Red Pennant Communications provides professional business development services and products specifically to owners, operators and consultants in the mining, minerals and extractive industries. The services and products we deliver for our clients are designed to appeal to mining industry professionals and generate interest in mining projects.
Business development (“BD”) includes the entire business development process, from marketing and lead generation, through proposals and pitches, to sales and client communications.
The benefits explained
These benefits are explained below. They apply particularly to business owners or managers who run lean operations and have small BD budgets, and who need the services but either cannot afford a team of employees or consultants and have to rely on contracted individuals. Red Pennant Communications have worked with many such companies and understand the restrictions and opportunities of being in this situation.
It commonly happens in newly listed companies of which the projects are in the early development stage, as well as consulting companies that experience the knock-on effect of downturns in the industry.
You can benefit from signing on Red Pennant Communications to do your BD in the following ways:
- You will reduce the risk of not knowing what you don’t know about BD.
- You will be able to get the maximum value out of your budgets.
- Your communications will be right the first time.
- You will be able to pay a flat hourly rate and choose exactly what you want done.
- Your BD activities can be measured so that you can control the program.
- Your communications will comply with industry regulations.
1. You will reduce the risk of not knowing what you don’t know about BD.
Many business managers are loath to admit that BD, particularly in the professions, is a job that requires education and skill. Not just anyone can do it correctly. Using a qualified professional will reduce the risk of not knowing what you may not know about BD, knowing (dangerously) little about BD, or having the wrong idea about BD. This includes:
- Ensuring that the professionals that you employ stick to what they are qualified to do and leave the business development and marketing to people who are similarly qualified for what they do. (Here is a post about the dangers of dabbling in BD.)
- Reducing the risk of actual mistakes in communication planning and execution, and losing opportunities or alienating clients as a result
- Avoiding external communiques with mistakes that damage your reputation or your brand, or lead to legal problems
- Avoiding the problem of having no impact, slipping down to zero visibility, or not being top of mind with your prospective clients
- Reducing the effort and problems of having to adapt your BD to constantly changing markets, market strategies, tactics, media and regulations
Key words: ✓risk management ✓reputation management ✓brand management ✓market leadership ✓specialization ✓adapting to change
2. You will be able to get the maximum value out of your budgets.
- Get the most out of your limited BD budgets.
- Get your specialists to set up BD activities so that you can measure their effectiveness and the financial value they have added. After all, you cannot control what you do not measure.
- Reduce labour costs by using specialized freelance services for BD rather than using management hours. Freelancers typically do not charge for disbursements, office overheads or specialized software, and work without back office support.
- Since the hourly rates for freelance contractors are lower than those of permanent employees you will be able to be able to get more hours of work done and still be within your budget.
- If your concern is liability and professionalism, a well-managed contractor will provide their own insurance and accreditation.
Key words: ✓budget control ✓cost allocation ✓hour utilization ✓insurance ✓accreditation
3. Your communications will be right the first time.
- Your external communications will be compliant with NI 43-101 or AIM regulations, or any other applicable reporting standard, regulation or professional guideline. While there is no substitute for Legal Counsel, BD specialists should be able to cope with the requisite compliance in day-to-day activities.
- Your BD activities will be designed to logically combine into campaigns, rather than isolated events. This is the way to obtain long-term, lasting results. Piecemeal BD is a waste of resources.
- A specialist will have wide experience of BD systems, operating ecosystems, best practices and standards. Therefore they will know how to provide you with the specific BD services, products, solutions and outcomes that you require. You will be able to be selective rather than having to use just one option (“the way we have always done it”).
- Your BD will be correct in all respects right from the start, with minimal supervision and management involvement required. A BD specialist will be able to shorten take-on periods or learning curves, or avoid them altogether.
Read more about compliance and what to watch out for here.
Key words: ✓compliance ✓campaign management ✓selection and choice ✓take-on expediting
4. You will be able to pay a flat hourly rate and choose exactly what you want done.
- The contract structure of Red Pennant Communications means that clients pay a flat hourly rate, regardless of what the work involves or how difficult it is.
- Contracting with freelancers or contractors typically means working with them on project-by-project basis, without their involvement in operations or maintenance activities. This means that their work will be selective, specialized and focused. This reduces costs.
- In freelancing terms, these project “gigs” make up the track record and showcase of freelancers and contractors. Clients can pick their preferred media mix, or mix of products and services, from these showcases or reference projects.
- BD includes all communications and marketing that relate to revenue generation. The business development cycle starts with analyzing what the market is, and ends with a sale and continued client relationships. At any time, a business is at some point in this cycle and this position determines what the BD requirements are and what the marketing mix will be to meet those requirements.
Clients could select:
- a suite of services, such as campaign design or team makeup and training;
- a specific service, such as proposal management;
- a specific product, such as a portfolio of project profiles,
- or the development and production of a specific medium or platform such as video or a blog posts.
Read more about the latest ways of doing Business Development.
Key words: ✓flat hourly rate ✓project-by-project engagement ✓BD portfolio ✓service suite selection ✓services selection ✓BD product selection ✓BD cycle ✓media mix selection
5. Your BD activities can be measured so that you can control the program.
- A professional will know how important it is to measure the success of a company’s BD activities. Most measurements of success can be given a monetary value. The monetary value of BD activities can then be compared to what the BD activity cost to determine whether the cost is justified. BD metrics can also be used qualitatively to determine market perception, brand value, employee buy-in, product value, service quality, etc.
- They will be able to determine which metrics can be used.
- Then they will be able to build this into the design of specific BD activities.
- To justify these expenses and to know or whether or how well your BD is working, you have to measure what you do. BD activities have to be set up from scratch to deliver the numbers that you require for specific metrics.
Qualitative BD metrics:
- Market leadership
- Service or product quality
- Client base communication preferences
- Client satisfaction levels
- Effectiveness of media
- Effectiveness of USP
- Reputation or brand assessment
- Investor preferences and criteria
Quantitative BD metrics:
- Hours spent on BD
- Costs vs value of specific BD initiatives
- Proposal and bid success
- Level of proposal compliance
- Market dominance
- Projected CAPEX and OPEX of client segment
- Brand value
- Effectiveness of media
Key words: ✓monetary value of BD ✓set up to measure ✓quantitative metrics ✓qualitative metrics
6. Your communications will comply with industry regulations.
- Mining industries worldwide are rife with rules and regulations for how to communicate about minerals projects or operations. For instance, the TSX has more than 40 categories of rules that apply to, or have implications for, company communications on the TSX.
- Those need not be top of mind for a company owner or operator. Red Pennant Communications will deal with these complexities so that you don’t have to.
- Red Pennant Communications will ensure that your communications comply with the applicable rules and guidelines for disclosure of the exchange on which your company is listed (TSX, TSX-V, NYSE, LSE, JSE or ASE), as well as the applicable Standards of Disclosure for Mineral Projects.
- We know what can go wrong and why it would, and we forewarn our clients. In instances where the misstep could not be prevented, we know how to help our clients do damage control and recover.
- Red Pennant Communications ensures that the BD that we do for all our clients complies with applicable laws and regulations, meets quality standards, and adheres to codes of ethics.
Key words: ✓compliance ✓rules for disclosure ✓quality standards ✓codes of ethics ✓publicly listed or private companies ✓damage control