Eric Rosenthal / November, 2017
How is BD different for a consumer vs. an enterprise product?
Eric Rosenthal, Head of Global Business Development at Abra explains how business development is done differently when selling to consumers versus enterprise.
How is business development different when working with a consumer product vs. an enterprise product?
My role as head of business development entails building out the business from ground zero and globally. That essentially involves building out the cash in and cash out network, the liquidity network as we call it.
The second is laying the foundation for building of the merchant business that would include partnership with different payment platforms that allow people to use Abra to pay for things. The third is to work with enterprises that are looking to make payments out to users what is broadly called payouts. The fourth is growth opportunities, so essentially working with different type of entities, media partners, partners that already have large customer basis work with them to grow the customer base of Abra.
Abra is interesting in the sense that is both a consumer facing brand and as well as a solution for enterprises and consequently the role that I have entails both doing partnerships to acquire end users and simultaneously helping to build the business for enterprises. Nonetheless, the primary difference between the two is that when you’re doing business development for a consumer facing brand your primary objective is getting users and consequently what you’re looking for is where can you add value to the partner that already has an existing base of users or can help accelerate your ability to acquire users.
In the particular case of enterprises to a certain degree early stage business development is called strategic sales, which ultimately means that you’re going out to the market and discovering what is lacking in the market and providing that feedback to the product team, to the engineering team, so that they have a better understanding of what needs to be built to get that product market fit and ultimately to close the deals that generate revenue for the company.