Spring Forward: Three Insights from Women Who Win in Business Development

A recent survey shed light on several factors contributing to successful business development that distinguish high-performing women sellers from others. The survey, conducted by GrowthPlay in March 2021, was designed to supplement its existing research on the distinctions of high-performing law firm revenue generators. Three insights emerged from the data:

1. Women have sales strengths to leverage personally and with colleagues. The women surveyed responded that finding an approach to business development that plays to their strengths is a critical factor. GrowthPlay's research shows there are multiple pathways to generating revenue, including 130 sales competencies that tie to a variety of business development activities. The findings suggest the women lawyers who identify their sales strengths and align those strengths to activities for which they are well-suited not only excel in those efforts but also reap more personal satisfaction and gratification. Furthermore, women who seek colleagues with complementary strengths can bolster their efforts by increasing their ability to connect with a wider range of potential clients and referral sources.
2. Balance the spectrum of emotional intelligence. Emotional intelligence (EQ) emerged as one of the most important characteristics of high-performing women business developers. Emotional intelligence helps sellers navigate the emotional and rational elements of the sales dynamic with buyers. By being in tune with a prospective buyer's needs and desires, and the time required to draw this information out, business developers with high EQ often avoid "rushing to rejection" or asking for the business prematurely. On the other end of the spectrum, the data shows emotional intelligence can heighten the fear factor of looking badly or the perception of being self-interested when asking a friend about a business opportunity. By combining emotional intelligence with a sales process that creates mutual alignment with a prospective buyer, women business developers create attractive conditions for buying.
3. Resiliency in business development is key. "You miss 100% percent of the shots you never take," said hockey legend Wayne Gretzky. Research shows the fear of rejection, fear of being wrong or the desire to avoid discomfort impact actions and behavior, especially in business development. While business development activities, efforts and strengths will vary from person to person, patience, persistence and creativity are crucial in navigating the long professional services sales cycle. Survey respondents who followed up with a prospective client despite receiving no response from their initial outreach or asked to stay connected following a lost sales opportunity benefited by their persistence. Additionally, those who focus their efforts around solving the problems of the day increase their value proposition in building relationships with key stakeholders. Throughout the pandemic, there has been a significant rise in the number of problems that need to be solved, including WFH issues, school from home, staying connected with colleagues, securing PPP loans, coming back to the office safely, addressing mental wellness, etc. The women lawyers who ask questions beyond their area of expertise find more and creative ways to make an impact which ultimately leads to stronger relationships and more business opportunities.

To read about the other factors women lawyers attribute to their business development success, please visit www.growthplay.com to view the full survey results.