Implementing effective business development strategies is an unending goal for companies. It’s also known as “how do we find customers and make sales?”
There are tons of recommendations. I’ve often struggled with finding the ones that are right for my business, just as most business owners struggle. The realization I’ve shared with my client company owners is that there’s no one right way for every company or every buyer.
Instead of throwing ideas against the wall to see what sticks, you’ll want to consider a few questions specific to your business.
- What do our best buyers and prospects care about? To answer this question, you’ll first have to identify your best buyers and great fit prospects. Never fall into the trap of thinking “everyone” is a best buyer or perfect fit prospect; and don’t think answering this difficult question is a waste of time. The more clarity and specificity about best buyers, the more success you’ll have finding and selling to them.
- What outcomes or value are most desirable to these best buyers and perfect fit prospects? Make a list of business outcomes: revenue growth, problem solving, overcoming obstacles, building on an existing foundation, increasing profit. Then make a list of tangible intangibles: quality, convenience, speed, service, the relationships between us, reliability, honesty, integrity, status, access, becoming part of the inner circle.
- How do these buyers like to engage with providers? Does this preference change with circumstances? This requires some serious thinking about individual personalities, the industry they’re in (people tend to do what their peers do) and issues around whether you help with what’s important or what’s urgent. If you were to choose a business development strategy that’s big on the slow build up of the relationship when the prospect or buyer has an urgent need, you’ll miss the mark completely.
Choose Your Effective Business Development Strategies
Look at your answers. Where do you see alignment or connections? The point is that you use your intelligence and knowledge from the answers to create effective business development strategies. This is the extreme opposite of sorting through many random options and picking one or two; or following the strategy created by a well-known personality.
If you think about it, that well-known personality did what I am recommending: he or she identified their perfect fit prospects and designed a business development strategy that resonates with that type of prospect. You fit their model, so you think they’ve got the perfect answer, whereas another owner doesn’t because they are a different kind of person.
There is nothing wrong with most business development strategies. It’s just that not all business development strategies are right for all buyers.
That’s your job: find the effective business development strategies that will bring your best buyers and perfect fit prospects closer to your company.
We’re happy to help
Have you answered the three questions and now wonder how to use your answers to create effective business development strategies? That’s where we can help. Schedule your complimentary Discovery call (we discover your top goals and the obstacles to achieving them) and let’s design an engagement or project to achieve success. 703-801-0345.