Need a better business development strategy? Here are four business development strategies focusing on beating competition, acing online presence, pleasing customers and choosing the right partners...
4 Business Development Strategies For Professional Services And Most Other Business Types
Business development strategies consist of the processes used by business owners to identify and attract prospective clients and business opportunities to fuel their growth. Applying these strategies can lead to either: Business to success or business failure.
Professional business organizations usually consider the three stages of the marketing funnel as:
- Attracting prospects
- Building engagement
- Turning opportunities into clients
Are you ready to caffeinate your business development process steps but not sure about effective methods? Consider these uncommon business development strategies that work like magic.
1. Research Your Competition
Not knowing about your competitors is one of the biggest mistakes you can ever make as a business owner. It is not enough to know your competitors by name. Understanding what they offer is important to understand how you can differentiate your brand and surpass them in the marketplace.
Pinpointing what makes your brand stand out in the market will be a vital growth ingredient for the business. In turn, you can spend more time on continuously improving the qualities of your service to consistently outpace others in your niche.
2. B2B Business Development Strategies: Monitor Online Reviews
Research shows that the current generation of customers use online reviews to help make their best purchase decisions.
In 2015, a BrightLocal survey discovered that 92% of end-users read online reviews about businesses. This a massive increment when compared to the same statistic of the previous year (88% in 2014).
Would it surprise you to learn that 80% of customers really trust online reviews? People consider them as if they are personal recommendations. So, this is an opportunity to nurture and leverage an asset.
Create a Google alert for your brand name and start monitoring your online presence. Also start soliciting online and sharing reviews. Practicing this business development strategy shows you care more about your business and the satisfaction of your consumers.
3. Hone Your Listening Skills
As a business manager, it is your job to comprehend in detail what your clients and customers are telling you. But without good listening skills, you may not be able to fully understand the issues they face and how to resolve them.
Successful business owners are also great listeners. They realize that the opinions of their customers mean something According to Raef Lawson (a chief marketer), it is easy for companies to become the favorite vendor in their competitive niches if they utilize good listening ears.
Start honing your listening skills to better personalize your services to better fit your customers' needs. Ask for feedback and track customer service activities.
4. Leverage The Right Opportunities
By scanning the market for fruitful opportunities, you can boost productivity and efficiency gains. To ensure your team does not experience costly ventures, it is necessary to conduct due diligence on potential:
- Business partners
- Suppliers
- Contractors
For example, if your business intends to use 3/4 commercial truck rental for logistics, you may want to compare fleet companies online and check reviews from a wide variety of sources prior to making your final decision on a vendor.
It is the ultimate goal of every entrepreneur to expand their operation. Business owners are encouraged to launch multiple complementing business development strategies to increase chances of success.
The above four business development activities are sometimes seen as uncommon, yet they are effective.
