Some companies expand through franchise networks and here to caution should be exercised identifying financially sound entrepreneurs with exposure to the domain and previous track record in doing Business Development Process or exceptional career record. Small and medium size companies on the other hand usually lack such processes. Using the fear strategy: Most often the best strategy to close a deal will be to sell on ‘fear’ strategy. Focus on Quantitative, Not Qualitative. Email your marketing materials to existing clients & potential clients within your target audience in order to raise awareness about the latest products you added or new services you provide. Use this to your advantage: visit your competitors´ showrooms (if they have any) anonymously, like any regular customer and collect valuable input to use in your research. A poorly designed website can drive people away from your business and can make you lose customers before they get the chance to know your product/service. Conduct cold calls with the desired company and arrange meetings in order to identify their current supplier or service provider; find out why they are currently working with that supplier/ service provider and if they were happy with their current provider; then tailor your sales pitch based on the given feedback to win the business. Even small retail outlets or businesses sent out flyers to nearby homes and commercial establishments to make their presence felt. The term business development is heavily associated with sales efforts to identify and develop new sources of opportunities. So here are 15 powerful business development ideas, to help you achieve the breakthrough results you need. However, the most important asset for any organization is its human resources whether it is a small retail outlet, a medium sized manufacturing unit or company providing financial, technical or media services. It may have to take the risk of charting into a new territory with accrued reserves and some financial support from outside. You have to learn about your competition in order to understand where you stand. There are 3 steps I recommend for successful market research activities: Perform research about the industry you are in, the geographical area you cover and the market segment you are targeting. Business development activities … These photos can be used on the website and for other marketing purposes, so don’t forget to archive these photos and label them for easy use in future. All in One Human Resource Bundle (25+ Courses). Without these talents, the company cannot hope to make a dent in the market. Build a close relationship with your clients, through the use of emails, phone calls, face to face meetings and technical product presentations in order to assess your client requirements and needs. See our, “What does it mean to be a business developer?”, 7 Tips to Increase Customer Acquisition…. Company videos displayed on loop in the waiting area, giving visitors an opportunity to know more about your business while waiting. You can then calculate your market share out of the total market value. Many companies have been weighed down by a bad deal and later regret it. Set up a criteria or mechanism of comparison; choose different variables to use in order to compare, such as strengths/ weaknesses, price, product quality, exposure, brand reputation, etc. When employees and other stakeholders don’t receive their payments on time, it will negatively impact the company operations. In fact, many companies don’t even spend 1% percent of their turn over for R&D which is very vital for their growth. They recognize the value they bring to the organization. Proper Signage displayed in the company common areas, clearly displaying the company name and logo. A strong business development effort relies on … Assess your strengths, weaknesses, opportunities & threats (SWOT Analysis) and ensure your clients are not being tempted by other competitors. Business activities include any activity a business engages in for the primary purpose of making a profit. Do research for contracts, bids, and opportunities of cooperation with other companies. Business Development Activities 1. If you offer unique to your clients then there is a probability that they will do … Some banks do provide working capital requirements through overdraft facility (OD) but that will be against some collateral provided by the entrepreneur either in gold, property or shares of major companies. Start Your Free Human Resource (HR) Course, Human resource processes, human resources management & others. The four missing daily actions, I believe, are “The Core Four” business activities that make a measurable difference to your efficiency, effectiveness, and productivity. Conduct warm calls with your existing clients, in order to assess the company´s current situation and what you doing right/ wrong. Some companies use hoardings on vehicles specially designed for them and employ young boys and girls to distribute leaflets or play some audio-video promotional clippings to attract the crowd and to distribute leaflets. Increase your online exposure by applying search engine optimization techniques to enhance your online visibility. Consider adding the organizational chart of your company to the website, at least for upper management. Any commodity available in the market may qualitatively be as good as the other. Any business cannot survive without the assistance and support provided by the state and federal governments. Initially, there may not be a huge budget for market promotion activities, however, brand or product awareness is vital for sales growth and can’t be avoided. Your conference room should always be ready to accommodate guests, training, seminars, and meetings; therefore it should be equipped with a screen or projector, a laser pointer, teleconferencing equipment and a white board. Enhancing the Public image. Contacts can be maintained through personal visits, phone calls, email and social media platforms. Otherwise, it may reflect as unprofessional or cheap. Or a particular offer that closes by the end of the month and the possibility of a high increase in cost thereafter, all these strategies may be adapted to close deals in the case of companies that have a tendency to postpone decisions despite the fact that they are convinced about the requirement of the product or service. That is the reason why the industry needs to develop brands to grow. In short, business development is an essential, business-centric marketing activity that helps firms identify and pursue profitable work. However, brands create a huge responsibility on the part of the company to invest in research to bring out innovations and modifications to the products. You will find that without upper management support, accomplishing the above strategies will be difficult if not impossible. You should be learning from your leads and customers every day. In business-to-business (B2B), it is very important to be in touch with top decision makers in the target company as there is no idea which team or group may be taking the purchase decision. Use only high-quality images on your website; low-quality images may reflect a bad image or poor quality. This will lead to loss of market share and fall in shareholder returns. In the beginning, the owners or promoters may not be able to take home any money and gradually they need to build a reserve to grow the Business Development Process. In reality, business development incorporates sales related activities, but is not limited to just this one area. This, in turn, leads to better tax collection and revenue for the government. By applying the above strategies, you can get ahead of your colleagues and show a professional image in front of your superiors. These can be of great value to you, especially if you are in the construction or building industry. Many entrepreneurs invest their life savings or even borrow to start a Business Development Process or expand operations. New Year Offer - All in One Human Resource Bundle (25+ Courses) Learn More, 25+ Online Courses | 100+ Hours | Verifiable Certificates | Lifetime Access, HR Management Training (12 Courses, 5 Case Studies), Funding Requirements for Startup Business, Business Process Re-Engineering vs Continuous Improvement, Human Resource Course - All in One Bundle. Please contribute to this article in the comments box below, You can view the original article on the New Business development blog, click here, This website uses cookies to improve service and provide tailored ads. No business can survive without getting noticed by the people. If you are one of those people, please find the time to read this post: “What does it mean to be a business developer?”. Attend industry-related networking events, exhibitions, seminars, conferences, and trade shows to be in contact with new, potential clients. Automation may have streamlined the operations in many industries, reduced labor requirements and improved efficiencies, however, robots and automated software are no substitutes for human effort and talent, therefore, it needs to be nurtured. Do not forget to provide them with the latest copy of your marketing material. This strategy addresses the company’s image and how it is perceived by its different stakeholders. Short 1-3 minutes promotional videos that promote the company and its products to be used on multiple platforms (YouTube, Exhibitions, Reception area, etc.). Don’t try to go it alone. It will have a bearing on all the initiative that they take now. A business institution may have to deal with a plethora of government and semi-government agencies related to taxes, environmental clearance, fire, safety, labor among others. The Human Resources experts over at HR Technologist define Learning and Development to a tee : “A specialized HR function, learning and development (L&D) is defined as the process of empowering employees with specific skills to drive better business performance.. Valuation, Hadoop, Excel, Mobile Apps, Web Development & many more. Business development … Big enterprises normally provide their employees with training and orientation. Over the past few years, businesses all over the world have become aware of the importance of business developers. Make sure you follow up with a thank you email to everyone you meet the following day. Make sure that snacks and hot beverages are available at all times for visitors, served in an attractive dishware. You need to dedicate your time as well to meet people related to your market. THE CERTIFICATION NAMES ARE THE TRADEMARKS OF THEIR RESPECTIVE OWNERS. A company needs to diversify its operations in due course as their core product market could become saturated not enabling the company to grow. For more information, see our Cookie Policy. Companies or entrepreneurs have a tendency to equate sales promotion activity with business development activity. The company is a brand, and like any brand, you cannot control the way clients perceive it. Your company can increase its revenue channels by seizing this opportunity. You can change your cookie choices and withdraw your consent in your settings at any time. Driven by and aligned to the organization’s goals, business development activities cut across functions of different departments of the organization such as sales, marketing, project management, and product management with the aim of utilizing partnerships and linkages … Ensuring your company offices reflect the company brand image includes: Conduct an online reputation management research, this would ensure that all articles, posts, videos and comments out there present your brand in a positive manner. Business development is commonly defined as the process of using markets, customers, and relationships in order to create long term organizational value. Huge costs are involved in training a new employee at the entry and mid-management levels. Reception Area equipped with marketing materials and business cards displayed in an attractive manner, available as takeaways for visitors. This can be achieved through the following: There should be only one integrated communication theme that governs all the aspects of your brand. Ultimately, it boils down to the vision the promoters have about the company, not for the short term but 10 or twenty years down the line. Use them wisely to gain leverage over your competition. Or it could be environmental benefits from driving a noiseless battery-charged car or an organic food free of pesticides and insecticides. Performing market research is highly important in order to understand your company’s current position and determine where it is headed. Present them with a plan of what you want to do. Even in a retail operation whether it is food, groceries, books and stationery, textiles and a variety of other sectors, the quality of the salesman matters, his or her pleasing manners, ability to communicate with customers and understanding their requirements are vital for Business Development Process and income. 1) Budgeting : Budgeting is the target of the spend for every department of the organization. Whether it is a mom-and-pop store in the neighborhood or a company having regional or nation-wide operations or a pure-play online business development and marketing, they need to get noticed by the consumers. After due registration and identifying the premises, one starts the operations. Consider hiring a professional photographer to take some shots of staff in the office or engineers working on the site. Business development activities extend across different departments, including sales, marketing, project management, product management, and vendor management. Likewise, salesmen for a particular product are more focused on achieving better sales in a chosen territory and distributor network. Attending networking events can be of great value to you. Most often the best strategy to close a deal will be to sell on ‘fear’ strategy. Make sure your website is ‘responsive’. You also need to consider your target audience, therefore adding the native language of your target audience is as important. By using this site, you agree to this use. 3. • Business Development • Work Product • Keep Current Clients Happy … Hence, experts point out that consumers may not be willing to spend for a product on better user experience or increased engagement even if they find the product good and useful. This strategy addresses the company’s image and how it is perceived … My customer development process looks like this: When you sign up for Proposify you get a “Quick Question” email, an idea I stole from Alex Turnbull from Groove. There should be a proper checking of the track record in honoring commitments and promises. Currently, big money is being spent on enterprise learning and development … Innovation at its best. Here are some articles that will help you to get more detail about the Business Development Process so just go through the link. Attend as many industry related events as you can. This will also help you determine your desired market positioning. Proofread your website content and make sure there are no punctuation or grammar mistakes; also your font must be clear enough to read without problems. You need to follow these steps in order to assess the competition: As a BDM, spending your whole day inside the office will not be the best use of your time. This can save you plenty of time when collecting information and vastly reduce your market intelligence efforts. There are many useful ready-made reports you can find online to get information about market trends and value. Depending on the nature of the industrial raw materials, premises and equipment may be required for starting a business development meaning and for on-going operations. These main strategies are divided into three main parts: In this article, we will attempt to provide a summarized review of what you as a business developer should do to add value to your company. business development and marketing development encompasses all the efforts to grow the business to a new level. Many state government aggressively woo entrepreneurs to invest more in start-up or incubation facilities or invite large and medium scale businessmen by providing subsidized electricity, an infrastructure facility, tax concessions and so on. By closing this banner, scrolling this page, clicking a link or continuing to browse otherwise, you agree to our Privacy Policy. Cash flow is like the blood in our body, it needs to constantly circulate in the company’s system so that all routine expenses are taken care of. Business development is the identification of long-term methods to increase value through the development of relationships, markets and customers. If you write a blog or newsletter, ask yourself, if you’re building a tribe … However, you can always try to influence your audience perception. It is a subset of the fields of business, commerce and organizational … ALL RIGHTS RESERVED. These activities include, but are not … If the company has an expertise in the field of operations, providing free advice, updating clients on best business practices and they can be invited to attend workshops and presentations by experts. Develop your company presence over different social media platform and ensure you choose your platforms according to your target audience (Facebook, LinkedIn, Twitter, etc.). It should be perceived quantitatively as providing a lower cost solution, helps reduce drudgery as in a dishwasher or washing machine and improved convenience parameters. Part of gaining that understanding is simply researching and listening with an open mind, while another component is collecting and analyzing data. Since you are a new business, competitors do not know you yet. Follow up, Follow up, Follow up, do not push hard, but also do not give up easily, 80% of B2B sales are conducted after the 5th encounter. Whether online or offline your brand must reflect consistency. However, the business development and marketing team may work on creating new tie-ups, business partnerships, develop customized products for markets or start a new manufacturing activity in a farther region not accessible easily from the headquarters. Do you have any other BDM strategies you want to share? Identify your main target audience sectors, and then categorize the main companies you want to approach within these sectors. Valuation, Hadoop, Excel, Mobile Apps, Web Development & many more, This website or its third-party tools use cookies, which are necessary to its functioning and required to achieve the purposes illustrated in the cookie policy. Make sure you get upper management support for your actions. Running and sustaining a business is as difficult as starting one. As in economic theory, normal supply-demand dynamics works if the output is not varied much so that quantity sold will be fall somewhere on the supply-demand curve. Business development requires not only understanding one’s own business, but also that of competitors and of the market as a whole. This, in turn, helps them to carry out citizen friendly services such as roads, hospitals, parks, and cleaning public places. But consumers perceive brands to be always providing value and quality to consumers every time. In many industries such as IT and Business Development Process Outsourcing (BPO), attrition rates are high not only because there is a huge requirement for talented professionals but could also be due to poor HR management. 1. A company’s product or service may not appeal to a consumer just on qualitative merits but has to seen providing some value to the consumer. Business development includes all activities which help the firm build and maintain a sustainable competitive advantage. Select Accept cookies to consent to this use or Manage preferences to make your cookie choices. Performing market research is highly important in order to understand your company’s current position and determine where it is … Branding begins from the creation of logo, the unique selling proposition (USP), positioning in the market whether it is at entry level, regular or premium category and what all images and ideas should be associated with it. 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