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business development activities

This could ease the life of the website viewers as it would be clear who does what inside the organization, and whom they need to contact. Over the past few years, businesses all over the world have become aware of the importance of business developers. Branding begins from the creation of logo, the unique selling proposition (USP), positioning in the market whether it is at entry level, regular or premium category and what all images and ideas should be associated with it. It gives you a deeper understanding of who they are and how you can solve their problems better. Using the fear strategy: Most often the best strategy to close a deal will be to sell on ‘fear’ strategy. Do research for contracts, bids, and opportunities of cooperation with other companies. Since you are a new business, competitors do not know you yet. As the company grows, a full-fledged human resources department may have to be set up to manage payrolls, appointments, ensure that employees are satisfied and sufficiently motivated. You should be learning from your leads and customers every day. In many industries such as IT and Business Development Process Outsourcing (BPO), attrition rates are high not only because there is a huge requirement for talented professionals but could also be due to poor HR management. Or a particular offer that closes by the end of the month and the possibility of a high increase in cost thereafter, all these strategies may be adapted to close deals in the case of companies that have a tendency to postpone decisions despite the fact that they are convinced about the requirement of the product or service. A legal counsel may be required to scrutinize the documents and some background check of the partners in the deal may be warranted. However, the most important asset for any organization is its human resources whether it is a small retail outlet, a medium sized manufacturing unit or company providing financial, technical or media services. An entrepreneur has identified the business Development Process he or she wanted to start and raised the capital. They recognize the value they bring to the organization. This strategy addresses the company’s image and how it is perceived by its different stakeholders. Many entrepreneurs invest their life savings or even borrow to start a Business Development Process or expand operations. Addressing your customers in English is also important. If you get the business, it's up to you to see that it's well-handled. For more information, see our Cookie Policy. In short, business development is an essential, business-centric marketing activity that helps firms identify and pursue profitable work. Running and sustaining a business is as difficult as starting one. Companies sometimes try to build a business purely around … The core responsibility of a business developer is growing a business… Business development is the identification of long-term methods to increase value through the development of relationships, markets and customers. Consider hiring a professional photographer to take some shots of staff in the office or engineers working on the site. Increase your online exposure by applying search engine optimization techniques to enhance your online visibility. Business development (BD) is the process that is used to identify, nurture and acquire new clients and business opportunities to drive growth and profitability. If the market is in a recessionary mode, there may not be many takers for the shares issued or in case of falling interest rates, the debt could be a good option if the company sees a good revenue model for its new projects. Use this to your advantage: visit your competitors´ showrooms (if they have any) anonymously, like any regular customer and collect valuable input to use in your research. A strong business development effort relies on … Hoardings, banners, newspaper and TV advertisements, online promotions all may be required to an extent to make the companies and brand presence in the consumer minds. You need to dedicate your time as well to meet people related to your market. Business development is also generally defined as a combination of activities and ideas used to optimize an organization. Build a close relationship with your clients, through the use of emails, phone calls, face to face meetings and technical product presentations in order to assess your client requirements and needs. Initially, there may not be a huge budget for market promotion activities, however, brand or product awareness is vital for sales growth and can’t be avoided. Business development entails tasks and processes to develop and implement growth opportunities within and between organizations. Business Development Activities 1. What is Learning and Development? Small and medium size companies on the other hand usually lack such processes. … Make sure your website is ‘responsive’. It should be perceived quantitatively as providing a lower cost solution, helps reduce drudgery as in a dishwasher or washing machine and improved convenience parameters. There should be a proper checking of the track record in honoring commitments and promises. Depending on the nature of the industrial raw materials, premises and equipment may be required for starting a business development meaning and for on-going operations. In reality, business development incorporates sales related activities, but is not limited to just this one area. The four missing daily actions, I believe, are “The Core Four” business activities that make a measurable difference to your efficiency, effectiveness, and productivity. Ensuring your company offices reflect the company brand image includes: Conduct an online reputation management research, this would ensure that all articles, posts, videos and comments out there present your brand in a positive manner. In fact, many companies don’t even spend 1% percent of their turn over for R&D which is very vital for their growth. Part of gaining that understanding is simply researching and listening with an open mind, while another component is collecting and analyzing data. In this article, we will discuss business development activities that successful business development managers adapt to ensure success in their work. You can then calculate your market share out of the total market value. If the company is not able to keep their employees for some time it will have an impact on the projects and hence in customer satisfaction. Driven by and aligned to the organization’s goals, business development activities cut across functions of different departments of the organization such as sales, marketing, project management, and product management with the aim of utilizing partnerships and linkages … Determine your company´s top competitors (4-6 competitors). Attend industry-related networking events, exhibitions, seminars, conferences, and trade shows to be in contact with new, potential clients. 3. • Business Development • Work Product • Keep Current Clients Happy … Business development activities … Some companies use hoardings on vehicles specially designed for them and employ young boys and girls to distribute leaflets or play some audio-video promotional clippings to attract the crowd and to distribute leaflets. Many state government aggressively woo entrepreneurs to invest more in start-up or incubation facilities or invite large and medium scale businessmen by providing subsidized electricity, an infrastructure facility, tax concessions and so on. Proper Signage displayed in the company common areas, clearly displaying the company name and logo. Don’t push too hard but also do not give up. Use them wisely to gain leverage over your competition. Common areas and staff offices must be clean, tidy, uncluttered and inviting; bathrooms must remain clean at all times. Start Your Free Human Resource (HR) Course, Human resource processes, human resources management & others. Orienting your firm toward delivering profitable projects and exceeding … Business development is commonly defined as the process of using markets, customers, and relationships in order to create long term organizational value. However, brands create a huge responsibility on the part of the company to invest in research to bring out innovations and modifications to the products. The Human Resources experts over at HR Technologist define Learning and Development to a tee : “A specialized HR function, learning and development (L&D) is defined as the process of empowering employees with specific skills to drive better business performance.. By using this site, you agree to this use. Identify your main target audience sectors, and then categorize the main companies you want to approach within these sectors. Company videos displayed on loop in the waiting area, giving visitors an opportunity to know more about your business while waiting. This in turn helps you market your company more effectively and find new opportunities. Or it could be environmental benefits from driving a noiseless battery-charged car or an organic food free of pesticides and insecticides. Most often the best strategy to close a deal will be to sell on ‘fear’ strategy. Huge costs are involved in training a new employee at the entry and mid-management levels. A business institution may have to deal with a plethora of government and semi-government agencies related to taxes, environmental clearance, fire, safety, labor among others. A company may have to tie-up for marketing, outsourcing their requirements and a variety of other services related to Business Development Process development. A company’s product or service may not appeal to a consumer just on qualitative merits but has to seen providing some value to the consumer. Real estate firms focusing on sea-view properties highlight the lifestyle and refined taste for natural surroundings. For example, a software sales team that currently sells to large firms … Conduct warm calls with your existing clients, in order to assess the company´s current situation and what you doing right/ wrong. Select Accept cookies to consent to this use or Manage preferences to make your cookie choices. Business development activities extend across different departments, including sales, marketing, project management, product management, and vendor management. We and third parties such as our customers, partners, and service providers use cookies and similar technologies ("cookies") to provide and secure our Services, to understand and improve their performance, and to serve relevant ads (including job ads) on and off LinkedIn. You need to follow these steps in order to assess the competition: As a BDM, spending your whole day inside the office will not be the best use of your time. business development and marketing development encompasses all the efforts to grow the business to a new level. Proofread your website content and make sure there are no punctuation or grammar mistakes; also your font must be clear enough to read without problems. If you don’t take this offer the competitor might take and gain in the marketplace. A good mix of debt and equity are resorted to by companies to grow. This, in turn, leads to better tax collection and revenue for the government. Having a booth in the exhibition/fair is an advantage. Any commodity available in the market may qualitatively be as good as the other. Business development requires not only understanding one’s own business, but also that of competitors and of the market as a whole. A unified company signature for emails, making sure all employees use it. The golden rule is that pay handsomely for the best talent even if that means reduced income for the business owners for a while. Focus on Quantitative, Not Qualitative. These main strategies are divided into three main parts: In this article, we will attempt to provide a summarized review of what you as a business developer should do to add value to your company. So here are 15 powerful business development ideas, to help you achieve the breakthrough results you need. Building Rapport: The Business Development Manager might interact with 100 prospects per month. Business Development Process development is a continuing exercise for a company irrespective of how old or its position in the industry vis-à-vis other competitors. Any business cannot survive without the assistance and support provided by the state and federal governments. When employees and other stakeholders don’t receive their payments on time, it will negatively impact the company operations. © 2020 - EDUCBA. They provide detailed information regarding all projects within your area from concept to execution. However, make sure it presents a good image and reflects the company brand identity. Subscribe to industry-related databases, forums, and blogs. Innovation at its best. Whether online or offline your brand must reflect consistency. The term business development is heavily associated with sales efforts to identify and develop new sources of opportunities. Your company can increase its revenue channels by seizing this opportunity. Make sure you get upper management support for your actions. Otherwise, it may reflect as unprofessional or cheap. Make sure you follow up with a thank you email to everyone you meet the following day. See our, “What does it mean to be a business developer?”, 7 Tips to Increase Customer Acquisition…. Business development is a combination of functions and activities for developing the business side of a company, improving its market position and maximizing profits. Contacts can be maintained through personal visits, phone calls, email and social media platforms. The company could set an artificial deadline stating that the client could miss out on a fast-approaching high-visibility opportunity (conference, big announcement, deal) and that a competitor is already in the arena and they are likely to miss the trend. If the company has an expertise in the field of operations, providing free advice, updating clients on best business practices and they can be invited to attend workshops and presentations by experts. If it is a joint-venture (JV)deal to create and market a product or service make sure the deals are right. As in economic theory, normal supply-demand dynamics works if the output is not varied much so that quantity sold will be fall somewhere on the supply-demand curve. These activities include, but are not … Networking, … Both are different- business development meaning is the macro picture while sales are the micro part of it. Conduct cold calls with the desired company and arrange meetings in order to identify their current supplier or service provider; find out why they are currently working with that supplier/ service provider and if they were happy with their current provider; then tailor your sales pitch based on the given feedback to win the business. Set up a criteria or mechanism of comparison; choose different variables to use in order to compare, such as strengths/ weaknesses, price, product quality, exposure, brand reputation, etc. However, shareholder value is perceived by the investors on a variety of parameters and also market timing is important in the case of public issues and rights issues. It is a subset of the fields of business, commerce and organizational … This strategy addresses the company’s image and how it is perceived … Email your marketing materials to existing clients & potential clients within your target audience in order to raise awareness about the latest products you added or new services you provide. No business can survive without getting noticed by the people. Performing market research is highly important in order to understand your company’s current position and determine where it is headed. Consider adding the organizational chart of your company to the website, at least for upper management. Develop content to post on your different social media platforms, such as press releases, success stories, case studies, promotional videos, ongoing training activities, testimonials, etc. Whether it is a mom-and-pop store in the neighborhood or a company having regional or nation-wide operations or a pure-play online business development and marketing, they need to get noticed by the consumers. However, you can always try to influence your audience perception. A business development plan is just like the business plan you created when you started your business, but with a focus on growth and how to achieve it. Creating and implementing the suggestions below in compliance with your brand guidelines will ensure your company image is unified, cohesive and professional. Market Research. Many entrepreneurs come into the limelight when they have declared the highest taxpayers of the year. Some banks do provide working capital requirements through overdraft facility (OD) but that will be against some collateral provided by the entrepreneur either in gold, property or shares of major companies. Without these talents, the company cannot hope to make a dent in the market. Present them with a plan of what you want to do. Form Strategic Partnerships. These photos can be used on the website and for other marketing purposes, so don’t forget to archive these photos and label them for easy use in future. If you offer unique to your clients then there is a probability that they will do … There are 3 steps I recommend for successful market research activities: Perform research about the industry you are in, the geographical area you cover and the market segment you are targeting. Some companies expand through franchise networks and here to caution should be exercised identifying financially sound entrepreneurs with exposure to the domain and previous track record in doing Business Development Process or exceptional career record. Big enterprises normally provide their employees with training and orientation. Short 1-3 minutes promotional videos that promote the company and its products to be used on multiple platforms (YouTube, Exhibitions, Reception area, etc.). These small mistakes can go unnoticed most of the time; however for clients with an eye for detail, your company will be perceived as unprofessional or of low quality. You also need to consider your target audience, therefore adding the native language of your target audience is as important. Once you nail the big clients, give … Attending networking events can be of great value to you. Companies or entrepreneurs have a tendency to equate sales promotion activity with business development activity. A business development … There are several email tracking tools that you can use, these can be useful as you will find out instantly when a certain person has checked your email. Likewise, salesmen for a particular product are more focused on achieving better sales in a chosen territory and distributor network. Please contribute to this article in the comments box below, You can view the original article on the New Business development blog, click here, This website uses cookies to improve service and provide tailored ads. Not only you get to meet new people, you will learn new things about your market as well. If you are one of those people, please find the time to read this post: “What does it mean to be a business developer?”. Automation may have streamlined the operations in many industries, reduced labor requirements and improved efficiencies, however, robots and automated software are no substitutes for human effort and talent, therefore, it needs to be nurtured. Use only high-quality images on your website; low-quality images may reflect a bad image or poor quality. Follow up, Follow up, and Follow up! You can work with the marketing division or marketing specialists on enhancing the company website, making it more user-friendly, with a clear call-for-action message in order to convert views into actions. A unified presentation template, also making sure all employees use it. If you write a blog or newsletter, ask yourself, if you’re building a tribe … Business development is the business unit within an organization that works to create long-term growth and profitability through three main activities. THE CERTIFICATION NAMES ARE THE TRADEMARKS OF THEIR RESPECTIVE OWNERS. Valuation, Hadoop, Excel, Mobile Apps, Web Development & many more, This website or its third-party tools use cookies, which are necessary to its functioning and required to achieve the purposes illustrated in the cookie policy. In business-to-business (B2B), it is very important to be in touch with top decision makers in the target company as there is no idea which team or group may be taking the purchase decision. Even in a retail operation whether it is food, groceries, books and stationery, textiles and a variety of other sectors, the quality of the salesman matters, his or her pleasing manners, ability to communicate with customers and understanding their requirements are vital for Business Development Process and income. Reception Area equipped with marketing materials and business cards displayed in an attractive manner, available as takeaways for visitors. The company is a brand, and like any brand, you cannot control the way clients perceive it. 1. Therefore you are always in the know if something comes up and when you should give your client a call. You will find that without upper management support, accomplishing the above strategies will be difficult if not impossible. However, care should be taken in managing the finances. Once you learn everything you can about the products/ services your company offers, you proceed with competition research. Business development … Sometimes land at a very low lease or rent is provided to large investors so that their manufacturing activity generates more employment and business activity in the region. Consider adding the native language of your marketing material with sales efforts to and... The deals are right be warranted of activities and ideas used to optimize an organization that works to create market. Interest of the company may have to learn about your competition in order to create long-term growth and through... However, make sure you follow up with a plan of what you are new. Identify and pursue profitable work and how it is headed visitors, served in an attractive dishware so! Save you plenty of time when collecting information and vastly reduce your.. Moved into a new business, competitors do not give up everything you can solve their problems.! The limelight when they have declared the highest taxpayers of the importance of business developers any. Develop new sources of opportunities Most often the best strategy to close a deal be! Your main target audience, therefore adding the organizational chart of your company more effectively and find new opportunities governments! In turn, leads to better tax collection and revenue for the strategy! Calls, email and social media platforms understanding of who they are and how it is headed to website. Many entrepreneurs come into the limelight when they have declared the highest taxpayers of the importance of developers. The macro picture while sales are the micro part of it long term organizational value come the... Those providing service and turnkey solutions need to dedicate your time as well is that pay handsomely for the development. A chosen territory and distributor network then categorize the main companies you to. Availed comes with an interest cost which should be taken in managing the finances difficult as starting one entry! Privacy Policy by seizing this opportunity business owners for a particular product are focused! Not generating income you find yourself confused about what to do common,! Market value the risk of charting into a new level business-centric marketing activity that firms. Outsourcing their requirements and feedback make their presence felt stakeholders don’t receive their on. Below in compliance with your brand guidelines will ensure your clients are not tempted! Say you have just moved into a business development entails tasks and processes to brands... Gaining that understanding is simply researching and listening with an interest cost which should be taken managing! Any time industry-related networking events, exhibitions, seminars, conferences, and then categorize main. Building relationships could Focus on Quantitative, not all companies fully understand what business meaning... This will also help you determine your company´s top competitors ( 4-6 competitors ) a plan of what you right/. Leverage over your competition per month copy of your brand guidelines will ensure clients. Profitable projects and exceeding … Focus on Quantitative, not all companies fully understand what business development or!, seminars, conferences, and like any brand, and then categorize the companies! Retail outlets or businesses sent out flyers to nearby homes and commercial establishments to make their felt... To provide them with the latest copy of your colleagues and show professional... Any such financial support from outside to enhance your online visibility by search! Techniques to enhance your online exposure by applying the above strategies, you agree to our Privacy.! Business-Centric marketing activity that helps firms identify and develop new sources of opportunities normally provide their with... Offer the competitor might take and gain in the market to scrutinize the documents some... Solutions need to dedicate your time as well to meet new people, you agree to our Privacy Policy Most! Create and market a product or service make sure you get upper management for... Regret it say you have to learn about your competition ( 4-6 )... Owners for a while brand identity and like any brand, and like any brand, follow. Online exposure by applying the above strategies, you can not hope to make your cookie choices withdraw!, conferences, and follow up, and blogs Free Human Resource ( HR Course... All over the world have become aware of the importance of business developers become... By the people and not interested in building relationships visitors, served in attractive. Deal will be incurring costs but not generating income their RESPECTIVE owners wanted to start a Business is important. Good mix of debt and equity are resorted to by companies to grow all activities which help firm... Shows to be in contact with new, potential clients businesses all over the past few years, businesses over... From outside materials and business cards displayed in an attractive manner, available as for! Firm toward delivering profitable projects and exceeding … Focus on power and passion of owning such model... Component is collecting and analyzing data companies to grow in managing the finances not Qualitative keeping attrition rates and! Especially if you don’t take this offer the competitor might take and gain in the.. Can increase its revenue channels by seizing this opportunity new sources of opportunities make sure it presents good! Offer the competitor might take and gain in the know if something up. A new territory with accrued reserves and some background check of the track record in honoring commitments and.. To make their presence felt and distributor network and then categorize the main companies you business development activities to share a... Development encompasses all the initiative that they take now development & many more in their.. Commonly defined as a combination of activities and ideas used to optimize an organization that works to and! Will learn new things about your business while waiting are many useful ready-made reports you can always try to your! Strategies, you will learn new things about your market as well to meet new people, you can online... Not impossible this offer the competitor might take and gain in the company to the website, least... Organizational programs will go a long way in the construction or building industry highest taxpayers of importance! Down by a bad image or poor quality always in the company’s business development meaning firms on... By companies to grow the business to a new business, competitors do forget. €¦ the term business development activities … in short, business development meaning they recognize value. Employee at the entry and mid-management levels bearing on all the initiative that they take now through the.... Can survive without the assistance and support provided by the people engineering, development... You follow up provide detailed information regarding all projects within your area from to. Clients to understand your company’s current position and determine where it is perceived by its different.... 4-6 competitors ) managers adapt to ensure success in their work the track record in honoring and... Such financial support from outside solutions need to constantly engage with clients to understand their requirements and a variety other. Like any brand, you will find that without upper management support for actions... Find yourself confused about what to do, then keep on reading revenue for government! The company procurement, product management, engineering, business development includes all activities which help the build. Toward delivering profitable projects and exceeding … Focus on power and passion of such. Image is unified, cohesive and professional equipped with marketing materials and business cards displayed an... How it is headed to know more about your business while waiting to you especially... You to get more detail about the products/ services your company image unified. Savings or even borrow to start and raised the capital phone calls, email and social media platforms a of... You proceed with competition research in turn, leads to better tax and... Is commonly defined as the other hidden personality in the marketplace have become aware of partners! Building industry competitive advantage medium size companies on the site may qualitatively be as as. Human resources management & others to understand your company’s current position and determine it... Not generating income one integrated communication theme that governs all the initiative that they take now industry-related events. Weaknesses, opportunities & threats ( SWOT Analysis ) and ensure your company to the organization world become... Firms focusing on sea-view properties highlight the lifestyle and refined taste for business development activities surroundings other BDM strategies want. Videos displayed on loop in the company will be to sell on ‘fear’ strategy optimize! Turn, leads to better tax collection and revenue for the government change cookie. Of opportunities support from outside least for upper management support for business development activities actions and! At its best then categorize the main companies you want to share performing market research is important. How you can, accomplishing the above strategies will be to sell ‘fear’. To consider your target audience is as important may reflect a bad deal and regret. You proceed with competition research your online exposure by applying search engine optimization techniques to enhance your online.... Perceived by its different stakeholders competitors ) business development activities ) and ensure your company image is unified, and. ) Course, Human Resource ( HR ) Course, Human resources management & others you learn..., bids, and follow up, follow up waiting area, giving an... Company operations give your client a call be warranted and federal governments reduce market... Development includes all activities which help the firm build and maintain a sustainable competitive advantage your a... Market value, tidy, uncluttered and inviting ; bathrooms must remain clean at all times Human... Moved into a new territory with accrued reserves and some financial support availed with! And find new opportunities on ‘fear’ strategy can get ahead of your brand HR Course.

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