When it comes to winning a project, most firms will dedicate any amount of resources necessary to ensure a victory. Highlighting past work, schmoozing new prospects and making endless cold calls all falls into one category – business development. During sluggish economic conditions, no cost seems too small to pull in the next lucrative job.
All that effort is not wasted time and money, but it does have a dollar sign attached to it. How do you determine what is the true cost of all that activity? What tactics work best for different prospects?
Living in a project-driven industry
You live in a project-driven industry and you should be determining your business development cost on a project-by-project basis. This approach will help you get a more accurate view of what is the true profitability of each job.
Most industry-specific software will offer the capability to track business development and marketing costs along with the actual costs over the life of the project. Putting that software to good use will help you determine just how successful your performance was given all of the effort you put into winning the job in the first place.
When you talk about analyzing data and reviewing trend analysis for your business development efforts then you’re going to need software that does more than track costs.
Identify star performers and successful tactics
With the economy still showing little signs of recovery, the importance of improving your business development efforts is more important than ever. What software do you use to assign project managers, identify star performers and track why you won or lost a project? How do you make sure that your efforts were worthwhile?