Marketing Requires Business Development

While developing your marketing strategy; it is essential to think about the “big picture”. Keep in mind that what you want to accomplish through marketing is to increase profits. To have a successful marketing campaign think about the following questions and how they would apply to your product or service.

  • Are you willing to accept a lower profit margin for that increase in sales?
  • Are you willing to accept a loss on one product in exchange for growing your customer base to increase repeat sales?
  • Are you willing to raise your product price?
  • Are you willing to change things in your business model / structure (a.k.a. business development) to accomplish that increase in profits?

These are just some starter questions to think about. There are numerous ways that a change within your business structure can supplement your marketing strategy and increase profits. Are you willing to change things in your business model / structure (business development) to accomplish that increase in profits?

Recently I met with an individual that wanted to increase his sales. He had a goal in mind and asked me if it was feasible. The answer was “yes” it is feasible, however it required some things to change with his business structure to realize the full potential.

Just promoting the product was not going to increase his profits. The landing page on his web site required some work, the web site was not optimized for search engines and received very little organic traffic, there was little presence in terms of social media (no twitter, Facebook,etc..) and at his current sales price there was little room for a decent profit margin. In truth, there was little reason to promote his product since the initial analysis suggested an overall loss.

However, if we incorporated changes to his business structure; not only could we increase his sales; we could also increase his profits. It required some work and some time but remember the purpose of marketing is not just to promote a product but to increase revenue. If that increase in revenue takes three months opposed to a month you still meet the objective – making money.

When creating your marketing strategy, business development is an important aspect and can mean the difference between a marginal campaign and a successful campaign. Business Development is more then just marketing, it is a combination of marketing along with knowledge management and customer service. Business development may focus on sales activity or it may focus on support of the sales activity but it is a vital element in marketing.

Keeping the “big picture” in mind and how you will increase your profits requires more then just promoting a product, more then just marketing an item. The how requires business development and a willingness to change.

How You Can Create a Good Business Development Strategy

Every business should have a solid strategy in place to help them develop in the future.

If a business was to move forward on a day to day basis with no firm plans for the future, it would be at the mercy of its customers and the economy, with no firm control over its own destiny.

Clearly there is a need for a good business development strategy if you want to make the most of growing your business for the future.

But how do you go about creating one?

First, it will help to jot down some ideas for developing your business.

Are there aspects of it that you have not yet fully explored?

How could you enhance the services you offer now in order to make more sales?

Some typical strategies which could be used include focusing more on your existing customers. You could find ways to connect with them more often, perhaps by sending email newsletters to keep them up to date with your latest offerings.

A good strategy here would be to send monthly newsletters to do just that.

An effective business development strategy begins by identifying a need that is present in your business. You then develop a plan to meet that need.

Another example concerns the need to find more new customers instead of simply relying on the ones your business currently has. A strategy to meet that need could be to increase the amount of advertising your business creates.
It is important not to treat this as a one off exercise however.

Businesses and the markets in which they operate are constantly changing. This means that what could begin as a worthwhile strategy may need adjusting over time.

Constant monitoring is another important part of ensuring the business development strategy you come up with is continually successful.

If you are not achieving the results you want, evaluate the situation and ask yourself why.

Is there anything else you could or should be doing?

Are you aiming at the wrong audience?

Have you achieved the maximum growth you can expect in that area?

How a business consultant can help…

Some businesses take on the services of a consulting firm to help them in this respect. Consulting is a good idea as it enlists the help of an expert who is an outsider to your business.

They may easily be able to spot things you have not noticed yourself.

You have no obligation to follow through on their recommendations, but if you are willing to take their advice you may well end up with a business development strategy that can work wonders for your business.

Although these types of strategies can and should be used on an ongoing basis, firm timescales can help to ensure you achieve what you set out to achieve.

For example, you may decide to increase your profits by a specific percentage during a specific time period.
Business development strategies can help you do all this and more.

Using a consulting company such as JACOBY will help you devise a worthwhile and workable strategy to boost your business and set it up for a promising future.

2 Business Development Strategies to Make You More Money

The difference between a business enterprise that generates sufficient income and a venture that drains money can be very small. The overall success of a business depends hugely on the business development strategies employed to attain a profit. New business development strategies can make the ultimate impact on a company’s bottom line. So what do you need to know and implement as a budding entrepreneur or business owner in order to make more money?

The most important and significantly underrated business development strategy is to find a way to disappear. What do we mean by that? The idea of an owner disappearing from their own work seems completely counterintuitive. An idea like that seems to imply that once you pour your heart and soul into your work, you should abandon it.

However, business owners, in their quest to deliver the perfect product or service, or even to do things “just right”, often unnecessarily involve themselves in all aspects of their business. While this tactic may seem like a good idea at the time, the long run consequences on your business growth strategy are devastating. Any reliable business strategy consultant will underscore the importance of reducing the load on the business owner, not increasing it. In other words, by automating systems and delegating effectively, business owners can turn their attention to actually running their company, instead of doing jobs in a company that ends up running them.

Expanding on the idea of automating systems will bring us to the next business development strategy. When entrepreneurs first build their businesses, many do not have an overarching plan for how all parts of their enterprise will fit together. Few look to business development strategies or processes that will integrate all parts of the business with ease and efficiency. That is where system and process automation comes in. By relentlessly looking for ways to streamline a business, entrepreneurs save time and money, and are also able to serve their customers better.

Finally, all the new business development strategies in the world will not be effective on implementation if there is no investment in employees. Delegating to employees, a key component of any business growth strategy, requires a high degree of trust that they will do their jobs at a sufficiently high level of performance. What is missing in many organizations that would make the difference in employee performance is leadership team development, in other words, team building, professional training and development, leadership development, or whatever else it is called. With growing your employees, they will not perform at the level you desire.

Business Development Strategies That Work

As a manager, one of the foremost concerns to an organization is developing and exploiting business opportunities that are presented to you and your company. In order to grow, you need good knowledge and best management practices and strategies. It comes to down to whether as a business development manager, you are revolutionary or evolutionary. Any strategy that you undertake, no matter how small or insignificant it may seem will revolutionize your company or will evolve it.

Successful business development takes a multi-disciplinary approach in that it involves financial, advertising and legal skills. It is not enough to reduce activities to a simple template that can be applied to all situations faced by real-world enterprises. Being creative in this regard goes a long way in ensuring that any new and unforeseen challenges contribute to sustainable growth of a company rather than its demise.

There are several areas where business development strategies can help your organization to grow and succeed. Development strategies based on a strategic marketing plan for example will address a changing customer base and market dynamics, help one to understand horizontal and vertical target market opportunities and how to develop the right products, services and solutions to meet the target market needs. This plan should not just be an accident. Most successful business owners will tell you that a carefully planned business strategy was involved. A plan can take either a ‘bottom up’ approach or a ‘top down’ approach. 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. Another approach is the use of collaborative process where managers and employees work together.

In order for a business development strategy to work, you will need to evaluate its weaknesses, strengths, risks and growth potential. If possible, a strategy consultant may be included. Several factors will need to be taken into consideration, depending on the complexities that come with implementation. These include assigning responsibilities, sufficient resources and establishing a chain of command. A timeline will also need to be developed to evaluate if the desired goals are being achieved. Obviously, no one type of business development strategy is going to work for every business. Find out what works for you and your organization and the benefits of sticking to it.

Management Tips – What it Takes to Create an Effective Business Development Strategy

If you are a manager at the same time an owner of a business or an organization then, one of the challenges you are faced with is the challenge of developing and taking advantage of business opportunities that are provided to you and your company. Moreover, as a manager you always have to strive for growth and development. To achieve that aim, you have to have an effective business development strategy? Now, how are you going to do that? What does it requires creating an effective business development strategy? Read on and learn from the following tips.

1. Brace yourself up with sufficient knowledge as well as excellent management practices and strategies. As a manager who aims for growth of his or her business or organization, you have to have sufficient knowledge and excellent management practices and strategies. Well, these will all boils down to whether you will be revolutionary or evolutionary in coming up with ideas and strategies for development. The idea or strategy you will come up with will be the basis for your company to either revolutionize or evolve.

2. It takes a multi-disciplinary approach. An effective business development strategy entails a multi-disciplinary approach which includes financial, advertising and legal skills from you as the development manager. This means that you need to come up with creative ways that are flexible to be applied with just about any circumstances that may hit your business. of course, these ways should contribute to the prosperity of your business and not its failure.

3. Create a strategic marketing plan. There are various aspects in your business wherein business development strategies can help your business to grow and prosper. Strategic marketing plan, as such, will deal with the changing customer base and market dynamics. It will also aid in understanding horizontal and vertical target market opportunities and help you learn how to pick out and develop products, services or solutions to address the needs of your target market.

4. Decide on what kind of approach in planning. Take note that a plan shouldn’t be on its own to work nor will you solely manage it to work. A plan can take the form of either a ‘bottom up’ approach or a ‘top down’ approach. A plan in a bottom up approach involves employees to come up with ideas and suggestions. After which, the best one are passed on to the management. On the other hand, a plan in a top down approach involves higher position personnel such as the managers to establish the business development strategies and then, imposed them down to their subordinates. Additionally, there is the use of collaborative process where managers and employees work together as one in performing this task.

5. Evaluation. Now, after the business development strategy has been decided on, it will be your task as a manager to make sure that this strategy will work out. To do so, you will need to conduct evaluation of its weak points, strengths, the risk involve and its growth potentials. You may want to hire a strategy consultant for this matter as there are indeed, various factors that must be taken into serious consideration. However, it will be dependent on the complexities that come with its implementation. Some of these factors involve assigning of responsibilities, hiring sufficient human resources and establishing a chain of command. It will also involve a specific timeline to determine whether or not the preferred goals are being accomplished or not.

Evidently, there is no single type of business development strategy that will be enough for any business. So as a manager, you have to brace yourself up with more and more knowledge to know what works for you and your business and determine the corresponding advantages of sticking to it.

Business Development Strategy – The Absolute Best Business Development Strategy Ever Created!

Are you ready to learn the absolute best business development strategy ever created? Attraction marketing is the absolute best business development strategy known to man. Now that you know the answer, I am going to explain to you why.

The main goal of any business is to attract customers. People spend tons of money on advertising to gain exposure for their business, hoping to make some sales. What if I told you that there was a free way to do this and it could be done on complete auto-pilot? Would you believe me?

You are your greatest asset. Attraction marketing brands you as the leader, and brings prospects to you on complete auto-pilot. All you have to do is constantly put out valuable content (information that people need), and people will search for you, they will literally hunt you down.

The reason attraction marketing works, and the reason it is the absolute best business development strategy ever created is because you are not pressuring people to buy a product or join a business. You literally ATTRACT the people to you that are highly motivated, and highly interested about your business.

When you are the first person to introduce someone to something new, something that they can definitely use to make their life better, it is easy to make a sale. The beauty of attraction marketing is the content that you are giving away can be tailored to attract absolutely anyone and everyone. Whether you want to attract the people that are new to this industry, or the people that have been building businesses for years, everyone has something to learn.

Attraction marketing is a lot like good customer service. You help other people, you brand yourself as a leader, and those people will be loyal to you until the end of time. The best part of attraction marketing, and one of the main reasons why it is the best business development strategy out there is because you already own everything you need to get started.

As I said earlier YOU are your greatest asset. You just simply need to invest in yourself. The more valuable the bigger your business will be. So by working on your personal development, by learning all you can about things like success, business building, attraction marketing, etc, you are making yourself so valuable to other people that they will buy anything that you tell them to.

Attraction marketing is that absolute best business development strategy, once you learn how to use it correctly. People are naturally greedy and want to keep what they know to themselves, but once you get over that, and learn to give without expectation you will see drastic results in ANY business.