Any commodity available in the market may qualitatively be as good as the other. They provide detailed information regarding all projects within your area from concept to execution. Business activities include any activity a business engages in for the primary purpose of making a profit. Determine your company´s top competitors (4-6 competitors). Many entrepreneurs come into the limelight when they have declared the highest taxpayers of the year. The term business development is heavily associated with sales efforts to identify and develop new sources of opportunities. Performing market research is highly important in order to understand your companyâs current position and determine where it is headed. Even small retail outlets or businesses sent out flyers to nearby homes and commercial establishments to make their presence felt. Hoardings, banners, newspaper and TV advertisements, online promotions all may be required to an extent to make the companies and brand presence in the consumer minds. In fact, many companies donât even spend 1% percent of their turn over for R&D which is very vital for their growth. A business development plan is just like the business plan you created when you started your business, but with a focus on growth and how to achieve it. Since you are a new business, competitors do not know you yet. Otherwise, the company may be perceived as only bothered about gaining Business Development Process and not interested in building relationships. This strategy addresses the companyâs image and how it is perceived ⦠Business development is also generally defined as a combination of activities and ideas used to optimize an organization. This will lead to loss of market share and fall in shareholder returns. By applying the above strategies, you can get ahead of your colleagues and show a professional image in front of your superiors. Assess your strengths, weaknesses, opportunities & threats (SWOT Analysis) and ensure your clients are not being tempted by other competitors. Over the past few years, businesses all over the world have become aware of the importance of business developers. 1) Budgeting : Budgeting is the target of the spend for every department of the organization. You need to follow these steps in order to assess the competition: As a BDM, spending your whole day inside the office will not be the best use of your time. Business development activities ⦠1. You can then calculate your market share out of the total market value. What is Learning and Development? Attend industry-related networking events, exhibitions, seminars, conferences, and trade shows to be in contact with new, potential clients. This strategy addresses the companyâs image and how it is perceived by its different stakeholders. You also need to consider your target audience, therefore adding the native language of your target audience is as important. Branding begins from the creation of logo, the unique selling proposition (USP), positioning in the market whether it is at entry level, regular or premium category and what all images and ideas should be associated with it. It may have to take the risk of charting into a new territory with accrued reserves and some financial support from outside. If you write a blog or newsletter, ask yourself, if youâre building a tribe ⦠Whether online or offline your brand must reflect consistency. A legal counsel may be required to scrutinize the documents and some background check of the partners in the deal may be warranted. Business development requires not only understanding oneâs own business, but also that of competitors and of the market as a whole. For example, a software sales team that currently sells to large firms ⦠You have to learn about your competition in order to understand where you stand. Sometimes land at a very low lease or rent is provided to large investors so that their manufacturing activity generates more employment and business activity in the region. If you are one of those people, please find the time to read this post: âWhat does it mean to be a business developer?â. You will find that without upper management support, accomplishing the above strategies will be difficult if not impossible. Identify your main target audience sectors, and then categorize the main companies you want to approach within these sectors. There are several email tracking tools that you can use, these can be useful as you will find out instantly when a certain person has checked your email. Use this to your advantage: visit your competitors´ showrooms (if they have any) anonymously, like any regular customer and collect valuable input to use in your research. However, if the demand curve has to be a shift to the right then more consumers have entered the market creating the huge demand for the product. However, make sure it presents a good image and reflects the company brand identity. Ensuring your company offices reflect the company brand image includes: Conduct an online reputation management research, this would ensure that all articles, posts, videos and comments out there present your brand in a positive manner. You can work with the marketing division or marketing specialists on enhancing the company website, making it more user-friendly, with a clear call-for-action message in order to convert views into actions. 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