Latest / What is Business Development? / Episode 91: BD-BOK Deep Dive: Handling Objections & Buying Signals

Transcript

Episode 91: BD-BOK Deep Dive: Handling Objections & Buying Signals · What is Business Development?

• 0:00
  Speaker 1: So if you're a high level business developer, you are
• 0:04
  Speaker 1: definitely familiar with the sales cliches that get drilled into
• 0:07
  Speaker 1: us from day one. Oh absolutely, And the absolute classic,
• 0:11
  Speaker 1: the one everyone knows is that old mantra always be
• 0:14
  Speaker 1: closing ABC.
• 0:16
  Speaker 2: Right. It's aggressive, it's relentless, and honestly, it implies that
• 0:20
  Speaker 2: the only thing that matters is getting that signature.
• 0:23
  Speaker 1: Sometimes at the expense of everything.
• 0:24
  Speaker 2: Else exactly, and that mindset, especially for people looking for sustainable,
• 0:28
  Speaker 2: high value deals, is well, our sources show is just obsolete.
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  Speaker 2: It's actually damaging.
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  Speaker 1: So we need a new ABC.
• 0:35
  Speaker 2: We need a fundamental redefinition. The new ABC is always
• 0:39
  Speaker 2: be caring, and that is.
• 0:40
  Speaker 1: The premise we are diving into today. Welcome to the
• 0:43
  Speaker 1: deep dive. We are essentially ripping up the traditional sales
• 0:47
  Speaker 1: playbook to look at the secret weapon of elite business
• 0:50
  Speaker 1: development empathy.
• 0:51
  Speaker 2: But not just you know, soft skills empathy.
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  Speaker 1: Right, We're talking about empathy that's backed by real behavioral science,
• 0:57
  Speaker 1: negotiation tactics straight from FBI experts, and the hard data
• 1:01
  Speaker 1: that shows exactly what separates the top people from everyone else.
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  Speaker 2: Our whole mission here is to give you a shortcut
• 1:07
  Speaker 2: to being really well informed on this. We're unpacking sources
• 1:10
  Speaker 2: that define success not by aggression, but by detecting these
• 1:15
  Speaker 2: tiny intent signals.
• 1:16
  Speaker 1: And using empathetic negotiation strategies exactly.
• 1:19
  Speaker 2: We're focused on a core formula that our research points to,
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  Speaker 2: which is BD equals purpose plus empathy plus truth and
• 1:28
  Speaker 2: all of that leads to trust.
• 1:29
  Speaker 1: That feels like more than just a paradigm shift. It
• 1:32
  Speaker 1: sounds like a like an ethical reset for the whole profession.
• 1:35
  Speaker 2: It is, it absolutely is. For you the business developer,
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  Speaker 2: your job isn't just to sell something, it's to be
• 1:40
  Speaker 2: an empathetic advocate. Your main role is to help the
• 1:43
  Speaker 2: prospect declare.
• 1:44
  Speaker 1: Intent, and that happens during what you call the activation phase.
• 1:48
  Speaker 2: That's that critical moment. It's where a prospect goes from
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  Speaker 2: just being interested to actively seeing your solution as the
• 1:54
  Speaker 2: way forward.
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  Speaker 1: And if you don't master this empathetic, data driven process,
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  Speaker 1: what's the risk.
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  Speaker 2: The risk is so much bigger than just losing a deal.
• 2:02
  Speaker 2: You actively damage your brand, your reputation. You come across
• 2:05
  Speaker 2: as someone who just doesn't care. And our sources are
• 2:09
  Speaker 2: crystal clear. In high stake speed, trust is the only currency.
• 2:13
  Speaker 1: That matters Okay, so let's break down this mindset shift,
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  Speaker 1: starting with with identity. If we're not that high pressure caricature,
• 2:20
  Speaker 1: what do the top sources say we are.
• 2:23
  Speaker 2: They're essentially highly skilled and paths but with exceptional cognitive ability.
• 2:29
  Speaker 2: Their success doesn't come from smooth talk. It comes from
• 2:32
  Speaker 2: understanding emotions.
• 2:33
  Speaker 1: So they can see and respond to those negative and
• 2:36
  Speaker 1: positive intent signals you mentioned percisely.
• 2:38
  Speaker 2: It's all about building trust toward a mutual purpose, which
• 2:41
  Speaker 2: then naturally attracts the transaction rather than forcing it.
• 2:45
  Speaker 1: And this framework must help a ton with qualification. I mean,
• 2:48
  Speaker 1: if you're getting objections, those are negative intent signals, it
• 2:51
  Speaker 1: often means you're not talking to a real prospect.
• 2:53
  Speaker 2: That's the most critical distinction to make early on. You're
• 2:56
  Speaker 2: talking to a suspect, and objection hardly ever means no
• 2:59
  Speaker 2: for it. Ever, it almost always means you don't have
• 3:02
  Speaker 2: a common purpose yet, or they're missing.
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  Speaker 1: Something like funding, authority, urgency.
• 3:06
  Speaker 2: Exactly one of the necessary resources.
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  Speaker 1: So the tough message here for business developers is that
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  Speaker 1: chasing after unqualified suspects is just a massive, quantifiable waste
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  Speaker 1: of everyone's time and resources.
• 3:19
  Speaker 2: It is your job is to find and nurture qualified
• 3:22
  Speaker 2: prospects until they are ready to declare intent. And to
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  Speaker 2: do that you have to train yourself to spot the
• 3:29
  Speaker 2: subtle positive signals.
• 3:31
  Speaker 1: They aren't gonna just yell where do I sign?
• 3:33
  Speaker 2: Not at all, They're much quieter.
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  Speaker 1: So what are some of those specific behavioral signals the
• 3:38
  Speaker 1: sources say to watch for.
• 3:39
  Speaker 2: Okay, we've got a great list. You're looking for a
• 3:42
  Speaker 2: shift from big picture questions to logistical ones. For example,
• 3:46
  Speaker 2: genuine excitement about features that meet their specific requirements, not.
• 3:50
  Speaker 1: Just any feature, but one that solves their problem right.
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  Speaker 2: Or detailed questions about customization. Maybe they start asking about
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  Speaker 2: delivery schedules or or they start talking through trade off
• 4:00
  Speaker 2: out loud, like how they could make the purchase.
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  Speaker 1: And of course the big one, detailed questions about pricing
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  Speaker 1: and payment terms.
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  Speaker 2: Those are all signs that they are mentally visualizing ownership.
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  Speaker 1: And this is where the empathy part comes back in.
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  Speaker 1: How do you handle a question about pricing without immediately
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  Speaker 1: sounding like you're just jumping at a commission check?
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  Speaker 2: You clarify with a question. That is the key. It
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  Speaker 2: keeps the communication totally clear and it confirms their intent.
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  Speaker 2: So instead of launching into your payment plans. You just
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  Speaker 2: say something like.
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  Speaker 1: Well, like oh you want a talk price?
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  Speaker 2: No more like okay, I hear you have some detailed
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  Speaker 2: questions about payment terms. That's great. Does that mean you
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  Speaker 2: might be ready to move forward to make a purchase.
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  Speaker 1: Ah, So you're direct, but you frame it as checking
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  Speaker 1: in on their interests.
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  Speaker 2: Exactly. If so, I'd be happy to get you those details.
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  Speaker 2: It informs their interest instead of forcing.
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  Speaker 1: A sale, which brings us perfectly to the core methodology,
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  Speaker 1: the data driven science of handling objections. And this is
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  Speaker 1: where we get insights from, of all people, former FBI negotiators.
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  Speaker 2: Yeah, we're talking about the principles used by Chris Voss.
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  Speaker 2: His core technique. Mirroring is not about manipulation. It's a direct,
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  Speaker 2: verifiable act of empathy. And it's step one in this
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  Speaker 2: seven step empathetic objection sequence.
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  Speaker 1: All right, let's walk through that sequence. Step one is
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  Speaker 1: repeat or mirroring.
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  Speaker 2: So you just repeat the prospect's last three keywords, but
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  Speaker 2: with an upward questioning tone. It signals curiosity. So if
• 5:27
  Speaker 2: they say we're perfectly happy with our current vendor, you just.
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  Speaker 1: Respond you're happy with your current vendor.
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  Speaker 2: That's it. That little phrase shows you heard them, and
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  Speaker 2: it opens the door for them to say more.
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  Speaker 1: And then what comes next is maybe the most counterintuitive
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  Speaker 1: piece of advice I've ever seen. Step two is.
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  Speaker 2: Pause and not a little pause. And this is where
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  Speaker 2: a HubSpot study is just electrifying. They found pop prospectors
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  Speaker 2: paused five times longer than average ones after an objection
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  Speaker 2: five times.
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  Speaker 1: I have to admit if I tried that, I'd feel
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  Speaker 1: like I was holding them hostage on the phone. Is
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  Speaker 1: silence really that power powerful?
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  Speaker 2: It's unbelievably powerful. It forces them to process what they
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  Speaker 2: just said and maybe even self correct or add more context.
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  Speaker 2: It's about creating mental space.
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  Speaker 1: Okay, So after that very long pause comes step three,
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  Speaker 1: which is pace right.
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  Speaker 2: And here again the data tells us exactly how to sound.
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  Speaker 1: You slow down, slower, projects calm and confidence.
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  Speaker 2: Exactly. The HubSpot study found top prospectors spoke at about
• 6:24
  Speaker 2: one hundred and seventy six words permitted the average ones.
• 6:27
  Speaker 2: They spoke seven percent faster, almost like they were nervous
• 6:30
  Speaker 2: or rushing slower. His calmer and calm builds trust.
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  Speaker 1: The next step is listen, which seems obvious, but the
• 6:38
  Speaker 1: research shows most people are terrible at.
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  Speaker 2: It, Oh, they're awful. That same HubSpot study, it found
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  Speaker 2: average prospectors launched into a massive twenty one and a
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  Speaker 2: half second response right after the proctect finished talking just
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  Speaker 2: a monologue, a total monologue. The top people spoke much
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  Speaker 2: much less. You have to consider everything, the objection they
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  Speaker 2: stated and the fear hidden underneath it before you move
• 7:00
  Speaker 2: to step five validate.
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  Speaker 1: And validation is where you acknowledge their concern, their emotional state.
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  Speaker 2: It is the cornerstone. You are validating the human being,
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  Speaker 2: not just the objection. It reduces tension. You might say
• 7:14
  Speaker 2: something like, I understand your position and that's a valid concern.
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  Speaker 2: It sounds like you're under a lot of pressure to
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  Speaker 2: stick with your current vendor.
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  Speaker 1: You're showing them you get it.
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  Speaker 2: You show them their fears reasonable, and once they feel heard,
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  Speaker 2: you move to step six.
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  Speaker 1: Question and the data on questioning is just as strong
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  Speaker 1: as the data on silence.
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  Speaker 2: It is. HubSpot found top prospectors ask questions nearly two
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  Speaker 2: times more often. They're not pushing a solution, they're pulling information.
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  Speaker 1: So what's a good question to ask?
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  Speaker 2: In that spot? A great one is so what do
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  Speaker 2: you like most about your current vendor? And what are
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  Speaker 2: some of the things you wish they could change.
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  Speaker 1: That literally gives you the blueprint for your solution, which
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  Speaker 1: brings us to the final stage the solution using that
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  Speaker 1: feel felt found framework.
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  Speaker 2: This is your measured empathetic response and it's backed by
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  Speaker 2: social proof. So first, feel you restate the common ground.
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  Speaker 2: We typically find folks feel pretty happy with their current vendors, okay,
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  Speaker 2: Second felt, you acknowledge their risk other corporations like yours
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  Speaker 2: have felt that a transition might be too risky. And
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  Speaker 2: third found you show credible proof. What we found is
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  Speaker 2: that we successfully delivered the solution a month faster than
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  Speaker 2: the industry average, which dramatically reduces that risk.
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  Speaker 1: So you go from mirroring their feeling to validating the
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  Speaker 1: risk to proving you can solve it with data that's powerful.
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  Speaker 2: And the last piece, step seven is just permission. You
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  Speaker 2: ask for permission to continue. You could say, so based
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  Speaker 2: on that, what it makes sense for us to go
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  Speaker 2: into more detail. You maintain that mutual respect.
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  Speaker 1: That whole sequence is built on a foundation of trust,
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  Speaker 1: which leads us to the bigger picture of negotiation theory,
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  Speaker 1: and that trust is defined by those three things, purpose, empathy,
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  Speaker 1: and truth.
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  Speaker 2: Trust is just it's non negotiable, and that common purpose
• 9:02
  Speaker 2: is critical. It links directly to game theory, specifically Nash equilibrium, the.
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  Speaker 1: Idea from a beautiful mind right where the best outcome
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  Speaker 1: for the group happens when everyone pursues the common goal,
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  Speaker 1: not just their own self interest.
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  Speaker 2: That's the one For you, the business developer. It means
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  Speaker 2: you have to define that common goal so clearly that
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  Speaker 2: what's best for your company is also what's best for
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  Speaker 2: your prospect's success. It maximizes value for everyone.
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  Speaker 1: But when we talk about empathy in these high staye negotiations,
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  Speaker 1: we have to be really, really precise about the type
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  Speaker 1: of empathy. Our sources had a fascinating, almost counterintuitive finding
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  Speaker 1: on this from Columbia Business School.
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  Speaker 2: This is such a critical nuance. A two thousand and
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  Speaker 2: eight study by doctor Adam Glinsky found a huge difference
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  Speaker 2: between cognitive and emotional empathy. Cognitive empathy, which is perspective taking,
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  Speaker 2: you know, understanding how the other side thinks. That actually
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  Speaker 2: increased the ability to find hidden agreements and create value.
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  Speaker 1: Okay, that makes sense, but what about emotional empathy.
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  Speaker 2: Welltional empathy, which is actually feeling their pain or excitement.
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  Speaker 2: Was often found to be detrimental late detrimental.
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  Speaker 1: How can caring too much hurt the deal? That goes
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  Speaker 1: against everything we've been taught.
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  Speaker 2: Because when you internalize their emotional state, it can cloud
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  Speaker 2: your own focus on the objective criteria and that common
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  Speaker 2: purpose in a negotiation. You have to understand their perspective,
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  Speaker 2: but you can't let their feelings dictate your strategy. You
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  Speaker 2: have to keep it cognitive.
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  Speaker 1: That is a massive takeaway. Be human, but maintain professional
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  Speaker 1: distance for the sake of the deal.
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  Speaker 2: And there's a huge incentive for this, it's advocacy. A
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  Speaker 2: twenty twenty one study in the Journal of Marketing found
• 10:35
  Speaker 2: that corporate profits are actually higher when the business developer
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  Speaker 2: actively advocates for the prospect during negotiations.
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  Speaker 1: So you're becoming their partner, fighting for them, even against
• 10:45
  Speaker 1: your own internal department. Sometimes you are.
• 10:47
  Speaker 2: And to make that work you need the final piece
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  Speaker 2: of trust. Truth. We have to remember that old line trust,
• 10:53
  Speaker 2: but verify. Negotiation is stressful feelings run high. Truth in
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  Speaker 2: the form of object active verifiable criteria is how you
• 11:02
  Speaker 2: reduce that emotion. You ground everything in things like industry standards,
• 11:07
  Speaker 2: market value, replacement costs, not just promises.
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  Speaker 1: Okay, we've set up the mindset, the methodology, but let's
• 11:13
  Speaker 1: ground this in reality for a second, especially cold outreach,
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  Speaker 1: where a lot of this starts. The probability of successes,
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  Speaker 1: it's low.
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  Speaker 2: The numbers are brutal, and we have to acknowledge them.
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  Speaker 2: A twenty seventeen connect end Cell study found that only
• 11:26
  Speaker 2: a microscopic zero point two percent of all calls resulted
• 11:30
  Speaker 2: in a follow on meeting zero point two.
• 11:32
  Speaker 1: Percent, and Harvard Business Review added that only about ten
• 11:35
  Speaker 1: percent of B to B decision makers even respond to
• 11:38
  Speaker 1: cold outreach in the first place.
• 11:39
  Speaker 2: And even when you do get a conversation, only five
• 11:42
  Speaker 2: percent of those lead to a meeting. So you have
• 11:43
  Speaker 2: to know you're playing a game with very long odds
• 11:45
  Speaker 2: at the start.
• 11:46
  Speaker 1: That sounds incredibly discouraging.
• 11:48
  Speaker 2: It can be, which is why you have to pair
• 11:50
  Speaker 2: it with the data on persistence. Yeah, effort isn't wasted,
• 11:52
  Speaker 2: it compounds. Oh so, that same twenty seventeen study found
• 11:56
  Speaker 2: that when you followed up with those previous prospects, your
• 11:59
  Speaker 2: success rate shot up. Meetings book per conversation went up
• 12:03
  Speaker 2: one point six y eight times, and meeting's book per
• 12:06
  Speaker 2: dial went up two point twenty six times.
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  Speaker 1: So the most empathetic bad professional is also the one
• 12:11
  Speaker 1: who just persistently shows up with value.
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  Speaker 2: That's it. It is just fascinating how often the most effective,
• 12:17
  Speaker 2: most human things, slowing down, listening, asking questions are the
• 12:21
  Speaker 2: things supported by the hardest data.
• 12:23
  Speaker 1: It's the deep irony, isn't it. The path to the
• 12:26
  Speaker 1: highest profits is to behave with the most empathy and
• 12:28
  Speaker 1: to advocate for the other person's success. First, it really
• 12:31
  Speaker 1: is so for you, our listener, the b D professional
• 12:33
  Speaker 1: who's looking to elevate your game. Let's leave you with
• 12:36
  Speaker 1: the top three takeaways from this deep dive into the
• 12:38
  Speaker 1: science of intent.
• 12:39
  Speaker 2: Okay, First, you have to fundamentally redefine your ABCS. Success
• 12:43
  Speaker 2: isn't about always be closing. It is about being an
• 12:46
  Speaker 2: empathetic advocate and focusing on that core formula BD purpose
• 12:50
  Speaker 2: plus empathy plus truth trust.
• 12:52
  Speaker 1: Second, harness the power of silence and inquiry. The HubSpot
• 12:56
  Speaker 1: data gives you really tangible things to do, down to
• 13:00
  Speaker 1: around one hundred and seventy six words per minute, pause
• 13:03
  Speaker 1: five times longer than average, and ask questions nearly two
• 13:07
  Speaker 1: times more.
• 13:07
  Speaker 2: And Third, remember that critical nuance use cognitive empathy, not
• 13:12
  Speaker 2: emotional empathy. When the stakes are high, focus on perspective
• 13:16
  Speaker 2: taking to unlock value. The Columbia study showed that getting
• 13:19
  Speaker 2: caught up emotionally can actually undermine the success you're trying
• 13:22
  Speaker 2: to create for everyone.
• 13:23
  Speaker 1: That distinction understanding versus feeling it changes the whole game.
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  Speaker 2: Which brings us to our final provocative thought for you
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  Speaker 2: to consider. The research says the highest corporate profits come
• 13:32
  Speaker 2: when the business developer acts as the prospect's advocate during negotiations.
• 13:37
  Speaker 2: So if you radically shift your posture from competitor to
• 13:41
  Speaker 2: a true collaborator, what does that fundamentally change about your
• 13:44
  Speaker 2: long term value and your personal reputation?
• 13:46
  Speaker 1: Something to mull over until our next deep dive. Thank
• 13:50
  Speaker 1: you for sharing your sources and for joining us. We'll
• 13:52
  Speaker 1: see you next time.