Any business or company looking to grow and succeed in a competitive market needs to expand either solely or in partnership with other businesses. This involves coming up with strategies, exploring new opportunities and rerouting where needed. The process of developing a business can lead to making and breaking of some relationships as one seeks to narrow down on the ideal prospects.
We asked business leaders, entrepreneurs and business owners about their business development tips and here are the insights that can help your venture propel towards unprecedented growth.
#1- Pay attention to the brand reputation
My best business development tip is to pay attention to your brand. This doesn’t mean just your logos and colors and fonts. Think through what will my brand reputation be? What will I be known for? This can be the service or even just the mindset and feeling people leave your brand with. When you speak is it bold, peaceful, silly? What is your known item about your brand? This is like a target! People leave feeling excited or energized by fun new things they see and the pricing meets their needs.
Thanks to Jasmine Haitalani, Highflier powerhouse!
#2- Invest in outsourced business
Investing in outsourced business services is a powerful strategy for business leaders to foster the growth of their companies. Scaling a business can be challenging, particularly for small business owners who often need more time and resources. Collaborating with reliable external partners is crucial in propelling a small business beyond its startup phase and transforming it into a thriving enterprise. Outsourcing business services not only brings about cost reductions and addresses skill deficiencies but frees up time for business owners, enabling them to devote more attention to key business objectives.
Thanks to Sonny Ganguly, Clutch!
#3- Find the top talent
When it comes to business development our biggest focus is on finding the top talent in the industry and partnering with that talent to dominate in the marketplace. In our case, this results in having the best marketers, top sales trainers, and closers, as well as the facilitators that can piece these together. Our focus is on facilitating this as our strength is in creating those strategic relationships.
Thanks to Sebastian Jania, Manitoba Property Buyers!
#4- Nurture relationship of referral sources
Some of my best business development tips are to figure out where your referral sources are coming from and to nurture those relationships. Be persistent and try and get them on the phone. You never know who you may connect with, and that relationship could help you gain clients. It is important to focus on what you can do for them to help serve their clients and customers. Ask for testimonials and when clients rave about your service or product-ask them to post on neighborhood listservs, and Facebook groups, and to please tell their friends; Word of mouth is everything.
Thanks to Rachel Cederbaum, Gold signature writers!
#5- Build genuine relationships
One of my most valuable business development tips is to focus on building genuine relationships. At Authors On Mission, we believe in the power of connections. We understand that every interaction, be it with a potential client, an existing customer, or a partner, is an opportunity to build trust and establish credibility. By treating these relationships not merely as transactions but as partnerships, we've been able to grow our business substantially. Understanding and addressing your customers' needs is the key to sustainable business development.
Thanks to Vikrant Shaurya, Authors On Mission!
#6- Maintain relationships with customers
Developing and maintaining strong relationships with customers, partners, and other industry stakeholders is crucial for effective business development. As you run your business, cultivate strong relationships and be willing to assist others whenever possible. For example, you could offer valuable guidance, share resources, or be a dependable partner. Build networks by participating in industry events and conferences and proactively seeking opportunities to engage with individuals in your industry.
Thanks to Anna Stella, BBSA!
#7- Take calculated risks
One of the best business development tips that have helped us grow is the ability to take calculated risks. This is not the daredevil approach of jumping into the abyss but the ability to do due diligence and research beforehand while looking for outlier opportunities around your demographics and domain. Anticipate potential outcomes and setbacks and figure out how to deal with them when they arise. Analyze the kind of expenses they will incur as well as the kind of resources and time needed to achieve the goal. Consult with trusted advisors or depend on your mentor network to get feedback.
Thanks to Brian David Crane, Caller Smart Inc!
#8- Empathize with your target audience
I've learned that one key to excellent business development is truly understanding and empathizing with your target audience. In our field, it's not enough to just have a great marketing strategy or impressive visuals – you must truly understand the wants, needs, and pain points of the organizations you're helping. Constant communication, regular feedback loops, and a strong desire to immerse oneself in the world of your client ensure that the work you're doing is targeted, effective, and meaningful.
Thanks to Jason Rutel, Creative Nomads!
#9- Align sales and marketing
Sales and marketing are often used in the same breath, but when it comes down to the real-time workings of an organization, both these teams work separately, often with very minimal coordination. Business development initiatives gather more steam and deliver more success when there is a strong connection between these two teams. And business leaders who act as this connection not only have their fingers on the pulse of the organization at all times but also know how to make relevant adjustments to create more impact.
Thanks to Tony Angeleri, Lone Wolf Paintball!
#10- Learn Continously
Business development translates through constant efforts for growth through the cycle of continuous learning. So the best way for leaders to transform into business developers is to keep an eye on the industry and learn as much as possible. This could be in the form of market trends and forecasts that give signs of potential pitfalls to steer clear of and opportunities to embrace. They could be industry insights shared by thought leaders and seasoned professionals.
Thanks to Ariav Cohen, Proprep!
#11- Respond positively
In the legal industry, clients often approach law firms or attorneys when they are desperate for help or confused about their situation. Under these circumstances, they quickly trust the first people to respond positively to their call or inquiry. So clearly, building a company where every department and employee responds quickly to a client’s needs helps substantially in growth and success. When your business development plans commit to this impactful factor, you can count on matching growth.
Thanks to Riley Beam, Douglas R. Beam, P.A.!
#12- Get customer feedback
I would say that it's engaging customers as active participants in the development of our products or services. We encourage our customers to provide us with feedback, suggestions, and ideas through surveys and reviews. By involving customers in this co-creation process, we gain valuable insights, improve our offerings, and strengthen customer loyalty.
Thanks to Danny Pen, New Era Plumbing & HVAC!
#13- Receive customer experience review
Social proof is more important than ever, as people want to trust that they will get what they pay for when purchasing products and services. So encourage customers to share their experiences and reviews through user-generated content. This can include customer testimonials, product reviews, and social media posts. UGC builds trust and provides valuable social proof. It also creates a sense of community around your brand, as people feel more connected when sharing their experiences.
Thanks to Emily Onkey, Aplos.World!
#14- Embrace new technology
In the current environment, the variety of AI tools at our disposal are allowing us to quickly and effectively add additional skills to our company that would otherwise be economically prohibitive. We work in the Creative Industry, and using text-to-image generators, we're able to produce industry-standard concept art and visual representations of high-concept ideas. The core lesson of this approach is, of course, to embrace new technology, and see how it can help add skills to your company.
Thanks to Ryan Stone, Lambda Films!
#15- Innovate, adapt and satisfy customers
The key to success lies in a combination of innovation, adaptability, and a relentless focus on customer satisfaction. Whether it's identifying emerging trends or leveraging cutting-edge technology, successful entrepreneurs are always looking for ways to stay one step ahead of their competitors. They know that success requires hard work and dedication, but they also understand that taking calculated risks is often necessary in order to achieve their goals.
Thanks to Ilia Mundut, Hefty Berry!