10 Quick Tips About Business Development
1. Define growth targets annually and review them monthly. If you don’t know what your goal is, it’s very hard to hit it. So make sure you set new business goals that are clear and achievable but stretching. Then work on your strategy to deliver against those objectives.
2. Look at each of your market segments. Are they likely to grow or contract? Is there some new government initiative or regulation that impacts positively or negatively on your service provision? Are some sectors harder to penetrate than others with the resources and market position you currently have? Customer Research is key.
3. Understand why customers buy from you. If you clearly understand that, you will be closer to understanding how to pitch your business to new customers both when face to face and online.
4. Work out where your customers go for information. That may be online or offline. Then make a plan to be visible where they hang out.
5. Know the cost of marketing to reach your target market. If you don’t know how much the various routes to market cost, how will you know how to evaluate the viability of each option against your budget and objectives?
6. What can you do yourself and what needs specialist skills? There’s an opportunity cost to DIY especially if you don’t have the time, resources, skills or knowledge. So, decide what can be done in house and what essential tasks need outsourcing.
7. Make a plan. Even small businesses need to understand and plot out the main tasks they need to undertake to generate new business.
8. Work out the ROI for each method of marketing, product area and each market sector. For example, if your value of sale is low for a particular product or service into a particular sector, you may need to use email marketing or even advertising to reach a large audience quickly at a low cost per contact. If the value of sale is high, the personal touch (e.g. exhibitions, telemarketing) is almost definitely needed and cost of sale will rise but that’s set against a strong ROI that may justify the spend.
9. Get expert advice where necessary. No business manager knows everything so take advantage of any support you can get. That could be by reading and implementing actions from blogs like these or using a sales and marketing expert for your strategy or implementation or government support such as GrowthAccelerator.
10. Become known as an expert and a go to person in your field. This relates to information around your area of expertise. There are over 100 articles, tips, podcasts and blogs on this site. We get large traffic numbers from people wanting knowledge. This in turn pushes up Google rankings and from that we gain new business enquiries.