4 Key Business Development Strategies for Optimal Growth

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4
Key Business Development Strategies for Optimal
Growth
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What is a Business Development Strategy?  Busines
s development is the process used to identify,
nurture, and acquire new clients and business
opportunities to drive organizational growth and
increase profits. It is the creation of long-term
value for a business from customers, markets, and
relationships.   
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Creating a Business Development Strategy for
Optimal Growth   The Four-Step Process  There
are four main stages to go through when creating
a firm, reliable business development strategy
for your organization. 
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• 1. Identify Your Audience 
• In order to create a business development
  strategy that yields optimal growth and profit
  opportunities, you first need to identify your
  ideal audience. Focus on specific firms, industry
  fields, or individuals that are sure to propel
  your business forward. Aim for quality over
  quantity a large audience is not always
  necessary, but a high-performing one always is.  

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Keep in mind that successful business development
does not happen overnight. Strong relationships
may take months, or even years, to turn into a
sale. Similarly, unsuitable prospects will not
reveal themselves to be so after your first
encounter. This is why its important to nail
down the exact target audience, so you dont
waste valuable time fostering a relationship with
an unqualified prospect who will never close the
deal. 
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• 2. Perform Market Research 
• Once your audience has been identified, you now
  need to learn as much as you can about them.
  Before you can begin encouraging them to work
  with you, you should be able to answer the
  following questions about them
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• What are their primary issues? 
• What services do they need? 
• What is their approach to problem-solving
  currently? 

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Once you have a response to these questions, then
you can begin to analyze your competition.
Identify what sets you out from your competitors,
leveraging that difference as your competitive
advantage that you can then when communicating
your value to prospects.
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3. Determine the Appropriate Channels Once you
have identified your target audience, learned
everything there is to know about them, and
established a plan of action to set you apart
from your competitors, you can begin to outline
the channels you will use to achieve your target.
This involves assessing your total revenue goals
for the year and outlining the specific methods
you will use to reach those goals. These channels
are covered in the top business development
strategies and tactics you can use to generate
new business, which we will discuss later. 
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4. Define S.M.A.R.T. Goals  For each channel you
have, set S.M.A.R.T (specific, measurable,
attainable, relevant, time-related) goals that
will help you to measure and track your progress.
Your overall business development goal does not
necessarily have to be directly tied to
generating profit and revenue, but there should
be a component that aims at introducing new
prospects to your companys sales funnel
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