A Moving TargetWhat is Business Development? This question has a different answer based on the niche and whether its an existing or starting business. Many services will tell you they do Business Development. What exactly does that mean? This is an area of services that can be very vague to many people.
Most business organizations are looking for tangible ways to measure their growth and value through sales and revenue. Any company can make quick money, but those that are focused on the quick fix are losing sight of the long term customers, and sustainable growth of the company.
In all businesses there are core objectives for development that are universal:
- Identify your Market and know how to sell to them.
- Identify your competition.
- Identify what it takes to win your Customers and build value and long term relationships with them
The old addage that says keep your friends close but keep your enemies closer applies to getting a competitive edge in Business Development.
Reasearch, Analysis, and SWOT help develop strategies to address where your compeition affords threat to your business or opportunities.
Business development is a process and the quality of that process is determined on ROI and winning new customers.
Every business needs its customers. They need them for survival today and tomorrow. Customer retention is a huge aspect of business development that often goes without proper attention. Sometimes it is easy to attract customers; often it takes a lot of work, as your product or service may be new or unfamiliar on the market.
Demographics or markets are important as it the focus of so many of your organizations initiative.
This can apply to socio economic, gender, geography, or established buying patterns. A solid business development identifies its markets and then develops strategies to create opportunities with these markets or potentially reach new ones that will create new customers and long term value for the business.
Building relationships with your customer through marketing, sales, and communication is important. As is building the infrastructure for the company and its employees or reaching out to build partnerships with other organizations for reciprocal marketing and business development efforts.The process is complicated, has to be quick on its feet to change as its market and customer demands. But, when a business is developed well and proactively, it can accomplish almost anything it sets it sights on.
Are you Dizzy Yet?
Business Development is a complicated practice but our company is here to help your organization find balance.
Our track record of proven successes and helping clients build and grow their business speaks for itself.
Contact us today to find out how we can help you WIN and reach your goals today!