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Business Development Techniques and Planning

What are Business Development Techniques?

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“ Have you heard of the concept of business development before? “

Business Development Techniques and Planning

Have you heard of the concept of business development before? If you haven't heard, what does business development mean to you? In the simplest terms, it can be summarized as ideas, initiatives, and activities that help make a business better. This area includes increasing revenues, growing from a business perspective, increasing profitability by forming strategic partnerships, and making strategic business decisions. In this article, you will find:

  • Business development strategies and techniques,
  • The steps to be followed while preparing the strategic business development plan.
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Six Business Development Techniques

The secret to faster business growth starts with the business development team. This team has issues to consider: who should be potential partners, what is the position of the business in the industry, who are the competitors, what is the best market place for the best business... Now we will talk about six business development techniques by which you can find answers to all these questions and make progress.

1)Using the 80/20 rule

Under the 80/20 rule, the first 20% of all deals you sign will account for 80% of your business's growth. Not every potential business partner should be pursued; priority should be focused on those in the 20%. For example, let's say you are a technology consulting firm. In this case, your business development team should devote about 80% of their time to partners in the 20% that are truly important to the company's technology ecosystem.

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2)Active use of social media

In the age of social media, it's easier than ever to find and connect with the audience a business need. Connecting with key people via social media can be easier than making a series of irreversible phone calls. Social media groups are a great way to find people who are interested in joining conversations and linking posts.

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3)Remembering the agreement made after signing an agreement

This may sound obvious; but you might be surprised how many tech consulting companies in particular ignore this simple rule. The more valuable it is to make an agreement after finding a new partner, the more important it is that the continuation of this agreement is carried out with a good relationship.

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4)Receiving feedback from sales and marketing areas

It is intertwined with business development, sales, and marketing areas. It is the duty of the marketing and sales departments to promote, market, and sell a product or an idea. On the other hand, the sale of a product does not happen with a single promotion. Often times, certain changes need to be made to an existing product by negotiating with new or existing customers. These changes to be made should be planned and followed by business development.

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5)Opting for 'win-win' deals that grow the cake for everyone

The business development team is not only for their company; it should consider creating strategic alliances and partnerships that are good for all parties. This is called a 'win-win' deal. Both parties can be successful and help grow the cake for everyone with these types of deals. This way, a reputation can be built, and companies can come up with potential offers.

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6)No growth deals for the sake of growth

For companies in technology consulting or software product engineering, it can be easy to fall into the 'grow for the sake of growth' trap. It is necessary to pay attention to whether the new agreements to be signed are really in line with the strategic vision of the company. Unnecessary agreements should not be made just to announce names and acquire partners.

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Certain decisions can be made, and it can be easier to determine future strategies by using these techniques. A business development plan is also needed to realize the strategies created using these techniques. Let's take a look at the steps required to prepare this plan.

The Walkthrough to Preparing a Strategic Plan

The Business Development Plan is a document that summarizes how you have implemented your business development strategy. The scope of the document covers both marketing and sales functions as they are so intertwined in most professional services firms.

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The path to follow to develop and document your business plan consists of the following steps:

1)Defining the Target Audience

Who is trying to attract new customers? The focus should be on the "best fit" customers, not all potential customers. So, narrowing the target audience is effective.

2)Researching Audience Issues and Competitors

You should have information about everything from your target audience to your competitors. That way, you'll be equipped to capture the attention of the target audience and tell them how you can help them. In addition, understanding your competitive environment will contribute to your decisions for sales and marketing.

3)Defining Competitive Advantages

Another step is to position the company in the industry by asking questions such as 'What makes your company different?', 'Why are you the better company for the target audience?', and 'Which company is the most cost-effective alternative?'. Identifying the questions to be asked in this step with the SWOT Analysis method (strengths and weaknesses, opportunities and threats) will make the job easier.

4)Determining the General Business Development Strategy

The right strategy must be determined to reach, interact with, and convert potential customers. This strategy could be networking, sponsoring, advertising, making calls or sending emails, preparing content marketing or designing a hybrid strategy that includes all of these. The needs and preferences of the target audience should be examined while determining the strategy. In addition, a comparison should be made as to which one provides the best competitive advantage.

5)Determining How to Monitor Implementation and Impact

Strategies that are not implemented until this stage will not work. What was done and when it was done should be tracked. This will both motivate action and help clear up any stray strategy in a short time.

Following all these steps results in a documented business development strategy and a concrete plan for implementing and optimizing this strategy.

In summary,new ideas can be generated and existing products, ideas, and information can be developed with business development. Six important techniques should be used when working in this area. These techniques are using the 80/20 rule, being active on social media, giving adequate value to deals, communicating with sales and marketing areas, prioritizing 'win-win' deals and not falling into the 'growth trap for growth's sake'. The necessary strategies can be easily determined, and a business development plan can be prepared when these techniques are used. Five steps are required to prepare the business development plan. These steps are defining the target audience, researching target audience issues and competitors, defining competitive advantages, determining the general business development strategy, and determining how to monitor implementation and impact. In light of these techniques and the plan, the field of business development can be quite effective.