The 4 Pillars of Effective Business Development
Business development is a complicated and ever-changing subject… From marketing to sales, legal to strategic, business development is A HUGE topic. But when you identify the 4 pillars of effective business development, you can strategically plan and implement effective business development.
When looking into Business Development, always take into consideration these 4 pillars:
- A WOW Customer Experience
- Bulletproof company culture
- Conversion focused marketing plans
- Solid counsel
Using these 4 pillars business development takes on a whole new look and feel, let’s look at why…
1. A WOW Customer Experience
A WOW customer experience is the fastest way to new customers and clients, AND a larger brand footprint. When you create a customer experience that’s over the top and show them how much you care about them, it pays huge dividends in building your brand equity, building customer relationships and earning valuable word of mouth marketing buy in from your customers.
As we all know, social proof is one of the number considerations in a customer journey, especially when it comes to ecom… So you might as well invest in a customer experience that’s over the top.
2. Bulletproof company culture
Company culture is crucial to the success and development of a business. Without buy in on your company culture and vision, your company has little chance of succeeding at scale. Culture is meant to keep your employees accountable to core values of your business. Without these core values consistency goes out the window and without consistency, your brand has little to no chance of scaling.
Reenforce company culture through decreasing stress and revisiting your company tenets on a regular basis. When your employees understand and see your passion for delivering a certain product or service, they have reason to be passionate about it as well. Try regular checkins or studying social emotional intelligence and implementing an accountability model to your company culture. It will do wonders for customer service, employee retention and your ability to scale.
3. Conversion focused marketing plans
The most important metrics in any marketing plan are conversions. As your customer moves through their journey, the most important part is getting them to complete the given transaction. Too often businesses focus on vanity metrics and don’t understand that you there’s really only a couple metrics that matter…
The lifetime value of a customer and the cost per acquisition and fulfillment. The difference between these two numbers is the profit margin you for to each customer or client. And the easiest way to affect these number is to inversely affect the cost per acquisition and LTV of a customer…
How do you do this? A conversion focused digital marketing plan. One that looks at your ability to convert more customers at a lower price and who will buy more often or larger products or services.
4. Solid counsel
It’s easy to get lost when a business is growing, from leadership to organization… communication to technical skills. Leading, growing or managing a business is tough work. All great leaders have solid counsel and people they can ask for advice. If you don’t bring in experts from other field like legal, financial and regulatory, you can find yourself in a position you don’t want to be in real quick.
Hiring the proper counsel whether it’s in marketing, leadership, communications, legal or any other is super important to business development.
Overall, without a clear roadmap business development can be a never ending series of putting out fires. When you take the right perspective and use these the right perspective, it can become fun and easy. Use these 4 pillars to help guide you in building and developing your business effectively.