15 Key Strategies for Business development

business development

Business development strategies need to be changed and updated according to the time and market situations. The right kind of Strategies will help you earn profits and the wrong one may become the cause of loss. Below mentioned are some of the key strategies, that if considered will help you walk the path of profit.

The key aspects that will help you in business development, update your website and social media, keep yourself updated about the latest developments in your business-related aspects, develop new strategies, be the first to respond to consumers, Value your repeat and loyal consumers and give them privileges. Read reviews about your products and services, Know how to use references or testimonials to gain the goodwill of new consumers, develop new business strategies and action plans, keep yourself updated with the new techniques and developmental activities relating to business.

1. When was the Last Time You Updated Your Website?

In Business Development online visibility is very important and what is displayed there how it is displayed also plays a key role. Web site creation is not just a one-time business, it is the starting step. Right from inception to date, daily business undergoes many changes and that should be reflected in the website. Update information about the company, products, and services should be available on the website. Because when someone visits the site for the first time, what they see and read is what they believe.

Take for example in the website you have mentioned about a service that you used to provide earlier but now you have stopped giving that service, but that is not deleted from the web site when someone visits the site and thinks of using that service and contacts you, then he comes to know that you no longer provide that service, it will not create a good impression about the company. So if you are concerned about business development you should always make sure that your website, social media, business communication are up to date and what consumers see there is what they are going to get.

On the website, you can add a video showcasing your services or products and it will appeal a great deal. You should portray your best on the website highlighting all your advantages. See that there are minimum deviations for the consumer when he visits your site, constant popup messages, and ads, may be a cause of inconvenience and can be distracting.

2. Keep Yourself Updated about latest Business Development Strategies 

If you want to stand the competition in the business world you must know the latest that is happening. You need to have a keen eye on business networking strategies, business creation opportunities. You can enroll yourself in the latest courses that empower you with the necessary knowledge tools that you need to uplift your business to a new level.

Nowadays coworking spaces and coworking incubation is a concept that many businesses are adopting when you are operating and handling business development in an individual way things will be different. But if you want your business to catch pace and develop fast you can take the help of companies that offer digital marketing services, business communication, and marketing services.

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These companies study your business and come up with the best strategies that will help in business growth. You can also join any business associations, look for the latest apps and technologies, and tools on the internet. If you can spare time it is always best to attend seminars and brainstorming sessions on business development and those that relate to your product or service.

3. Be the First to Respond to Consumers

Whoever a person comes in contact with the consumer on behalf of your company should always be the first to respond to the consumer. No negligence should be there on part of any department or person that handles consumers’ issues and relations. Research is evidence of this fact that consumers tend to choose that company or company’s products and services from which they get a quick response.

Consumers have several options available nowadays so the first company that responds to them and establishes contact will be the first one that they are more likely to choose. So a quick response system should always be a priority for any company /business.

4.Repeat Customers a Valuable Asset to any Business

Studies show that a large amount of revenue is generated because of repeat consumers rather than the addition of new customers. So, always make sure that you value your loyal consumers, they are an asset to your business. You can make them feel special by offering them some privileges, facilities, etc.

You can keep your loyal customers informed about the latest offers or schemes that your company has come up with, you can have a list of events like consumers’ birthday, marriage anniversary, any important festivals or events, etc. and offer those discounts or other facilities that are exclusive to them.

Just like any other relationship communication is very important here also, you need to stay in touch with consumer continuously and if you have a feedback system also it will help you even more so that you can know what is it that consumers are looking for and offer them the best within your limits. Social media is also a very useful tool in establishing a relationship and staying in touch with consumers.

5. Keep yourself updated with consumer reviews

A study reveals that whenever a new consumer looks for a product or service, first preference is given to reviews /comments/feedback. When was the last time you read your consumers’ reviews about your products or services? If the new consumers find a lot of negative reviews they are sure to opt for other products /services. Studies show that about 80% of consumers rely on reviews and recommendations before trying new services or products.

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When you know about your consumer’s reviews you can take the necessary steps to rectify concerned issues. You can also design a way so that whenever you receive any kind of negative feedback from the consumer you contact them and find out the reason and try to solve the issue. This will convey a positive message to the consumer that you are concerned about them and will take steps if any, relating to their issues. So next time they think of buying the same product or service your company’s product /service should be the first thing that comes to their mind.

So, designing and maintaining a continuous feedback system and handling the issues on a priority basis will help a great deal in winning consumer’s loyalty and trust.

6. Knowing How to use references / Testimonials

You can always use references, recommendations, or testimonials from your other consumers when you approach a new consumer. But you should take careful steps and see that you give testimony of the consumer belonging to the same level /background as that of a new one.

So, you need to equip yourself with all the necessary and relevant information to win the confidence of the new consumer.

7. Business Development Strategies

There several business development strategies one can come up with. You can think of a new approach or business model, you might come up with a new idea that can give a kick start to your business. You can think of developing new branding strategies that will make you stand apart from the rest. If you dig deep there are many aspects that you can come up with which can take your business to the next level.

8. Business Development Action Plan

Just like you created a business plan when you started a business you need to make a business development action plan step by step with a goal in mind. You need to have everything sorted out clearly as, what to do? When? Where? Everything mentioned in detail. You should be very clear about your goals and targets that you want to achieve in what time frame etc. It should be very practical and should act as a guide.

9. Business Development Techniques

It is not enough if you have laid out perfect business development plans, you should also know techniques, and this will be an added advantage. Like you should have a clear idea as to who your competitors are their strengths and weaknesses, knowing your market segments, gathering information about their needs, necessities, etc.

10. Business Development Activities

There are many business development activities like branding, market research, events, and meetings that can help you connect with new consumers as well as strengthen relations with loyal consumers. So, study and conclude as to which one will be the best that serves your needs.

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11. Take up activities that will increase your brand image in the public

Nowadays in the corporate sector and the business world, it has become quite common to associate your business or product with a social cause or some kind of activity that will be of benefit to the public.

These kinds of activities help you create a positive image in the people’s mind that you are not here simply to make money but you are also concerned about society and people.

This will help in earning the trust of the people and establish goodwill in long run.

12. Your Work environment/ Company

The way you dress present yourself before the other person more or less gives an impression about who you are. In the same manner, your company/establishment should be positive and encouraging. When a consumer or anyone enters your premises your work environment should reflect your professionalism and dedication.

It should act as a mirror of who you are and what your goals are.

13. Develop a Research Wing

If you observe you will come to know that all the big companies and companies with futuristic vision have a research wing within the company. This helps a great deal because its focus will be on developing new, better, and innovative business services/products and how you can give the best to consumers and be ahead of others by bringing in future concepts and offering them to your consumers.

14. Giving Preference to Content Generating

There are many ways through which you can reach consumers and influence their thought, it may be through writing or speaking to them. Having regular activities such as publishing articles, giving updates on companies’ progress, conducting meetings or programmes that involve the participation of consumers will help a great deal in the process of development.

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15. Association/making a partnership with others

This is also one of the best strategies if you are looking for business development. You can associate yourself with a product or service that acts as complementary to your business, this will be of benefit to you as well as to the company that you are getting associated with. This creates a win-win situation and a positive environment where both can flourish.

Bonus

  • Digital Advertisements

Digital media plays a very key role in bringing together the company and the consumer. When consumers constantly hear about your company or your product it gets registered in their mind and the next time they think about that product or service yours is the company or business that comes into mind. So, ads in the digital platform and other media create a great impact on the consumer’s mind and this in turn helps a great deal in generating business.

How you can create your own custom-tailored business development plan? Well here are the steps to know your target audience, this includes studying their choices, why they choose your products, what do they look for in your products or services? Identify your plus points on what points give you an edge over your competitors.

So, business development should be a part of every business molding itself according to the needs and requirements of the company.

“There are no great limits to growth because there are no limits of human intelligence, imagination, and wonder”.

“Growth is never by mere chance it is the result of forces working together.”

“Happy employees lead to happy consumers which leads to more profits.”

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