Episode 81: Crush Your Biz Dev For Max Door Growth Ft Jeremy Pound
Jan 18, 2024
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Jeremy Pound, a business development expert, joins host Bob Preston to discuss various aspects of business development in the property management industry. Topics covered include understanding the local market, finding the right business development manager, motivating and compensating managers, and the importance of CRM software. Additional topics include challenges in acquiring new doors, building blocks for business development, and determining appropriate compensation for sales positions.
Finding the right business development manager is crucial for success and requires someone who can handle conflict, has a clear purpose, and is willing to do what it takes.
Understanding the local market and competition is key to crafting a successful business development strategy, helping with differentiation and standing out in a crowded market.
Effective organization and the use of a customer relationship management (CRM) system are essential for successful business development, allowing for better lead handling, timeliness, and increased chances of closing deals.
Deep dives
Key Points on Building a Business Development Strategy
When it comes to building a business development strategy, there are two key dimensions to consider: leadership ability and the ability to follow a process. It is important to find someone who can handle conflict, has a clear purpose, and is willing to do what it takes. Additionally, businesses should avoid reinventing the wheel and instead leverage existing systems and processes. Legacy momentum can play a role, but there is also room for innovation in the industry. Lead generation is crucial, both through list building and finding leads that are ready to buy. Focusing on both aspects is essential for success.
The Importance of Understanding the Local Market
Understanding the local market and competition is key to crafting a successful business development and customer acquisition strategy. Having clarity about your ideal customer and knowing who you do and do not serve makes business decisions easier. It also helps with differentiation and standing out in a crowded market. Local information matters, as investors care about the uniqueness of each neighborhood and want to know what sets a property management company apart. Utilizing local intel and developing a business development plan specific to the local market can lead to success.
The Need for Organization and CRM Usage
Effective organization and the use of a customer relationship management (CRM) system are crucial for successful business development. Handling leads and tracking communication is essential to prevent leads from falling through the cracks. Timeliness in response, whether via text, email, or phone calls, is important to engage potential clients. CRM automation can help with drip campaigns and consistent follow-up, ensuring leads are nurtured over time. CRM usage allows for tracking and accountability, resulting in better customer service and increased chances of closing deals.
The Importance of Leadership and Following Processes
One of the main ideas discussed in the podcast is the significance of leadership in business. The speaker emphasizes the need for business owners and employees to have strong leadership abilities to effectively navigate through the challenges of running a company. Additionally, the importance of following processes is highlighted. The speaker mentions the concept of being a 'rainmaker' as someone who possesses leadership skills but also follows established processes. This combination of leadership and adherence to processes is seen as the winning formula for building scalable top performers in businesses.
Sales and Marketing Opportunities in the Property Management Industry
The podcast also delves into the potential growth and opportunities in the property management industry. With the influx of more individuals in their 30s entering the housing market, there is a predicted rise in demand for single-family residential properties. The speaker asserts that there has never been more demand for these properties and never been fewer available, creating a lucrative market for property management companies. The importance of investing in sales and marketing is stressed, even for those who may not have an immediate need for growth. The idea is to create optionality and establish a strong market presence to seize opportunities as they arise.
On this episode, host Bob Preston and guest Jeremy Pound discuss various aspects of business development and new client acquisition in the property management industry. The conversation also delves into the building blocks for creating a successful business development program and the characteristics of a good business development manager.
Takeaways:
Understanding the local market and competition
Finding the right business development manager
Motivating business development managers
CRM Software
Significant opportunities for growth
Chapters: 00:00 Introduction and Background 05:20 Challenges in Acquiring New Doors 10:20 Understanding the Local Market and Competition 13:45 Building Blocks for Business Development 18:00 Reluctance to Delegate Business Development 30:00 Motivating and Compensating Business Development Managers 37:20 Importance of Customer Relationship Management Software 52:40 Closing Thoughts
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