The Creating Business Development Strategy
Up-Sale or transform old customers to New Opportunities:
The cost of finding a new customer is always higher than the cost of transitioning individuals to returning customers or retaining the customer. It cost several times more to target, develop a message and communicate that message to the potential target.
Therefore, after developing a onetime relationship with the customer it is critical to continue your communique and to retain the customer for the future business.
You have to grow your funnel by continuously growing the number of prospects and the number of existing customers. If the customer bought your major product you can up sale anything that will logically suite customer’s needs. For example, you’ve sold a phone system to a customer you can also sell peripherals because they suite the purpose of communication.
Uncovering and Creating New Opportunities:
There are numerous ways to target and create potential interest from the customer to you; you can use marketing to target your audience. Here are several marketing methods that can be implied to find new prospects:
Researching existing Tier 2 and Tier 3 customers for potential conversion
Exhibitions, seminars, user groups
Other forms of marketing
Be cautious as not all of the above might suit you or might be effective for your industry, but they will lead you into the ideas of how you can attract and what methods to use when trying to find new prospects. It is recommended to have marketing campaigns at least once in 3 months. Marketing should be a reoccurring and constant practice that you should be using for your business to grow.
You have to experiment with various strategies and techniques to find the best marketing bundle that will work best for you. It is important to mention that there is no ultimate one practice that will be bringing you all the opportunities but at least several different practices that should make you successful.
Business Development Plan Example and Ideas:
It is your best bet to develop a Business Development Plan and review it every 2-3 months to identify what stage you are at and to see what needs to be changed in order for you to succeed more and what is successful right now.
You need a copy of all existing accounts to go over and to sort out what is logical to target. If you are just starting out, you might as well use all leads that you have or you’ll need to find all the leads to target.
Target all possible sources: business directories, online directories, websites, verticals, etc. At the development and growth stage you must be adding a certain percentage of leads rapidly. Every week you must increase your funnel and work on the current leads. Growing you funnel doesn’t mean anything until you close the deal. Therefore, develop skills for closing deals.
After developing a certain amount of leads you must develop marketing strategy and message. Contact your prospects through the means of marketing.
You should be getting the opinions of others, ask people who might know of what you are doing and know the business side.
You can use a “SMARTER” mnemonic to set objectives and measure your success or failure (read more at Wikipedia):
Successful Business Development Strategy comes from developing your thoughts and constantly looking and measuring the results. It is critical to work hard on all the errors and things that don’t bring any positive feedback. Your strategy has to be supported by your action, which is the only way to track your results.