For a business to continue to grow, it needs to acquire new clients and look for other business opportunities. In order to achieve this companies need to come up with a business development strategy plan that allows business to create strong relationships with promising prospects and generate revenue. To know more about this, continue reading our article and don’t forget to check out our free business development strategy plan samples below:
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What Is a Business Development Strategy Plan?
Companies need to think of long term goals in order to sustain their business, settling for something less isn’t enough to keep them running. As a lot of factors can affect the business environment, companies need a business development for continual growth and success. A business development strategy plan is a record that instructs management how to find and generate high-value leads to support your long-term goals. Without a strategy, businesses may find themselves in a constant struggle of trying to acquire prospects without any development.
How To Create a Business Development Strategy Plan?
Finding new sources of revenue growth or managing competitors is how a company propel its business to a new strategic direction through a business development strategy plan. To get started, a well executed business development strategy plan would require the following:
I. Define Your Target Audience
Start off by identifying and developing target audience. Focus on specific firms or individuals that will propel your business forward. This is were you build and attract new prospects. Make sure you go through this properly as not to waste time with uninterested parties. Building a business relationship may take time to nurture, this is why before your dedicate your efforts to your prospects, take time to understand your audience and who you are about to deal with.
II. Market Research
Research the problems by the determining primary issues and services they need, understanding buying behavior and identifying competitors through competitor analysis. With that your are able to analyze the difference between your company and your competitors and use this to your advantage.
III. Determine Your Business Development Strategy
The strategies for successful business development are endless, and some may work better than others, depending on your business and its goals. Here are some common channels used that may help you achieve your target:
- Networking: this is the most universally used business development strategy. It’s grown on the basis that professional services buying decisions are rooted in connections, and the best way to develop new bonds is through face-to-face networking. Presently though, more companies are shifting to newer digital networking techniques which are more cost effective and less time consuming.
- Referrals: referrals is closely related to networking as once you establish a firm relationship, that person would refer you to another, and the list may go on. The problem though with referrals is that not all meets your standards, since there are certain procedures to be followed before you can come to an agreement. So there is a fifty percent chance of fully acquiring this new prospect.
- Sponsorships and Advertisement: The best way to acquire sponsorship and advertise in this day and age is through the use of digital platforms. This enables firms to get their messages and offers in front of the potential clients at a lower cost. And additionally, almost everyone is on the internet so advertising online has proven to be effective.
- Outbound Telephone and Mail: although this may seem like a bit of work, companies have been using using phone calls and mail marketing to instantly target possible clients for a long time now. Target the right firms and characters with a relevant message and you would exact to find new opportunities that can be developed into customers.
- Content Marketing: as mentioned, digital platforms is an effective way of reaching your target audience and more so with the use of content marketing. As this is one of the best ways for companies to showcase their expertise. Coming up with the right content can attract, engage and retain audience to your firm.
- Combine strategies can also prove to be effective only if you know how well to implement it and as not create any discord if implementing everything all at once. Monitor your strategies, and see what fits well with each other.
Your business development goals serve as guides to help companies envision, plan and commit to achieve. Determine this by using the SMART goals tool which can accurately set your business development goals.
Is Business Development Important?
In order for companies to move forward and grow business development would help a company expand its ties by identifying new business opportunities – including new markets, growth areas, trends, customers, partnerships, products and services or new ways of reaching existing markets.
What Is a Business Development Plan?
A business development plan are initiatives or plans that outlines how you implement your business development strategy.
What Is Strategic Management?
Strategic management is the management of a firm’s resources to successfully achieve its goals and objectives.
Companies must regularly update their business development strategic plans in order to keep up with the changing market. A lot of factors propels change and in order to adapt to that businesses must learn to improvise to stay on top of their game.
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