5 Ways Your Business Development Strategy Will Deliver Results
BY: STEPHEN MARSHALL ON FRIDAY, APRIL 27, 2018
A sound business development strategy is not just about sales. Yes, you heard us right there – it is about building long-lasting relationships with your clients or customers. And how can one possibly do so in the most disciplined and strategic manner is what today’s read is going to be all about.
Engagements is a first and foremost process of strategic planning – Whether you are in B2B or B2C model of business, ensuring to engage should always feature as a part of your plan. Engaging people helps in getting that edge over additional insight over challenges, concerns, issues and responsibilities. All this helps in alleviating the execution success rate dramatically.
Charter a persona of an ideal customer profile – We all know that for most of the companies’ consistent revenue comes from regular clientele. That is, 80% of revenue comes from 20% of the clients. By going back in to your revenue sheets and understanding which client or customer gave you maximum revenue, you can easily identify the shortest sales cycle individuals. Now start by creating a persona sheet of your ideal target audience by considering the demographics, psycho graphics and behavioral patterns. This will become your Ideal Customer Criteria.
For instance, if you are a travel company who sells itinerary plans, airfares and Indian Visa from USA, then you will have to work accordingly in identifying your audience who are most likely to give you consistent business. Calculate the kind of trips your ideal customer base is interested in, are they budgeted or luxurious travel, purpose of the trip, mode of transport they like to use in their trip and so on. This is surely going to help you create an ideal persona of your real customer base.
Root your SWOT analysis in reality as much as possible – Is your company well accustomed to grow within the existing accounts? Or striving to land new customers is your ultimate goal? If your answer is yes to both the questions above, then you must pull up your socks to a SWOT analysis. This will not only help you to capitalize on opportunities, but it will also help you to weigh in on your weakness and threats and what can be ideally done to minimize them.
Innovate consistently – Even if this means having the risk to try something gutsy or trying something that is dangerously new. The real essence of innovation lies in being a cut above the ordinary. So, whether you are planning to introduce a new service, a free service or simply want to re-structure a whole department, do it NOW! But along with thinking of a path-breaking innovative concept, the real deal lies in developing a strategy for innovation that is sound enough to manage the process of innovation too. You have to have a transparent strategy for innovation.
Proactiveness always pays – Following up with your customers helps in not only providing them with a reliable solution, but it also helps in retaining the client for future buys. Whenever you can, do personalize your follow-ups in a way that you tend to gauge more at their hobbies and varied interests. A personal touch in a follow-up is always a mark of tighter and more deeper relationship. Effective customization of interactions during follow-ups always pays. And if you ask how can you judge the success of it? Simply by calculating your client or customer’s response.
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