Monthly Archives: August 2023

Getting started with business development activity

In our last blog we talked about getting the temperature of your business development right, so that your activity is appropriate to the stage of evolution your business is at now. Whether you’re a startup, or a seasoned entrepreneur, mastering the art of business development is a critical part of achieving your goals. But where to start?  

Before diving into methods, we need a clear understanding of what business development actually is. Business development involves identifying growth opportunities, building strategic relationships, and creating paths for income generation. It’s about creating connections, nurturing partnerships, and aligning your business goals with your market. The foundation of successful business development lies in thorough research and analysis. Identifying your target market, and understanding their pain points, the drivers for buying decisions.  By studying the customer base and identifying your key competitors you will gather valuable insights and can tailor your approach to address specific needs and stand out in a crowded marketplace.

Creating a comprehensive business development strategy that outlines your goals, target markets, and key tactics is the single most important step. This plan should include a timeline, measurable objectives, and a clear roadmap for execution. You should regularly review and adjust your strategy to adapt to changing market dynamics. As part of this you should be looking at your value proposition. This communicates why your product or service is unique and valuable, what problems you solve for your client base. A well-defined value proposition serves as the cornerstone of your business development efforts.

With your target markets defined as part of the overall strategy, the next step will be to research and identify the key decision makers in companies who fit into your target sectors. Sourcing static data lists can be a minefield unless you clearly understand the process of selecting the correct parameters. 

Creating a suite of material to support your business development is vital. Case studies, and brochures need to be professional and able to encapsulate the value proposition you have set out. But there is more to your sales collateral. You need to consider, email templates for follow ups, telemarketing scripts, and how you will appear on LinkedIn and social media. All these items are part of the crucial first impression that you give a prospect so taking short cuts is not an option.

With business development activity planned how will you and your team handle the expected enquiries? How will you communicate with your potential clients? Do you have the telephone, and sales skills to capitalise on each enquiry.

If the to do list for business development sounds daunting, then YBDT can help. The first tier of our staged sales support package is all about helping you get started. YBDT support the creation of sales collateral and help develop the data that will drive your engagement, as well as working with you on the all-important strategy. We can provide skills development workshops and through our mentoring sessions help you stay accountable for the success of your business objectives. Get in touch to book a discovery call, that is the first step to your business growth.