There is a lot to consider when putting together a business development strategy plan, which should be utilized to underpin your main business plan. In this post, we are going to provide a framework and take a look at the key issues you need to consider when putting together this type of plan.
First and foremost, it is imperative to have a thorough understanding of what a business development strategy is. This is designed to set out the approaches you are going to take in order to develop fresh opportunities for your business, either via targeting new potential accounts and working to close them or by using existing accounts.
When putting this type of strategy together, there are some key aspects you must consider. Firstly, you need to decide whom you are going to target and what you are going to sell them. After this, you need to consider where they are located, when you will approach them and how you will reach them. You also need to be realistic – would they want to meet with you? If you don’t conduct regular account reviews, now is the time to start, as you will be able to use this in the future to discover new opportunities.
You also need to create an ideal customer profile when putting your strategy together, and then you must assess the ways to target new opportunities, from exhibitions to direct mail. Link this plan with others, such as your master business plan and leadership development plan. All plans need research, like this NPS survey, which will help you in terms of retaining customers and lowering consumer churn.
Let’s take a look at some top techniques for putting together the best development plan…
First and foremost, when it comes to forming a business development strategy, you need to listen to your clients. You are never going to get anywhere if you’re doing all of the talking – you need to probe and understand what issues your target consumer base is experiencing so that you can provide the perfect solution. You need to sell what the clients need, rather than what you want to offer.
Aside from this, when forming your development ideas, a lot of owners make the mistake of going after business they don’t want. For instance, if your target consumers are those that are looking for the lowest price, there is no point investing significant resources in pitching about unrivalled levels of quality and exclusive products. You have to point your sales and marketing department in the correct direction if your development ideas are to be effective. You may also want to consider improving your business through the likes of leadership development services. This will make your business more efficient and ensure effective communication is in place, which can have a hugely positive impact on your company. Aside from this, you don’t only need to focus on securing business, but you need to make sure you handle it well once you’ve acquired it.
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