No doubt, a well-organized business development plan can substantially increase your customer base. Business development basically, is forming relationships with potential new clients while improving ties with current clients. Whether you work for a major corporation, a small firm, or have started your own company, business development is an important ingredient to success.
So, how do you go about becoming successful in business development? Keep reading.
- Know about your business
Know what the business has to offer, what the products and services are, and who they are for. Who the major players are, and where they came from. Conduct an online search with your company’s name. Search social networking sites for things people are saying about your company. Set up a Google alert for your company. If it is in the news, you will be notified. If you don’t know the ins and outs of your company it will be difficult to develop new business for it.
- Know the difference between business development and sales
Know the difference between the two. Basically, business development identifies and creates partnerships that enable leverage for driving revenue, distribution or that enhances the product. Whereas sales focus almost exclusively on driving revenue.
- Prepare your elevator pitch.
Prepare and script a 60-second summary of your company and what it does. Practice the pitch in front of a mirror or friends until you feel it comes naturally to you. Prepare a second part of the pitch, which will be a little bit longer, in case someone is interested in the 60-seconds pitch and want to know more about your business.
- Prepare relevant promotional materials you will need.
At least, you will need a business card. There is no point meeting someone and not having something to leave behind. Also, you will need a website that reflects the personality of your company, where prospects can go and know more.
- Join the business networking sites and attend networking meetings.
Set up a professional but friendly profile on LinkedIn, Twitter, Instagram and Facebook, and join attend networking meetings such as the local chamber of commerce, and professional organizations. Expand to organizations outside your own profession. It is fine to meet with peers, but what you are after are new clients. Introduce yourself at the meetings. Ask what the other person does. Listen. Ask for their business card. Give your elevator pitch and also offer your card.
- Focus on quantitative, not qualitative
Most companies sometimes try to build their business purely around a qualitative value proposition, which is difficult and has a higher likelihood of failure. The market is less willing to pay for a qualitative value, even if they like the product and find it useful. However, a quantitative value (lowers cost, drives revenue, more customers, etc.) dramatically increases the odds of success.
- Expect NO as an answer.
Off course, getting a NO is a normal occurrence in business development. After all, we try many different things to figure out what is that one thing that actually works. However, don’t let a negative answer discourage you. Accept that it is part of the process and every no is just one step closer to a yes.
- Listen more than you talk
Learn to listen to what others are saying. You can get so much information and understand so much just by letting the other do the talking.
- Never stop learning
Being a learner is a big asset for any successful business developer. Consider yourself a beginner, even when you have been in business for a long period of time. Learning can set you apart from your peers. Be open minded. Read books, talk to people, ask for advice and ultimately, put into practice what you learn from everyone around you.
- Build long-lasting relationships and follow up with your contacts on a regular basis
Building long-lasting relationships will ensure repeat customers. Build a strong network of past and present clients, friends, colleagues, and everyone you know. Also, follow up with emails and calls.
Follow the above tips to make sure you are well grounded in business development so as to take your company to the next level.
My name is Chigozie Japhet. I am a content writer, and a brand strategist. I like writing, reading, researching and watching football, especially my team, Man United. i believe in working hard, and also in relaxation as all work without play, makes Chigozie a dull boy.
