Efficient Business Development strategies are essential for all businesses whether you are an early stage firm or an existing business. Many times, firms have not validated their sales and marketing channels, and so going back to the basics can help them find their way. Even if you have an online model, understanding the mechanics of the direct sale will be helpful.
The following should be considered when planning on future growth:
- Relationship Management- Growing and managing the right relationships for the success of your business.
- Centers of Influence- Those entities who have a similar customer segment but are not competition; where you can create an exchange of customers.
- Project Lists– Creating a list of 200 customers to go to market on and onboard so that you can learn and better build out your sales process. The goal is to figure a way to automate this process so that you don’t spend so much time lead-generating but actually working the leads.
- Channels – What are the top marketing avenues to generate you the right leads and then prospects?
- Sales Process– Do you have one; if not hypothesize one, and then test it until you have confidence. Remember you cannot have a sales process without a sell.
- Financials– It’s tough to grow business/revenue and not understand what it will cost you and what it will generate you.
- Referrals– Until we have hit product market fit, referrals should be a major factor in your business; then you will have to decide if this strategy will continue at later stages of your business
- Expert in your Craft– Regardless of whether customers come on board, all should see you as an expert in your product, service, and industry and this has to come across through specific channels such as content, brand, customer relationship, delivery of service, etc.
It is not good enough to just have a marketing hypothesis for your firm. You must not leave it to chance, and working on these other things will better inform you of how to grow your business. All of these things will contribute to the growth of the relationships that you will manage (leads, prospects, customers, partners, etc.), and then you will have to determine how to work these relationships to generate the business that you want.
All of these areas have a direct connection to the 9 Building Blocks from our Business Model Canvas:
Business Development Method Business Model Building Block
Relationship Management Customer Relationships
Centers of Influence Key Partnerships
Project Lists Customer Segments
Channels Channels
Sales Process Value Proposition
Financials Revenues & Costs
Referrals Customer Relationships, Key Activities
Expert in Your Craft Customer Segments, Value Proposition, Key Activities/Resources