Business development is something very universal that almost every business has to do. However the business stage very strongly affects how you have to implement it. In case your business is an advanced stage startup, business development has to entail plenty of business strategy and planning. This kind of planning is done with the help of business development strategy which lays down the goals of the business in the process of development.
The first task to be completed is the identification of target audience. It means knowing who are the prospective customers of your products or services. In addition, if your business has not yet started, identify the potential audience for your new product. This is necessary to know whether there is enough room for your new product in the market or not.
Next task is creating a comprehensive marketing strategy based on business development strategy. Now this marketing plan helps you to know what kind of advertising strategies are necessary for bringing in sufficient number of customers to sell your product or service. In addition to this, the marketing strategy also gives an idea about the distribution channels and frequency of advertisement. Moreover, you can decide on the appropriate time for deciding the pricing of your product. After determining the marketing plan, create a brand identity and then develop a unique selling proposition (USP). Now after considering all these points, create a business development strategy for developing business strategy which should be able to meet the challenges of competition in a particular market segment.
In business development strategy, think about creating value propositions by listing out the benefits that your product or service offers to your target audience. These value propositions should be convincing enough to make people come to buy your products or buy your services. Think about developing the target audience; think about whom your target audience is. If it is the youth, your business development strategy should focus on developing their needs and wants and make them aware of your products and services. For large corporate audience, think about creating a business development strategy targeting the core group of executives.
If your business development strategy talks about product development, firstly list down the steps for product development and set a date for completion of each task. The steps should be stated in such a way that if you need further help, it will be available. Do not set deadlines for each task, otherwise people may lose interest in the process. Moreover, before doing anything, always talk to the concerned person and have a proper understanding of business development strategies involved.
The long-term value of the business development plan is the creation of high-level goals. Long-term value goals should be able to provide a clear picture of what the organization hopes to achieve in a certain time period. For example, if your business development strategy talks about generating a million dollar revenue by next month, you need to clearly define the revenue goals before you start work on the project. Having set the goals, you will have a clear direction for the business development strategy, which you can communicate to the management. Clear and detailed business development strategy results in high-level goals and the ability to make strategic decisions.