“Don’t sell, help people buy” – Chris Fralic
On Friday, I came across a presentation called “Biz Dev for Startups” by Chris Fralic, a Partner at First Round Capital. The presentation caught my eye for three reasons.
- First, I just been hanging out with the crew from First Round at their Cincinnati Office Hours.
- Second, Chris is a guy who knows a thing or two about Biz Dev, having previously held that responsibility at eBay, del.icio.us / Yahoo and TED Conferences.
- Third, too many people misunderstand the difference between Business Development and Sales… especially companies that are trying to get a Brand Manager’s attention.
It is that last point that I think people really need to keep in mind. As Chris outlines in his below presentation, Business Development is an “Exchange of Value” while Sales is generally just about generating revenue.
Every week, I probably get a dozen cold calls from companies that have a Sales mindset and our looking to tap into the bank account of our brands. Few of these brands get in the door.
But contrast that with the rare company that has the Business Development mindset of an “Exchange of Value.” These folks realize that Business Development is about forming relationships that evolve into longer lasting partnerships. In other words, they follow Chris’s advice of:
- Asking what problem are you solving for your partner.
- Selling benefits, not features.
- Realize it “Should be as much about their needs as your offering.”
If you want to get a Brand Manager’s attention, I could not recommend more strongly that you act with a Business Development mindset instead of a Sales mindset. Your chances of getting a meeting – and eventually business – increase exponentially when you act that way.
Business is a long-term game best summed up in the advice of fellow First Round Capital Partner, Josh Kopelman:
“Reputations are not built over a deal, but over a career.” – Josh Kopelman
RSS Readers – Click for presentation
Connect with Dave...