Effective Business Development Strategy

[businessbrokers]

Hello all,

Here are some points which describes how to create an effective business development strategy.

# Starting Point:

The key words are Who? What? Where? When? Which? Why? How?
Who - are you going to target?
What - do you want to sell them?
Where - are they located?
When - will you approach them?
Which - are the appropriate target personnel?
Why - would they want to meet with you?
How - will you reach them?

# Ideal Customer Profiling:

Pro-active business development demands that we create an ideal target at the front end - i.e. an Ideal Customer Profile. The essential characteristics you will need to consider are:

- Industrial Sector
- Geographical Location (Demographics)
- Size of organisations (Turnover, number of employees etc)
- Financial Trends
- Psychographics - i.e. Philosophical compatibility

# 'New' Opportunities From Within 'Old' Accounts:

Because it costs approximately ten times as much, to first locate and then sell to a new customer as it does an existing one.

# Developing New Opportunities:

There are a number of ways in which we can target new opportunities like

-Direct Mail
-Telephone Canvassing
-Researching Archived Files For Customers Who Used To Buy From Your Company
-Exhibitions
-Seminars
-User Groups
-E-Mail Campaigns
-Referrals
-Qualified Leads
-Advertising

[DayTrader]

As entrepreneurs, we must choose a strategy that works best for us through trial and error. We have to take into account a lot of things, and we should set our goals, find ways to keep customers and make new ones... A time line is important, and evaluation must be done to assess the business' strengths and weaknesses.

[RelyOption Tech.]

As its well said and proven also i believe business is 80 percent marketing , 10 percent technology and 10 percent luck....but as fortune favors brave, the people who work hard will get that last 10 percent through their journey.

Rest i think if you really want to grow ...you should invest more in sales and marketing...a good team with a capable leader and some smart and inovating marketing techniques will definetly help.....

then comes the part of technology....so include some technology mad people...who loves technology more than money..(Though you have to pay them highly ...)......once you establish a perfect combination of both ..it starts working...i have prefered to set up some ratio of .... people in marketing : people in technology .....and these strategy giving me some fruits.......so just try doing this thats the advice i want to give to young entreprneurs by virtue of this post...

Abhijeet Shastri.
RelyOption Technologies.

[faisallatif]

there is a quote that "People do not fail because they planned to fail but rather because they failed to plan". The man who knows where he wants to go is more likely to get there, he just has to decide how to get there. All plans are essentially maps and guides; the strategic element is the 'How'. Do be prepared to change course, flexibility is key, and don't be afraid to experiment, look outside the square.