Business development holds relevance in almost every company. It’s the art of nurturing business leads for an organization. Here is a well-known fact – a company that focuses strongly on business development will quickly leap ahead of competitors!
This article provides you with 8 tips to help your business take giant strides into the future.
1. Get the right person!: A business development expert does not come cheap. He/she is backed by a wealth of experience in developing ties within your domain. The ideal business development executive can identify an opportunity and clinch it for you immediately!
2. Know your market and audience: The first stage of business development is to understand the market you wish to operate in and the target audience associated with it. This provides your company with expert knowledge on how to tackle the complex needs of the market you are interested in.
3. Know the difference between business development and sales : A lot of companies confuse business development and sales. They are as different as the moon and the sun! Business development is all about identifying leads that can do wonders for your business. Sales functions are dedicated towards the revenues gained over the year or the lack thereof.
4. Don’t just go for any deal – go for the RIGHT deal!: Your business will be presented with opportunities to close a variety of deals. Make sure you think hard before closing a deal. Clinch deals that can make a difference to your organization while powering its long-term growth.
5. Focus on quality, not quantity: This is an extension of tip #4. A mistake a lot of businesses commit is to take up multiple projects without thinking about the resources available to execute them. Don’t fall in the same trap – a quality lead from a big client is mightier than ordinary leads from 5 small clients.
6. Be customer-centric: Go out of the way to make customers feel special. Provide free demos, consulting or advice to make them feel comfortable around you. It’s important to win their trust to make sure you go far in the business.
7. Use multiple communication channels: Don’t just rely on e-mails to get in touch with prospective customers. Schedule a meeting or give them a call to get started. The important thing here is to make an effort to get noticed. You could distribute personalized sunglasses imprinted with your logo to get your message across.
8. Perform follow-ups regularly!: Just had an important meeting? Make sure you touch base with the client again after 2 days.This gives him the opportunity to ponder over your proposition. There is every chance things will work out in your favor when you call him again.
Like these tips? Do you have any business development insights to share with us? Please do so in the comment box below.