Business development processes describe all the different tasks and activities a company will take to grow the business, improve relationships with potential customers, increase revenue, etc. It’s what the business development department will do on a day-to-day basis. It will include everything related to customer satisfaction throughout the buyer’s journey.
Key steps to follow when developing a business development strategy
Here are few steps to follow when considering a business development strategy:
- Write a presentation. Your task is to simplify the initial conversations with potential clients by preparing a presentation ready to use at any time. Your presentation should clarify your company’s mission and how your products or services can solve your target audience’s pain points.
- Set SMART goals. Choose SMART goals for your team to follow. SMART stands for specific, measurable, achievable, relevant, and timely.
- Conduct a SWOT analysis. SWOT is an abbreviation that means Strengths, Weaknesses, Opportunities, and Threats. To successfully conduct a SWOT analysis, you must first set a clear goal.
- Decide how you will measure your success. Considering your SWOT analysis and your SMART goals, you will also need to determine how you want to measure your performance and business development success.
- Determine your budget. The business development goals you set for your employees may mean you need to set a budget. Think about the resources you have, how much previous business development strategies have cost, and what other elements you might need.
- Don’t forget about your target audience. Regardless of your goals, it would help if you always kept your ideal prospects and target audience in mind. Assess their needs and determine how your company and its products and services will solve their problems.
Developing a business development strategy aims to set achievable goals that will enable your company representatives to grow their business, find new perspectives, better coordinate with other departments, convert more leads, and close more deals.