With markets softening, it’s very likely that client demand will weaken in the coming months. So, many firms are turning their attention back to business development.
Unfortunately, most seller-doers have let their broader networks atrophy. They rarely make time anymore for power lunches and client site visits. They tell themselves they can build relationships just as effectively with a quick Teams or Zoom chat.
That’s good news for those who plan to put in the extra effort and go “old school.” Their willingness to meet in person over a cocktail or get on a plane and do a roadshow will give them a considerable competitive edge.
Because there is simply no substitute for in-person interaction. You spend more time connecting personally and understanding each other’s needs. You share a meal or a drink and develop meaningful camaraderie. You earn a spot on each other’s shortlists.
Of course, virtual BD has its place, but when it becomes your strategy, you have to ask yourself whether you are prioritizing convenience over efficacy.