Depending on the SMART goals you’ve created and the DABETO analysis you’ve done, you’ll also need to decide how you’re going to measure the success of your business development. Here are some examples of common business development KPIs that can help you analyze your efforts:
- Growth of the company
- Changes in income
- Lead Conversion Rate
- Leads generated per month/quarter/default time
- Prospect and customer satisfaction
- Pipe value
Set a budget (if necessary)
Depending on the type of business development goals you set for your team, you may determine that you need to set a budget. Consider your resources, the cost of any previous business development strategies you’ve developed, and other important operational bottom lines (what you need, who’s involved, etc.). Collaborate with the larger team to determine how much you are willing to spend and need to spend on business development to start the process at your company.
Always keep your target audience in mind
Whatever you’re working on, keep your target audience and ideal prospects in mind. Assess their needs and understand exactly how your business and product or service will meet their pain points. After all, this audience is the group that is most likely to buy your product. Make sure your plan addresses them and their needs so your team can convert more of them and grow your business.
Choose an outreach strategy
As we have reviewed above, an important component of business development is finding new leads and prospects. To find new leads, you’ll need to decide how you’ll outreach or connect with these leads. Here are some ideas:
- Use references
- Up-selling and cross-selling
- Sponsorship and advertising
Also, review any expectations or guardrails related to outreach representatives so your business only has professional, on-brand interactions with prospective customers.
Congratulations! You have just completed your effective business plan– with your strategy and ideas, your business will be growing in no time.
Business development helps you grow better
Business development is a crucial part of any successful company. It’s how you determine the best ways to increase revenue, identify your ideal leads, generate more leads, and close more deals. Think about how you can create a solid business development plan and make sure you have the right group of business development representatives so you can start growing your business today.