- Business Development Strategy- Rapid Growth Approaches
Business Development Strategy- Rapid Growth Approaches
What comes to your mind when you first hear the word Business Development? Is it purely based on sales? Is it a metric that is only measure based on the money that comes in and the profit margin associated? Most of the time, people overlook the importance of a business development strategy that it deserves, in this article, we’ll examine some rapid growth approaches that are guaranteed to help your business grow geometrically over time…
Having an efficient business development strategy is crucial to get your business on the path to success. It’s all about the long run because it ensures that each employee in the company is working for the same goal set by the higher hierarchy.
Considering the current market needs, we will explain how you can form an effective business development strategy. Let’s hop right in!
How to create a Business Development Strategy:
Your business development plan is one of the most important documents in your business. It outlines your success. This is the document that contains exactly how you will grow your business over time. Now, this strategic plan can be for an individual Entrepreneur or for an enterprise-level organization. Marketing and sales are going to be covered very well in this plan and your roadmap to success.
The 5 things you need for a business development strategy are:
- Determine Your Avatar
- Get Feedback from Customers and Analyze your Competitors
- Identify Your Unique Value Proposition
- Choose Traffic Sources and Social Media Platforms
- Implement, Monitor, and Iterate
Without further ado, let’s hop into our roadmap for success;
1. Determine Your Avatar
The first step is always going to be defining your target audience, your ideal customer. While creating your target audience, you must find and validate a market fit. Limiting who you target can be a good thing, sometimes it important to make decisions that you will benefit you in the long run and just because you have one lure on your line doesn’t mean that you might not catch other fish…
Defining your target market and ideal audience can help you make marketing decisions and allow you to craft your message for the market.
Think about the quality of the audience rather than the quantity of audience and try to attract only the person you want to work with.
2. Get Feedback from Customers and Analyze your Competitors
It is undeniable that the more you will understand your customers the better the chances for you to solve their issues. Knowing about customers’ problems and asking them about their expectations from your brand provides you with the opportunity to communicate with your customers, and you can better draft your plan to keep in view the issues and expectations of your customers.
See what your competitors are doing and create a competitive advantage advantage. There’s a theory of red oceans and blue oceans. When your trying to be a big shark in a red(bloody ocean) it’s easy to not think about the other big sharks and just worry about feeding but when you compare yourself to others you gain a whole new understanding of the market and how it’s being approached, targeted and the things you’re lacking.
3. Identify Your Unique Value Proposition
What is the thing that distinguishes you from your competitors? Is it the price that you offer to your customers, or is it a quality that provides you with a superior feeling?
Whatever it is, you have to identify your positioning because this thing will help you in getting the lead in the market. Don’t forget to enlist this positioning in your marketing campaign; the more you highlight your specialty, the higher the chances for you to get leads and excel from your competitors.
Utilize the intersections of two or more characteristics that your ideal customer has expressed they want and respect about your brand. Ask your audience what they think about your products and services and make sure you put those loud and proud on your website.
4. Choose Traffic Sources and Social Media Platforms
Whether you use email marketing or video vlogging as your marketing tactics or a combination of several social and digital channels… it must be well-suited for your targeted audience and strategy. This is why it’s crucial that you know who you are targeting because you can be a big shark in a pond full of fish that you can’t eat… Remember it’s the audience that dictates the platform you use, not your emotions. Just because you like Youtube doesn’t mean your customers are there…
Remember to employ both online and offline development strategies to ensure you have the most success. Door-to-door, sponsoring events, being involved in charity… all of these are important for different businesses to grow.
5. Implement, Monitor, and Iterate
Test your hypothesis and see if your target audience responds well to your plan, if they don’t, don’t give up. There are so many factors that are involved that you may need to tweak one or many to see success. The most important thing is not to give up and to change your tactics and approaches until you do reach success.
If you follow these five steps, you will end up with a successful business development plan. You might need to optimize it according to the circumstances, but core features will remain the same.
Here are some of the most successful business development tactics;
Top Business Development Tactics
Here are some of the top assets and strategies for growing your business;
- Proposal/Sales toolkit and in-person sales
- Permission-based email marketing
- Content Marketing
- Paid Advertising
- Blogging and SEO
- Events, Speaking, Building a Personal Brand as a CEO
So, keeping in view your circumstances, you can choose any of the above-given tactics.
Business development is vital for every business… if you’re not growing you’re dying. If you’re intersted in how The Media House can help you with a business development strategy, let’s schedule a call today.