Why businesses still need business development in addition to marketing
Today’s workplace is nothing like it used to be with middle to senior level executives not getting large car allowances, company credit cards, and expense accounts upwards to several thousands per month. Employee loyalty is non-existent and with the layoffs and firings. Employees must also take on more responsibility by picking up the work of those that were fired or laid off. Directors of business development and marketing are the first people to go when company revenues start to decline.
Is this the right strategy to saving the company money in the long run? It is the right strategy if and only if the directors are not performing. Business development and marketing are the biggest factors of success for a company. Yet, many senior level executives – CEO, CFO, CMO, COO, believe that business development and marketing are easy tasks they can take on in addition to their own work load. They take on those responsibilities and often fail.
Thus, the key to successful business development has three factors:
1. Good communication skills – getting appointments to see new business
2. Product or service knowledge to sell to those you are going to see
3. Have to know how to sell ice to Eskimos – Closing the deal
To learn how to develop business effectively – business that is going to produce revenue, continue reading the list below.
1. Determine the right market and target the right segments within that market
2. Can your company clearly determine a strong enough value proposition that gets potential clients’ attention?
3. Familiarity with external landscape – threats, competition, new technology, economic factors, social factors
4. Don’t try to create a market for your product or service. The way to success is to find an insatiable market and give them what they want
5. Making value your first priority and cost second priority
6. Surround yourself with the right people – all successful people have a dream team.
7. Understand the needs and wants of your market. Don’t try to sell them something they don’t want
8. Create a marketing plan to monitor progress. Research joint ventures and strategic alliances. Joint Venture with companies that can provide your company with the leverage to gain new business.
9. Use any new partnerships to leverage press coverage
10. Stay focused. Network wherever you can. Join groups and associations. You never know whom you’re going to meet.
To develop a solid business development plan, email Kristin at [email protected]