Tips to Improve Effectiveness of Business Development Activities
By Hanh Truong
Introduction to Business Development Activities
Business development is, essentially, all tasks and ideas that can help improve operations. Company leaders will oftentimes outline their business development to maximize profit margins, boost revenue, and expand regionally. It can also entail fostering business partnerships with other organizational executives. These objectives help shape business development activities and ensure companies attain their goals.
Major Business Development Activities and How to Improve Effectiveness
Business development activities are prevalent in almost all organizational departments, from marketing to vendor management. When all teams work together and unite their initiatives under a common goal, a business can quickly and successfully grow. The following are major business development tasks most companies will have.
- Sales - Sales representatives will create strategies to target a specific market or demographic to increase revenue.
- Marketing - This department focuses on effective advertising of products and services to customers. The most common activities include cold calling, presenting at trade shows, printing ads, and creating social media content.
- Vendor Management - Vendor management teams help the brand find third-party suppliers, determine shipping costs, and decide high-value partnerships.
- Accounting - While it is important to increase sales and market reach, business teams will also need to cut costs to protect the bottom line. This entails assessing expenses, changing policies, and establishing cost-saving strategies.
Important -: Business development activities span across all departments within an organization, including marketing and vendor management. Usually powered by a specific objective, development activities will help business growth and value.
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Be Aware of Competition
Consumer markets are saturated with diverse competitors. Businesses need to know who these entities are and how they can differentiate themselves from the crowd. Highlighting a brands' unique value, quality, or features is essential for attracting customers.
Build Valuable Relationships with Consumers
Incorporating value into customer relationships will improve shopping experiences and their overall outlook on the company. For example, organizations can enhance customer service in-store and online by having accessible and helpful representatives. They can also provide expert advice and information through consultations and online blogging. These activities will make the shopping experience meaningful and can build trust between the brand and customers.
Important -: Business development activities span across all departments within an organization, including marketing and vendor management. Usually powered by a specific objective, development activities will help business growth and value.
Monitor Online Reviews
Customers often use online reviews on sites, such as Yelp and Google, to see if a company is worth doing business with. A survey from 2015 indicated that 80% of consumers trust online reviews as much as they do personal recommendations. Organization owners should regularly check their reviews to make sure their shoppers are satisfied. Any critiques should be utilized to enhance operations. Additionally, respectfully responding to positive and negative reviews will help the company showcase its care and goodwill.
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Update the Company Website
The company website should be regularly updated so that customers get the latest information they need about a business. According to research, 84% of customers check businesses' websites. Having a modern and sleek website will prevent any missed opportunities. Additionally, when creating a website, entrepreneurs should make sure the page has all the key information. This includes contact details, addresses, and lists of products and services. The website can also have other resources, like free estimations and articles, to help customers find answers to their questions.
Engage with Existing Customers
Strengthening relationships with existing customers is important, considering 67% of repeat consumers spend more than new customers. Businesses should regularly engage with shoppers by sharing relevant content via social media or email. Sending personalized notes for holidays or anniversaries and discounts can also make customers feel valued. In turn, they will more likely have top-of-mind awareness.
Be Quick on Customer Service
Customers are more likely to purchase from a brand that responds to them quicker than competitors. Business owners should stay ahead of the game and respond to all customer tickets as soon as possible. It is best to have an online customer support team to man the live chats on the website. A brand's social media marketing team should also oversee accounts every hour and answer any incoming direct messages and comments.
Important -: According to sales research, 50% of customers purchase from vendors that are first to respond to their inquiries.
Key Takeaways to Business Development Activities
- Business development activities are tasks and processes that help a company grow and improve operations.
- A business development activity is usually empowered by an organizational goal, such as to increase profits or physically expand locations.
- Business development activities impact all organizational departments, from marketing to sales.
- Some ways to improve development initiatives include differentiating oneself from competitors, fostering relationships with customers, and providing quick service.
