The Importance of an Effective Business Development Strategy

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Many small-and medium-sized businesses fail to implement a business development strategy. Often this is because they believe their strong base of loyal customers is all they need to ensure future success.

However, as almost every business learns, no matter how many customers you have today, it always pays to be looking for new ways to attract additional clients. If you are looking to implement a business development strategy for your business, the first thing you need to realize is that business development is not the same as sales. Business development extends across a variety of departments and allows these departments to work together for the good of the business. In other words, business development makes a business better. While this can include (and often does) increasing sales, it is much, much more.

Business development is the process of identifying and executing new areas of business. The goal of business development then is not just increasing sales but uncovering new markets, new channels of distribution and, in some cases, new products to bring to market. Here are some of the other tasks typically undertaken as part of a strong business development strategy:

  • Understanding your company’s current position and determining where your business is headed. This involves things like conducting market research and a competitive analysis as well as assessing relationships with current clients and reaching out to new clients through networking events, seminars and trade shows.
  • Enhancing your company’s image. How your business or brand is seen by different audiences is critical to its success. Your website and marketing materials-brochures, catalogs, press releases-must all reflect your brand image and place your business in the most flattering light possible. Your image also must properly represent who you are and what you do.
  • Increasing market exposure. It is imperative that have a strong online presence that is helping to grow your business and build (or maintain) its reputation as an industry leader. This involves monitoring all online activities and developing an active presence across a variety of social media platforms. It also involves employing the most effective SEO techniques to increase your online visibility.

Business development can be difficult to define and a challenge to implement. However, it is imperative that you put a strong emphasis on business development activities. Failing to do so will mean maintaining the long term value of your business or brand will be especially difficult.