We love helping people identify more sales opportunities in the European biotech pharma field, but we’re also always amazed how many of the people we work with miss maximizing on one of the biggest sources of business growth: their existing network.
You’re probably already sitting on a goldmine of information and leads!
CRO Business Development Basics
Business Development (BD) basically means pulling in new projects. However, that doesn’t have to mean finding brand new clients to get them. Sometimes it also simply means mining your own network a little more effectively. In short: you might want to start with your own clients.
Don’t get us wrong, new clients are very important for your CRO or specialty supplier company’s (and its portfolio’s) continued growth. But don’t forget to keep tabs on the clients you’ve already worked with – especially if it went well – and check in from time to time on where they are now and what they’re currently working on. If you can land another project with a client you’ve worked with before, that means the learning curve is that much shorter (and thus the associated costs will be lower). This is also often the fastest way to get a new project going.
Even with those active current clients you’ve been keeping happy with an ongoing service for ages, you might be missing something. Is there something additional that you could be doing for them? You probably have more skills in your tool shed than they know about (yet). When you want to try out something new, the safest place to start is with your closest clients.
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Expanding Your Business Network
When you are looking for new clients, your existing network is a great place to start. Who could possibly give a more meaningful referral or review than someone who actually knows what it’s like to work with you? Assuming you have a good relationship, your current clients are often your most enthusiastic supporters – after all, they want you to do well so that they can keep using your services! And your success will definitely rub off on them.
At the very least, gently digging for some more extensive feedback on the work you’ve done so far will help you pinpoint what you should advertise and what you need to work on when pulling in new work. Think of it as some laid-back marketing research. A confidence boost as you expand your network. Just remember to start your search close to home first!
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