You’ve most likely read about the boom of the “gig economy:” connected networks, long-tail talent, and digital nomads. I’ve met some of these economy participants and am involved with the change right here in Asheville, NC where innovative companies and fast growth startups are creating new collaborative and sustainable ways of working together.
The Concept Behind BDaaS
Business Development as a Service (BDaaS) is my specialized contribution. I knew I could create a way to participate in the economic shift taking place and help other companies further their growth. BDaaS is about building strategic connections and linking complementary businesses together into a network focused on creating better information, faster growth, and more value for all customers. Its advantages allow:
- Both buyers and sellers to participate together and create more of what they want – money, time, team performance, and reputation.
- Smaller companies and startups to create new opportunities with more established businesses.
- Complementary companies to create a group of strategic connections that enable rapid growth.
- All companies in the connected network to be better informed about the market, taking advantage of opportunities that may be missed otherwise.
Companies that form natural partnerships in the high-tech arena can collaborate and partner with any large corporation. Complementary companies like those in people, strategy, and tech — can all benefit by connecting and working collaboratively.
The concept of connecting with like-minded businesses sounds attainable, right? And it gets better…
The Bottom-Line Benefits of BDaaS
When you partner with a BDaaS professional, you receive three specific benefits:
- Increased revenue from more sales
- Broader and more up-to-date information about your market and trends
- Less financial risk
To achieve this for your own company, you need an experienced, connected, and knowledgeable business professional offering Business Development as-a-Service.
Someone who actively supports the “as a service” model can accomplish several awesome things that benefit your business, such as:
- Quickly (and at a low risk) determine if working together will be fun and valuable.
- Rapidly build strategic connections and new relationships that result in incremental revenue and growth for your business.
- Provide valuable market insights about your product and service market fit and business model.
- Create an instant group of warm leads and customers from an existing pipeline.
- Link you with other strategic connections that complement your products and services.
- Avoid the overhead costs of a full-time employee while gaining all the experience of one.
- Jump-start your business, since these benefits are active from Day One.
How Greenstone Media Increased Sales and Quickly Opened Two New Accounts with BDaaS.
In my experience partnering with Greenstone Media as a BDaaS professional, we were able to open a relationship with a large financial institution and a major university. We first used a BDaaS Strategic Playbook to view the existing strategy from both an inward and outward perspective to identify gaps in the business model and strategy. We worked together to close those gaps, improve the strategy, and identify new opportunities along with refining the target audience. Then we took action on opportunities using the business development strategy we developed. This BDaaS approach allowed us to quickly build a significant pipeline and open those new relationships increasing both the revenue and reputation of Greenstone Media.
Asking the Right Questions
Ready to talk to a BDaaS professional? Here are some questions you definitely want to ask before you bring him or her on board:
- Is my business capable of adding additional revenue and profit margin?
- Can a connected network of businesses and strategic partners benefit my business?
- Does an effective and innovative business development framework improve my ability to achieve my goals and objectives?
- Am I comfortable working with a BDaaS pro as a business partner?
Let me know what you think, and let’s start a conversation that matters.
If you’ve worked with a BDaaS before, tell me what you liked about it and what worked.
If you’ve never heard of a BDaaS until now, what would you like to get out of the relationship?
Business Development-as-a-Service can bring you more business while you concentrate on your day-to-day operations!
In my next article, I’ll share how you can afford to pay for a BDaaS (or any business development role). Calculating a compensation plan that everyone can live with is the key to making this business model work. Stay tuned…
Chris Filipiak is “The Connector.” He’s a trusted partner for innovative businesses and organizations looking to dramatically increase revenue, overachieve their goals, and make more happen by establishing strategic connections.