Business Development Strategies-Q Lab Digital Marketers
In the world we live in today every entrepreneur, company focuses on growing their network and expanding their business. In a simple Definition we will call this the link between all the internal segments (like sales, customer service, and advertising) and external (client’s relation and new corporate opportunities.
The scope of business development can be wide ranging and vary a lot from organization to organization and while we are still on that here are some strategies we would want to deploy to your company or business:
Understand your competitive landscape.
Before you can develop a strategic plan to drive business growth, you must have a solid understanding of the competitive landscape in your industry. When you know who your ideal customer is and what problem they are looking to solve with your product or service, research who else is providing a viable solution in your industry.
Choose effective KPIs.
How will you know if your business development efforts are successful? Ensure you can measure your goals with relevant, meaningful key process indicators (KPIs) that reflect the health of your business. The result of these metrics should give you a strong indication of how effective your business development efforts are.
Set SMART goals.
What are your goals for this strategy? If you don’t know, it will be difficult for your company and team to align behind your plan. So, set SMART goals. Remember, SMART stands for:
- Specific
- Measurable
- Assignable
- Relevant
- Time-based
Conduct SWOT analysis.
SWOT is a strategic planning technique used to identify a company’s strengths, weaknesses, opportunities, and threats.
Before conducting a SWOT, identify what your goal is. For example, “We’d like to use SWOT to learn how best to conduct outreach to prospective buyers.”
Once you’ve identified what you’re working toward, conduct market research by talking with your staff, business partners, and customers.
Determine how you’ll measure success.
You’ve identified strengths and weaknesses and set SMART goals, but how will you measure it all? It’s important for your team to know just how they will be measured, goaled, and rewarded. Common key performance indicators (KPIs) for business development include:
- Company growth
- Revenue
- Lead conversion rate
- Leads generated per month
- Client satisfaction
- Pipeline value
- Reach
Take a Look at Online Reviews
Nowadays, customers go for online reviews to decide whether they have to do business with the particular company or not. Therefore, you should set up Google alert for your business in order to monitor and respond to reviews when required.
Innovation at its best
If you offer unique to your clients then there is a probability that they will do further business with you. Actually, every individual prefers products or services that are latest in the market.
Offer Quality Services
Once you start working with clients, it is the time to make them happy with your quality services. Individuals should have to strict to deadlines so that you can get new business opportunities after completing one project.
Focus on Client’s Requirement
This is good to present what the client needs rather than demonstrating what you are providing. You have to listen to client’s issues so that you can customize your services as per their needs.
Choose an outreach strategy.
What tactics will you use to attract new business for your sales team to close? You might focus on a single tactic or a blend of a few. Once you know who your target market is and where they “hang out,” then you can choose an appropriate outreach strategy.
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