Business Development Strategy
No business would grow without a strong business development strategy. Organisations need to know who they are targeting and how to persuade the target audience that they need a certain product or service. The business development strategy plays an essential role in organisational growth; it should arise as a supporting strategy to the corporate strategy and help fulfil the corporate goals of turnover and revenue.
A robust business development strategy looks outside the sales team; it is more than a sales function, it should be a cross-organisational activity. All front line employees should be aware of the impact they have on new and existing business; they represent the organisation and as such should be an integral part of the business development strategy. Some organisations employ individuals to specifically implement business development strategy; however it is a role that every person who has customer contact can assume.
As strategy implies long term; business development should be long term too. Without a realistic plan, the organisation will not survive. It may live on customer goodwill for a while; but without new customers replacing those that, inevitably leave (because however strong customer retention, people will always explore new options, even if they do return!) the organisation will fail to meet shareholders expectations.
A realistic business development strategy can ensure competitive advantage too; if the competitors in a market are not as focused on new business as an organisation that is; then it is obvious that the organisation building a strong business development strategy (and implementing it!) will be in a better market position than those that are not doing this.
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Business Development Strategy
No business would grow without a strong business development strategy. Organisations need to know who they are targeting and how to persuade the target audience that they need a certain product or service. The business development strategy plays an essential role in organisational growth; it should arise as a supporting strategy to the corporate strategy and help fulfil the corporate goals of turnover and revenue.
A robust business development strategy looks outside the sales team; it is more than a sales function, it should be a cross-organisational activity. All front line employees should be aware of the impact they have on new and existing business; they represent the organisation and as such should be an integral part of the business development strategy. Some organisations employ individuals to specifically implement business development strategy; however it is a role that every person who has customer contact can assume.
As strategy implies long term; business development should be long term too. Without a realistic plan, the organisation will not survive. It may live on customer goodwill for a while; but without new customers replacing those that, inevitably leave (because however strong customer retention, people will always explore new options, even if they do return!) the organisation will fail to meet shareholders expectations.
A realistic business development strategy can ensure competitive advantage too; if the competitors in a market are not as focused on new business as an organisation that is; then it is obvious that the organisation building a strong business development strategy (and implementing it!) will be in a better market position than those that are not doing this.
Topic Index: