Business Development as a Solopreneur (part 2)

Best Practices to Actually Have a Pipeline

 “A sales pipeline is a visual representation of sales prospects and where they are in the purchasing process.”

from Lauren Horwitz by Cisco

Is there a good way to build a pipeline in the fractional executive space? When lead times can be as little as two weeks, and you have just 5-10 slots to sell yourself over the course of a year?

I used to think that in this space, there is no such thing as a real pipeline.

But, of course, there are other considerations: Not every opportunity has a two-week lead time; some are dragging out much longer as founders, owners, or CEOs are waiting for a trigger (such as funding). And sometimes they are flexible, maybe even adjusting to your availability. And there are what I would label “best practices” in Business Development for a fractional executive that, in the end, allow building a pipeline.

Let’s first look at inbound best practices:

·       LinkedIn Profile: There are many LinkedIn profile specialists, and I am not one of them. Most of them are focused on targeting recruiters, a somewhat homogenous group. When you put yourself out there as a fractional, it is harder to anticipate who you are targeting. My advice, in addition to everything a specialist will tell you: (1) cover all bases, (2) have a brand and be specific, (3) but don’t be a bragger.

(1)          Contractor, interim, fractional, 1099, gig, on-demand, project-based, outsourced, hired gun, virtual, third-party, as-a-service, SLaaS, temporary, freelance, paid-by-the-drink, try-before-you-buy, free-range, cloud-based, elastic, acting, dynamic, contract-to-hire, ad-hoc, short-term, for hire, timeshare, portfolio career, staff augmentation, contingent, … These are just a few of the phrases used to describe the role. And then there are the different titles: CRO/CMO, VP, Head of sales/marketing, Manager, … Make sure you use all that apply to you and that you want to be found for in your profile.

(2)          Fractional executives can be found in every industry, for all types of products, all regions, and many types of businesses. After 30+ years, I certainly feel that I can help in any sales situation. However, the question is: What am I really good at? What do I want to do? What do I want my brand to be?

(3)          10X, >$1b in revenue, 3 exits, … Many LinkedIn profiles share these eye-catching statistics right in the headline. I personally feel that this is walking a fine line. In the end, it is a choice you make that then becomes part of your brand.

·       A Website and/or Email domain is an extension of your LinkedIn profile. It can add credibility; it can tell your story in the way you want it to be told. It can also be the home for further content you create. But don't get caught up in the SEO game; the space is far too crowded for a solopreneur. Look at your website as a business card.

·       Content like articles, blog posts, videos, books: In the marketing world, a lot has been written about the value of giving first, of sharing knowledge through content. And if you come off a 20- or 30-year career, you have a lot to share.

·       Social media beyond LinkedIn: Facebook, Instagram, TikTok, Medium, Quora, YouTube... The decision of where to go is determined by your target audience, and by selecting a platform where you can stay authentic.

·       Other content channels: You can be a guest blog writer, a guest on a podcast, sit in a fireside chat, or support reporters using HARO. All of these channels are geared towards putting your name out there and building your reputation.

·       Referrals: For me, referrals fall in the category of “heeding your own advice.” Generally speaking, people tend to be eager to help. So just ask every customer for a referral.

·       3rd parties: Consider putting your profile onto marketplaces for fractional executives, with recruiters or matchmakers that have a focus on Fractionals, with associations, or other networks. Some are free; some require an investment. From a sales perspective, you never want to put all your eggs in one basket; any one of those is an additional sales or BizDev channel for you. Just carefully review which might be the best fit for you and then join somewhere between 1 and 3 of those 3rd parties.

Inbound is good; outbound is better. In short, you have to do active outreach to find assignments. Very few fractional executives I know can live on inbound leads only.

·       LinkedIn / Navigator is a great place to find targets: use the available connection requests, messaging, InMails, or the Following button to do your outreach. I find that everyone is on LinkedIn, whatever your targeting criteria are.

·       Use technology (in a smart way). There is a lot of controversy over the use of bots, whether it is on LinkedIn or for other outreach. Plenty of people will tell you not to use them. Personally, and thinking of a solopreneur with little time and little money to invest, they can be very powerful. And they can be set up in a way that is not spammy.

·       Networking: A lesson I learned early is to be targeted, don’t spend time in-person or virtually just for the sake of saying you are networking. Be deliberate based on your brand by industry, by region, by product, targeting a certain demographic. Just one of the things I have found to work well: become a mentor or advisor in a local startup network. It quickly builds connections with mentees and other mentors. You make a name for yourself as an expert, you will be asked for advice, and people will refer to you.

·       Build a mailing list to stay top of mind. A business may not be ready when you initially reach out, a founder may have a change of heart about Fractionals later, or a CEO moves on to a new business. All reasons to stay connected, because outbound for Fractionals is not a one-and-done.

·       The third parties for outbound activities are all an investment. They are those that will inevitably reach out to you when you start a business, even as a solopreneur. They offer services like outsourced lead gen, SDRs, or introduction. Some are undoubtedly good, but I do hear way more stories about failed attempts than successful ones. And since they all represent an investment, you as a business owner have to make your own decision.

I used the phrase "heed your own advice” before because if you are a sales and marketing professional, these phrases may sound familiar to you: “A little bit every day,” “Create a cadence,” “Follow a process,” “Win fast, loose faster,” “Just do it,” “Pick up the phone and call.” Likely you were given some of this advice early in your career, and you passed it on to those reporting to you later. Now it is time to remember those best practices again when selling yourself.

The key to success, in my opinion, is cadence: regular BizDev activities every week, ideally every day. You can block time on your calendar because if you schedule it, it will get done.

Have a pipeline, but don’t rely on it, aka do not rest on the laurels of a full pipeline. Rather keep adding to it. You can always say “No” to an opportunity later or refer to another Fractional. Selling yourself as a Fractional Executive is not so much a numbers game (you don't look for 100s of assignments); it is rather a cadence/consistency/branding game.

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Business Development as a Solopreneur (Part 1)

Photo by Anne Gosewehr