In a nutshell, business development is the process of boosting the number of sales and revenue using several techniques and elements to gain new customers and target new markets that might benefit from the products and services that are being offered. Businesses that utilize websites or that have any sort of printed materials can benefit from the guidance of a consultant. Business development can be crucial when it comes to winning over big new target customers, and to an extent ‘selling’ to them is part of the process.
Each year around this time I urge clients to dust off last year’s business plan and compare it to what is really going on. Because many people – believe it or not – forget what they committed to for the year. Some companies fall flat like a pack of cards because they do not know diddly squat about the cost of keeping their company in business.
A common mistake made by many business developers is to guarantee X% increase in sales or revenue. In account management, it is essential that salespeople develop thick long term bonds with their customers to promote trust and loyalty. The business development activities are divided into three main strategies.
A direct sales staff was formed to develop and close sales opportunities and these efforts were supported by a direct mail campaign and networking with local chambers of commerce, local trade associations and lead sharing groups. To effectively develop a business, the consultant should be looking at generating and sustaining growth.
A bottom up approach is where the employees make suggestions and the best are passed up the management while the top down approach is where top managers create the business development strategies and implement them down the chain of command. It might be hard to decide if and when to use various business development services.