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Hey, folks. Let’s learn something new about the oil and gas industry.
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All right. Today’s show, we’re going to talk about the business development in oil and gas, what are the best practices. And before we get started, let’s make sure we understand business development and sales are not the same thing, so many people mix those two things up.
Business development is the science of acquiring new business. Sales is the execution either new business or old business of generating revenue. They are different things. In the ideal world, business development will have sales marketing product development under him, maybe not direct reports, but at least dotted line.
So, with our work in our clients there’s couple of best practices in how you go about thinking about your business development efforts. The first one is you need to figure out what problems you solve. Your product or solution solves a problem, you need to know exactly what that problem is.
The next thing is you need to figure out in oil and gas who has that problem literally what are the titles of the people that have that problem that, you know, it impacts their businesses somewhere. Then, you need to understand what is the value of solving that problem.
The next thing you need to understand is you need to be very adaptable. So the problem that you solve when you combine that with who has that problem, the values can be different and the stories can be different. So, if you have some software that automate some process, at an executive level you might be talking about shareholder value, right? Because it automates this process, the more work gets done, more transaction is going to affect shareholder value.
So you’re going to have a whole story about the software how to fix shareholder value, but it only applies when you’re talking to the executives and it could very well the same software when you’re talking to the business unit leaders its operational efficiency, right? It frees up man hour. So that story should be about free enough man hours when you’re talking to the business unit leader, not about shareholder value and you need to understand that every target is going to have a different story.
Then, the next thing is as you’re putting these tools together and you’re getting this feedback, you need to measure. And the reason you need to measure is some stuff is going to work better than others and you need to know that. You need to spend your time what produces 80% of the results not 20%.
And then, next thing is once you have this machine running, you got to get feedback to product development sales and marketing. Go back to other example, if we’re talking about executives we’re talking about increase in shareholder value from the software, your marketing team needs to jump on that and kick out some content around that. But the content could be different to the operations manager like we just talked about.
Then, after everything that’s going on, you need to accelerate what works and this is something that we do a lot with our clients. We figure out exactly what it is that’s working the best and we put our resources on that and that way you accelerate revenue much, much quicker. So this is kind of the best practices of what we use with our clients in oil and gas. I hope this helps you.
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