When you make the sales canvassing process yours, that is when your company can become sustainable in the long run as you won’t need to depend on other companies to provide you with a consistent stream of leads, you’ll be able to generate them on your own.
Why does business development matter?
Business Development is a mysterious title for a little discussed function or department in most larger companies. It’s also a great way for an entrepreneur or small business to have fun, create value and make money.
Good business development allows businesses to profit by doing something that is tangential to their core mission. Sometimes the profit is so good, it becomes part of their core mission, other times it supports the brand and sometimes it just makes money. And often it’s a little guy who can be flexible enough to make things happen.
The thing that makes business development fascinating is that the best deals have never been done before. There’s no template, no cookie cutter grind it out approach to making it work. This is why most organizations are so astonishingly bad at it. They don’t have the confidence to make decisions or believe they have the ability to make mistakes.
Why is business development important?
Companies that focus on business development are more likely to see business growth through sales, lead generation and employee satisfaction. Development strategies can prevent a business from becoming stagnant and losing market share. Businesses that pursue growth also create an internal culture of innovation that can encourage employees to retain their positions instead of seeking work elsewhere.
Business development is more than just making sales. It involves creating intentional processes for increasing your customer base, reaching interested leads and creating a workplace environment that thrives on innovation and communication.
1. Develop a strategy
Before you begin developing your business, create a strategy with measurable goals and action steps. Identify the areas where you want to see business growth whether that means breaking into new markets, retaining customers or increasing your marketing efforts. Consider what processes you’ll need to put into place as you seek to follow your plan.
2. Use the right business development methods
Once you decide on a strategy, you’ll need to determine how you will implement those development goals. If your plan is based on increasing sales, consider if you will use email or digital marketing, cold calling or ads on social media to reach consumers. For internally-focused strategies, think about the ways staff members can give input and use their skills to further your business development approach.
3. Understand your sales audience
Get to know the metrics of your market including the demographics of your current and prospective customers. Identify a target audience and focus your sales strategy around consumers who fit those traits.
Determine how your key demographic uses your product or service. Find out where these customers look for information about what to buy and how they spend money. It may also help to analyze competing products or services to understand how they reach their target audience.
4. Use business development skills as a focus for professional development
Pragmaticism: Business professionals who become leaders in developing new strategies for the brand need a sensible approach to goals. For a business development plan to work, professionals should set manageable expectations for results and be able to evaluate progress truthfully.
Interpersonal communication: Business development involves connecting with inside staff, vendors and customers. Networking with other professionals both internally and externally can help you accomplish your goals. This involves active listening, giving effective feedback and clearly communicating ideas.
5. Try a new strategy
Don’t be afraid to use a new approach to develop your business. Learn from mistakes as you find the strategies that work best for your brand and industry. Innovation is a key proponent of business growth that sets market trends. Be critical and decisive in refining your process as you assess new ideas.
6. Research market trends and industry leaders
One of the keys to business development is to keep learning. The most successful business developers gain insight from thought leaders and experienced professionals who share their knowledge. They learn what makes businesses in their industry rise and fall. Professional organizations and industry publications are one way to keep up with changing practices. Blogs, podcasts and online course content are more ways to discover emerging trends.
7. Prioritize networking
Connect to other business professionals to broaden your pool of expertise. Finding a mentor outside of your company who has gone through stages of developing a business can help you and your organization through your own journey. Trade shows and events with professional organizations are a good way to get to know others in your industry.
8. Offer creative opportunities to connect with customers
Reaching potential clients is a continually evolving process that is central to business development. Attracting customers to get to know your product is essential for developing a business. Consider using product demonstrations, digital content and other incentives to increase your audience and impact sales.
9. Focus on lead generation
Finding potential customers interested in your service or product is an important part of inside sales. Leads generate more customers to grow your business. You can collect leads through a range of sources like social media ads and website call-to-action buttons. A focus on lead generation makes selling easier because you already have a prospective client who’s considered your product. The practice of nurturing leads is also an important way to stay connected to your prospective customer base.
10. Facilitate collaboration between marketing and sales teams
Developing sales goals often involves marketing initiatives. When both teams work together to increase revenue, increasing communication between these departments is an essential part of successfully reaching sales goals. Marketing professionals help drive sales through creative advertising and lead generation. Joint team meetings and idea sessions can fuel business development plans and help create initiatives that lead to long-term growth.
How to get a job as a business development manager
Companies hire professionals to lead business development at multiple levels. Some business development managers work first as a business development representative and work up to a position as a business development executive.
1. Earn a degree
2. Gain experience in sales and marketing
By working in a sales or marketing position, you’ll gain the necessary skills and experience in the biggest areas for business development. Development managers need to understand lead generation, market analysis and sales principles. Moving from sales or marketing to a business development position is a logical career move once you’ve gained expertise in these areas.
3. Consider earning an advanced degree (MBA or master’s)
An MBA or Master’s in Business Administration or a similar focus can make it easier for you to advance to a management position more quickly than if you only hold a bachelor’s degree. Since business development managers oversee operations, people and processes to enhance company success, an advanced degree can prepare you with the skills you need to handle both responsibilities.
4. Practice project management
Business development managers often use project management skills to delegate tasks to departments and various staff members. Although information technology professionals were the first to use digital project management tools like Scrum or Agile for delegating software builds, the business world has even embraced their methods for simplifying the process of implementing goals. Gaining a basic understanding of these techniques can help you apply project management skills that further business development.
Sources:
https://fourweekmba.com/business-development/
https://www.indeed.com/career-advice/career-development/business-development-tips
https://hingemarketing.com/blog/story/business-development-strategy-a-high-growth-approach