Major Activities in Business Development
Business development is commonly defined as the process of using markets, customers, and relationships in order to create long term organizational value. Business development is also generally defined as a combination of activities and ideas used to optimize an organization.
Business development activities are applicable and useful for every department of a company. From marketing activities to project management initiatives there are virtually endless opportunities for business development activities to improve existing operations, procedures, and processes.
Corporations should always make sure that their business development goals are in alignment with their business development activities. For example, when a company creates a goal of acquiring new customers its business development activities may include producing content marketing that is tailored to their target market specifically.
Alternatively, if business goals include improving customer service capabilities, business development activities may consist of installing CRM software or participating in more aggressive social media monitoring.
4 tips for improving the effectiveness of business development activities include-
1. Optimized Communication Skills
Great communication can make the difference between a company failing or succeeding. This is especially true for businesses that rely primarily on their sales team interactions to generate revenue.
Human resources departments should make sure that its training, onboarding, and development programs are heavily focused on optimizing communication skills. Improvements in communication can lessen the amount of time that new customers spend in the sales pipeline and result in long term customer retention.
Respect and trust are absolutely crucial to creating and maintaining long term value in business relationships.
Fact-: 50% of customers report that their choice of vendor was based on who responded back to them first.
2. Long Term Relationship Development
Long term customer relationships are where many businesses gain most of their revenue. While acquiring new customers is great, long term customer relationships should never be sacrificed in the process.
In fact, repeat customers spend 67% more than new customers according to studies. The long term value that repeat customers bring to a business should always be considered a top priority.
Small business owners report that the majority of their revenue is generated through repeat customers. Business development activities for strengthening these long term relationships range from regular social media check ins to requesting product development feedback from returning customers.
For example, a small business owner might make sure to check in with long term customers by sending a social media message on birthdays or holidays. Alternatively, a larger corporation might request customer feedback whenever development process initiatives are announced.
3. Digital Presence Establishment
Both social media and overall digital presence has become more and more relevant throughout time, and the business world is no exception to the rule. The number of new customers entering a sales pipeline will likely be decreased if an organization is providing an outdated, boring, or unengaging website.
Instead, business development activities can assist with creating visually engaging, interactive, and customer service forward web pages. A company website is a great opportunity to showcase everything from business opportunities to sales process explanations.
If a company lacks the development skills necessary to create or maintain their website, they can consult a website development professional. For consistent content marketing generation, companies can contract marketing business professionals to do the work for them.
Fact-: 84% of customers report that they check out business websites.
4. Monitored Reviews
Studies have shown that 92% of customers report reading online reviews of local businesses. An additional 80% of customers state that they trust the validity of online reviews at the same level as a personal recommendation.
Considering these statistics, monitoring social media and third party review websites can make a huge difference in the ability of a business to attract new customers and maintain relationships with long term clients.
Business development activities could include setting up an alert for any reviews left and following up with customer service complaints swiftly and considerately.
Testimonials are also a great business development activity option for corporations to consider. Instead of blindly posting customer testimonials to social media websites, businesses should take great care to make sure that posted testimonials are relatable to their target audience in order to attract new clients most effectively.
For example, when interacting with a small business owner, sending over testimonials written by a large corporate CEO may intimidate the small business owner. Instead, the company should send a testimonial from another small business owner as a more relatable and effective alternative.
Another important testimonial consideration for businesses is to make sure that there is not an overabundance of testimonials supplied. Although testimonials are great for improving credibility, an excessive amount of them can appear to be overcompensation or overly pushy.
- An important part of any business development strategy or business development plan includes the activities listed within.
- Business developers can help with business development activities ranging from marketing automation to growing business clientele.
- Development strategy activity tips include optimizing communication skills, long term customer relationship developments, digital presence establishment, and monitoring online or social media reviews.