As an Amazon Associate I earn from qualifying purchases.
On The Table Read, “the best creativity magazine in the UK“, it can be incredibly challenging to grow and develop a creative business, so Andre Oentoro from BreadnBeyond is sharing his tips and advice for success in 2023.
Written by Andre Oentoro
For business owners, there is nothing more satisfying than watching their companies grow. The process of achieving growth may be longer than expected, so that’s why taking the right steps from the get-go is very necessary.
A vital effort to grow your company is by adjusting business development appropriately. There are essential points to take care of including creating marketing strategy. When your business development shows good trends, it will yield positive results simultaneously.
This information is must-known by enterprises, especially the new ones. If you’re still vague about those terms, don’t worry just yet. This article covers business development 101 and how it can help your company grow in 2023. Let’s dive in!
Business Development Stages
There are at least five stages for creating business development. Each stage plays an important role to help the next stage run on the right track effectively.
Here are the five business development stages and how they can help your company grow in the recent and future years.
1. Market Research
Above anything else, enterprises of all sizes can never skip market research. It is important to shape a company’s planning and strategy to reach audiences and market its products or services.
Generally, market research includes these steps below:
- Identifying and defining problems
- Setting goals and objectives
- Developing research design
- Divining samples and collecting data
- Processing and analyzing data
The bottom line is, market research is not a simple stage. It requires competent team members and even experts if necessary. Comprehensive market research can be beneficial and make your following steps in business development run smoothly.
2. Strategy
Developing strategies is a must before creating plans. There are some key areas you need to cover, which are:
Gathering facts from market research
Take some noteworthy points from the market research, especially regarding the target consumers’ behavior. This typically includes demographic and psychographic factors.
Demographic factors deal with age, gender, education, and income. On the other hand, psychographic factors deal with habits, lifestyle, interests, personality habits, and interests.
Moreover, you also need to come up with a good strategy to compete with other businesses that have the same niche as yours.
Creating vision and mission of the company
Big companies always have a vision and mission that they expose to their audiences. Vision refers to a company’s or organization’s influence on their customers or humankind in general.
To come up with some, try answering questions like ‘how do your brand or products improve people’s lives?’ or ‘How do your brand or products solve certain problems?’
Meanwhile, mission statements express the purpose and direction of the company. In the statements, it’s important to develop winning ideas and clarify the company’s goal.
Coming up with strategic plans
Planning is everything in any business sector. It can be budget planning, marketing strategy planning, execution planning, or any other planning.
Coming up with strategic planning needs you to understand your business, including strengths, weaknesses, opportunities, and threats, or SWOT analysis.
Moreover, you also need to plan your marketing strategy by deciding on your marketing tools, such as product videos or campaign videos and decide how and where you’re going to market your products.
Developing performance management
Developing performance management is important for a company to spot any problems and fix them right away. A company can also check on their employees’ productivity and give them motivation whenever they need to.
Each company may have its own performance management system but they have similar purposes which are improving employees’ engagement and keeping them motivated and productive. Positive trends in performance management systems help boost a company’s profitability.
3. Sales and marketing
Sales and marketing can go hand in hand to promote products and cut deals. The responsibility of the marketing department is to attract audiences, expand markets, and raise awareness and revenues.
Meanwhile, the sales team creates leads to increase revenue and do market expansion to target certain opportunities. When sales and marketing teams work harmoniously, they will create perfect promotions and campaigns for prospective customers.
4. Operation and Execution
Executing every step of business development is necessary, but making sure your operating system runs smoothly is also no less important. If you’re a manufacturing company, you have to be ready with resources for producing products.
Moreover, upgrading employees’ skills constantly is also important to escalate your operational systems. Including, improving customer service to respond quickly and correctly to your customers. With all of that being said, your company will give a pleasant experience to your customers and make them become loyal buyers.
How does business development help your company grow
Business development gives many benefits to your company if every step is executed comprehensively. Developing market research regularly will help you identify ideal prospects and create appropriate business strategy and planning.
At the same time, taking care of your employees’ productivity and escalating their skills over time will make your company generate more leads, boost revenue, and close more deals.
Takeaway
Companies should utilize business development seriously to see growth over time. The bottom line of all stages above are researching, developing strategy, planning, and executing. Not to mention, always take good care of employees to keep them happy and productive.
If all those stages show positive trends, your company will more likely run towards success. The process may seem long and winding, but every comprehensive step you take will pay off one day.
Find more from Andre Oentoro now:
Andre Oentoro is the founder of Breadnbeyond, an award-winning explainer video company. He helps businesses increase conversion rates, close more sales, and get positive ROI from explainer videos (in that order).
Twitter: @breadnbeyond
Email/Gravatar: andre@breadnbeyond.com
LinkedIn: Andre Oentoro
We strive to keep The Table Read free for both our readers and our contributors. If you have enjoyed our work, please consider donating to help keep The Table Read going!
Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates.