The business development strategy is used to develop and stream in the right direction your overall business idea and is meant to support your initial business plan. In addition, business development strategy is essential in setting up an approach for developing new opportunities and creating new leads, either from existing accounts or by targeting new potential accounts and prospects, in order to close them.
The post is aimed to set the layout and to touch up on the main key points in creating a successful business development strategy which can be used as a support for your business plan.
Let’s start by saying that the main object is ‘Strategy’, therefore you will be developing a practical and attainable set of objectives in order to surpass your targets.
Identifying main strategy points:
There are several main key questions that you need to answer in order to establish the layout of the strategy and give yourself a good start. The key questions are: Who? What? Where? When? Which? Why? How?
The following is the explanation for the questions above:
Who – identify your potential target audience?
What – identify the best possible product or service (what to offer)?
Where – identify the operation location?
When – is the best time to approach the customer?
Which – workforce personnel to use?
Why – would they be interested in buying from you?
How – will you retain them as a returning customer?
In order to answer all those questions effectively you have to dig into your current records and do data analysis. If you have records for the past twelve month and you have conducted regular account reviews every decade you won’t have any problem and will be fast on your track, however what if you didn’t conduct reviews or don’t have any records as you’ve just starting out?
If you’ve just started out your business or planning to start in the near future, you have a good opportunity to engage yourself into a market research practice which will help you in identifying the market and its potential. Market research and market analysis is a very important step as it’ll show you whether or not you should enter the market and will help you identify the potential of your market.
Outlining Customer Profiling:
A successful business development demands a solid customer profiling in order to select the best possible target to reach.
Here are several important factors to work with:
– Business Sectors
– Size of organisations
– Financial Situation
Identifying those sections will help you to analyze and create strategies for your successful business plan.
End of Part 1: Creating Business Development Strategy – tune in for more in our next post!