In light of the data that came out in the most recent Benchmark study from our friends over at Activated Insights, we decided it was time to write an article about hiring the right Business Development Professional. As per that benchmark study, the number one way to grow your business is to strengthen relationships with referral sources. Many companies in the last five years since the pandemic have gotten away from this. Now all of a sudden, many folks want to reengage with referral sources to generate professional inquiries. So, here’s what we need to do when it comes to hiring a business development person.
STOP HIRING MARKETERS, HIRE A BUSINESS DEVELOPMENT PROFESSIONAL
Marketing is a very broad term. Many people include internet marketing, managing social media, website, SEO, sending email drip campaigns, and even setting up artificial intelligence and automation as ways of marketing. Those are all effective marketing types, and necessary. However, when it comes to developing relationships at referral sources, this is an external position where it is required for someone to spend 30 to 40 hours a week on the road outside of the office, not behind the desk on a computer. As a result, when people hire marketing reps, they’re getting a lot of folks that want to do all of the internet and the computer type of marketing as opposed to direct referral relationship building. This is why we need to make sure that when we go to hire a professional, we put the correct title in the job description. Here are some suggestions: Business Development Coordinator or Specialist, Community Relations Coordinator, or Director Of Business Development. Whatever title you settle on, just make sure to stop using the term marketing rep and start using the term business development.
BONUS TIP – Hire someone who has business development experience, but from another industry outside of healthcare. When you do so, try to find someone who was a decorated “Champion” in their field, but their industry has gone away because of advancements in technology and how things are done these days. I have found great success in sales folks who sold magazine or news paper subscriptions, circular advertising, and door to door sales. These individuals have a high tolerance for rejection, and being a “Former Champion” know what it takes to be successful, they just need to be given a shot in a new industry.
TEACHABLE, COACHABLE, & TRAINABLE
In today’s society, there are far too many people who are very high on themselves. They feel that they know everything and are unwilling to accept training of any sorts. In my profession as a coach and a consultant, I can tell you that about 25% of the people that I’ve worked with in the last couple of years coaching refuse training, refuse accountability, and “Know what they are doing” but can’t seem to get the results on their own. This is something that you have to check for in the interview process. No matter what program you are engaged with or accountability measures you use, never hire someone who cannot be taught!
Also, make sure that you can coach them. Think about it from the perspective of every success story. Every sports team has a coach and every championship team would not be a championship team if it wasn’t for that coach. When you hire someone who’s a business development professional, you yourself as the owner of the company will be coaching this person and holding them accountable to growing your business. If they resist coaching from you, how can they help you reach your goals?
Last comes the training. Think about the nature of your business. We are care professionals. We have caregivers, nurses, LPNs and everyone else. They all, in order to maintain their licenses to practice medicine and taking care of the elderly, have to continually get educated and be trained. The same thing goes for our Business Development Professionals. The industry changes often and quickly these days. There’s always new ways of doing things. When we hire someone who is unable to be trained because they refuse, what does that say about that person? What does it say about your company? Remember, this person is representing you and your company in referral sources you are trying to make a strong impression in and develop. In the end, make sure that when you hire someone they are teachable, coachable, and trainable. This is someone who comes into the business with the right attitude and the right mindset, and you can work with that person and together grow your organization.
BONUS TIP – On the interview, ask candidates what type of formal training they have had. Ask them how the experience was. Ask them what they have done to continue to develop their skills. Ask about books they have read or are in the process of reading. See if they are involved in extracurricular activities or sports. Are they competitive? These are the type of questions that can help you to determine if someone is teachable, coachable, and trainable.
TOP PRODUCERS ARE WORTH THE COMPENSATION THEY COMMAND
The third and final point that I’m going to make in this article comes down to compensation. If you really want to develop referral sources, you’re going to have to open up your wallet. This is going to be someone who is working with you for a long period of time, putting in many hours developing relationships at referral sources that leads to professional inquiries. This is not a basic entry level position. This is not a position that you can pay someone $40,000 base plus a high commission incentive. This is not a position that you can pay commission only, as it takes months to generate leads and then convert them into paying customers.
Because it takes that long to get established in an account, you have to compensate people accordingly if you want a good professional. The benchmark shows that the national average salary right now is $65,000. It can be $10,000-30,000 more depending on what market you’re in. I have clients in higher income areas where they’re compensating $90,000+ as a base salary and commission on top of that, where the business development professional can earn over a hundred thousand dollars in income with diligent work and results. Always put perspective into what you’re asking an employee to do. In this case, you’re asking them to spend 30-40hrs a week on the road. You’re asking them to represent your company in a manner that leads to professional inquiries for services to be given. You’re asking them to build a trusting relationship in these accounts. In essence you’re asking them to be a walking talking billboard for your company. To be done properly, it will not come cheap. But, the juice is worth the squeeze. Hire the right person, compensate them accordingly so they are happy, and watch your business grow.
BONUS TIP – One more thing on compensation. When you hire someone, and they are the right person, but you under pay them, they always end up getting poached by another company willing to pay more. In the last 12 years as a consultant, every time I advised my client (the owner) to increase the compensation of a producing Rep and they didn’t, the rep went elsewhere for 25-50% more money! If you want to start off small for a temporary probation period (90 days) to make sure you have the right person and an increase to a more competitive salary, you can do this. Just make sure you give them the increase when they are due.
In reading all this, when you’re ready to hire a business development professional, know what you’re doing. Find the Business Development Professional who is trainable, coachable, and teachable; and pay them accordingly, hold them accountable for results, and work with them to produce. If you want help in hiring, training, coaching, and mentoring your Rep, contact us at info@homecareevolution.com. We have interview packages, compensation plans, “Ignite” courses, and on going guidance that has helped our clients grow by billions in revenue since 2012. Give your Reps support and watch your business grow!