Successful Business Development Takes Strategy, Research, Tactics, and Client Relations
At MARKETLINK, we practice the macro to micro approach to business development: Go from high-level to detailed when identifying and implementing business development strategies. And don’t just guess at where you are going, use research to make sure your strategies are on point.
Macro Level Strategies: Where, What, Why
To be successful at business development, you must know the where, what, and why of your targets. Ask yourself the following questions, and don’t leave out the why – it may be the most compelling reason to move forward with your plan.
- What geographic areas do you want work in? Why?
- What market sectors can you compete in? Why?
- What are the economic trends in that geographic area? In those market sectors?
Micro Level Strategies: Who and When
Let’s get down to details. It’s important to know the names of companies and decisions makers you will pursue, as well as whether they have upcoming projects you can win.
- Who are your key clients? Make a list of your target, current, and past clients.
- When will they have projects to pursue?
Client Relations IS Business Development
If you are doing business development, you are also doing client relations; they go hand in hand. It’s much easier to promote yourself if know your clients love you. On the other hand, it can be difficult to sell your services if you don’t know what your current clients think of you. How do you know? We recommend you hire a third party to talk to your clients. While you need to know what you’re doing right, you also need to know what you’re doing wrong – and a client is more likely to give honest answers to an impartial party.
As we’ve said, successful business development takes strategy, research, tactics, and client relations. Now roll up your sleeves, pull out paper and a pencil, and get to work. Not sure where to start when it comes to Market Research? Get our top tips.