From the Desk of Seb Mars
Wednesday 17 June 2020
Sunny and hot Montreal
Business development is crucial for your business efforts. However, it requires far more work than you may think and it can produce huge dividends in the long run. For your business development to produce real results, you need to be focused and you need a clear plan of action for it to succeed. But if all those things are in place and working to their maximum, it is well worth all the efforts.
A well-defined combination of numerous individual tasks will produce the bulk of the outcome. Brand owners are responsible for mapping out all business development activities for it to succeed and flourish and grow their business online and off. In order to expand the footprints of your business, you need to make a strategy plan that will always make sense in a financial or operation standstill.
In other words, business development is a mix of commerce, development tactics and organization behaviour. Here are a few tactics that will help you promote your business in an effective and sustainable way.
ONE, CHOOSE YOUR GROWTH GOAL
First we’ll define S.M.A.R.T. goals which are crucial to your business developments and long-term growth goals success. So the first step in any business-development efforts is to define those S.M.A.R.T. goals. If you don’t know what the acronym S.M.A.R.T. means, it simply means (S = Specific, M=Measurable, A = Achievable, R = Realistic, T = Timely). A good example of a good S.M.A.R.T. goal would be.
- Specific: The goal of becoming a high school math teacher is well defined.
- Measurable: Success can be measured by the number of applications, interviews and job offers.
- Achievable: The goal setter will have the appropriate degree for the job.
- Relevant: The goal setter is planning to get a job in the education industry after getting an education degree.
- Time-based: The goal setter has set a deadline to achieve their objective within the three months following graduation.
Once you have these goals mapped out and define, you can start pursuing these goals with your sales and marketing team. Your team will be set to pursuit the same objective. The second step in defining your growth goals and how you are going to track these goals is to define KPIs. KPIs stands for “Key Performance Indicators.” A good example of well define KPIs would be.
- A number of New Contracts Signed Per Period.
- Dollar Value for New Contracts Signed Per Period.
- Number of Engaged Qualified Leads in Sales Funnel.
- Hours of Resources Spent on Sales Followup.
- Average Time for Conversion.
- Net Sales—dollar or Percentage Growth.
With these goals and key performance indicators well defined and ready to be measured, you are all set to start going after these goals.
TWO, UNDERSTAND YOUR COMPETITION
The second step in pursuing your business development efforts is to know, understand and really analyze your competition. What is their strength and weaknesses why are they successful, what makes these companies flourish and grow. If their website has a newsletter, you should opt in, then you should subscribe to their list and then you need to analyze their newsletter that you will be receiving. To really put forth a well-rounded business development effort you need to have defined why your competition is successful. Then what you need to do make sure that what you offer is superior to what your competition is offering. Your website must be better, your services need to be superior and everything you do must outperform your competitors.
Once you are sure that you’re offering is superior, your main task is to build a remote sales team that you will train with the best training available to you so your team is ready to outperform what your adversaries are doing. To outperform your competition you should not only rely on one marketing activity, you should have multiple sources of lead generation, one good example to illustrate this, would you want to have a one legged table? I’m sure you wouldn’t…. The same thing applies to your lead get efforts. Start with one and then add different sources of leads.
THREE, GIVE IMPORTANCE TO YOUR CLIENTS NEED
The great Gary Halbert (the most successful direct response copywriter in history) once said. That the most important thing in business was to find a mob of hungry customers and then fill their needs. To have success in business you need to start by identifying a starving crowd. You should never start by developing the product and then find customers for that product. You should start by identifying a starting crowd and then you can develop a product that answers the deepest and most primal desire of that starving crowd.
FOUR, BUILD BRAND TRUST AND CREDIBILITY
The best way to build trust and credibility is to build a brand. And the best way to build a brand is through online marketing. Do you know that it takes seven interactions with your company (Brand) for a client to remember your brand and even consider buying and becoming a customer? The CEO of Google once said that building brands were the solutions to online miss information. He was referring to building a brand because of all the fake news circulating on the internet.
A great way to have a steady stream of leads coming into your business is to build trust and credibility. The best way to do that is to have a wall testimonials and ratings from your best and most satisfied customers. This is a great way to establish your brand and thus brand credibility.
So, there you have it, hope this helps you put together a well-rounded business development efforts.