Big Awards SYNC with Stever Brumer on Business Development
Russ Fordyce from the Business Intelligence Group speaks with Steve Brumer of 151 Advisors about Business Development in Technology. 151 Advisors is a ten-year-old term focused and specialized in helping companies plan their go-to-market strategies and accelerate the growth of their services and products.
They work with international companies trying to enter the North American market, but they have also worked with many large companies like Motorola and Verizon and many small companies like private equity firms where the goal is to help them expand their business and help them make money. Steve talks about how he really looks for a recurring revenue scenario in a company because it holds up the valuation of a company. It isn’t as easy as it seems to move things to market and make money from them, which is why 151 Advisors is there to help through direct sales or unique marketing to attack from every angle. Whether it is B2B, B2C, M2M, or IoT, 151 Advisors manages to create business development strategies for these companies in every aspect possible.
Russ asks to expand on what IoT means in this day and age, to which Steve replies by delving into the importance of the Internet of Things. IoT touches every market now which is why business development for these “things” is so important. Many companies believe they can just easily bring products like this to market, but without the proper go-to-market strategies and channel development strategies, the product or service you are providing will have a lot of difficulties taking off.
An example Russ and Steve both accounts is the use of RFID and NFC. The use of these technologies has many widespread applications that can be very beneficial to the connected world. But as can be seen in their use, the United States has been a laggard in the market when it comes to adopting some of these things. Steve mentions how the NFC technology especially was seen as having so much potential, but the problem is, it is not being used and adopted where it should. This seems to be another place where business development from those specializing in market strategies for IoT companies can have a huge effect. Steve mentions how our government is very slow when it comes to adopting these new technologies and makes it difficult to move things forward quickly. This can also be seen in the credit card chip and how slow it came to be adopted. In Europe, the banks essentially handed out cards with chips in them saying to their members that they would be using them from now on, and it became widely accepted very quickly. A move like that had not been made in the United States due to the process, which is why these things are slow to implement.
Steve sees that as these things move forward in IoT, things will become bigger and grow to be more accepted and more widely used as these devices and technologies gain higher standards and better ease of use. This can be a huge move forward for the US in these markets because other countries see this market as even more reliable than their own, providing many opportunities for companies like 151 Advisors to help grow in this space.