Effective Business Development Strategies for a Successful Business

Who does not want to become a successful business owner that proudly? But it is not a simple thing to become a successful business owner. It takes years of hard work and patience. Business developers play an essential role in business success. Now let's look at three business development activities to adapt to the business development manager of success in their business.

Effective Business Development Strategies for a Successful Business

Business development activities are divided into three key strategies.

• Business development activities
• Enhance public image
• Increase market exposure

Business development activities:

1. market research:

You need to have a detailed understanding of the State of affairs of the company and where it is headed, you need to do some research in specific industries where you are. There is a lot of information you can find on the internet.

2. competition analysis:

Each company or business has its particular competitors in an industry that is entering the main competitors of the company to know you. Always be sure to maintain a healthy competition.

3. relations with clients:

Keep in contact with your regular customers and always try to find out their feedback and keep in touch with them to understand their needs, requirements and keep them in mind.

4. get new customers:

Identify the client for your existing business and trying to reach out to them and get them interested in or the primary audience. Get new clients will be done when you meet with your current customers. Enough word of mouth is a great thing that helps you bring new customers.

5. network events:

Always try to keep the network. Always stay in Office and try to make big plans and all will not help you exclusively. Try to attend the various events related to your industry that helps you build your network.

Enhance public image:

Build a company image or business community is the main thing you have to concentrate on. You can try to influence the audience using a variety of different ways and have their web page for your business, or your company could be one of them. Creating a brand for your business with the following that increases brand value among the community. Business Office you should be very appealing to the audience and your customers because it will also play an essential role in influencing them.

Increased market exposure:

Using search engine optimization techniques to increase the exposure of your company's marketing.

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A. Definition of Business Development

Business development is "The task and process of analytical preparation of potential growth opportunities, support and monitoring of the implementation of business growth opportunities, but does not include decisions about the strategy and implementation of business growth opportunities".

As for large-scale and well-established businesses, especially in the field of industrial technology related to the term "business development" which often refers to regulating and managing strategic relationships and alliances with other, or third-party companies.

In this case, companies can utilize one another's expertise, technology or intellectual property to expand their capacity to identify, research, analyze and bring to market new businesses and new products, business development focuses on implementing strategic business plans through equity financing, acquisitions/divestment of technology, products, and others

In the face of increasingly fierce competition in the business world, we are required to be able to develop businesses, so that our businesses can progress and grow and become successful entrepreneurs. The definition of business development itself consists of a number of tasks and processes which generally aim to develop and implement growth opportunities.

But in fact, to develop a business that initially started from zero or starting a business is very difficult.

B. Obstacles in Business Development

Many obstacles faced such as lack of capital, skilled or skilled labor, poor business financial performance, and so on.

But these obstacles can all be overcome by developing and implementing good business development strategies.

Business development is not only coupled with a lot of capital or skilled labor but also must be accompanied by the intention of ourselves.

With real intention - we can develop our business to be bigger. If we don't develop business seriously, our business will go bankrupt instead.

Another way that must be done to be able to develop business well is by providing education to increase expertise to entrepreneurs (entrepreneurs) such as providing training workshops on business development, and so on.

It aims to increase knowledge and more insight to entrepreneurs towards developing a good business.

And keep in mind that business development is part of a marketing plan (marketing plan) therefore every entrepreneur, both small and large entrepreneurs must be able to make a marketing plan first before developing their business.

The marketing plan includes the following matters such as situation analysis, marketing objectives, marketing budget, control/supervision of marketing and so on.

Based on the above description it can be concluded that the development of a good business starts from ourselves even though we face many obstacles in the business world.

And the capital factor is not the most important thing in developing a business but a strategy of how we as entrepreneurs can develop a good business so that our business can last long and not go bankrupt.
Thus good business development cannot be separated from input or information that is constructive for entrepreneurs.

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C. Business Development Strategies and Methods

A business that is well known to many people and makes a profit is called a business that has developed, such a business that all business actors want to achieve.

We realize that when we have succeeded in building / starting a new business, the next challenge is how the strategy and how to develop the business that we have to produce something in accordance with what we expect.

The core and outline of business development is marketing and profit maximization, there are several things that can be done in marketing and maximizing profits, here are the strategies and ways we can do in an effort to develop a business:

  1. The first strategy and method are to process the product that is owned, we can innovate the product to make it different and look more attractive than other products, or we can make improvements to the product in order to compete with other products. The essence of the strategy and how to develop this first business is that the products we have must not be outdone and must be able to compete with other products.
  2. The second strategy and method are to develop by promoting / advertising consistently if we introduce our products continuously or consistently, the consumers will not easily forget the brands we offer, and hopefully, our products can be considered consumers.
  3. The third strategy and method of developing a business are to provide affordable and competitive prices, as well as providing maximum service to consumers/customers. Don't give a price that is too expensive, don't be too greedy. We just need to make sure that we don't experience losses, and provide the best possible service to consumers and customers so that they can directly assess our performance excellence.
  4. The fourth strategy and method are to try to establish a harmonious relationship with the internal and external parties of the company. External parties can include distributors, suppliers, or customers, while internal parties such as employees. We can imagine if our relationship with them is not harmonious, can our affairs run smoothly and ultimately it concerns our business, I don't think so.
  5. The fifth strategy and way to develop business are to try hard, be serious and be willing to learn. This is what we must do if we want the efforts we have pioneered with difficulty to develop.

D. Levels in Business Development

Business development has a different level. These levels become a product, commercial and corporate. The following are the stages in business development, namely:

Product Level

At the product level of business development means developing new products or technologies. Although the level of development can differ from company to company. The level of business development is divided into one category, namely: Incremental development. Incremental developments are developments that enhance the functionality of existing platforms or technologies, while disruptive or intermittent development is completely new from the start.
For example from sustainable development are additional extensions to existing products such as shampoo, digital cameras with 5MIO pixels for your cellphone. In both cases, the mobile, shampoo and mobile platforms remain the same.

Commercial level

In the example of the form of business development at the commercial level means hunting new customers in new market segments. Thus this work requires individuals who are psychologically strong and able to handle many problems.

The next level of commercial business development is sales channels or organizations. The sales channel or organization can consist of partners and agents such as distributors, licensees, franchisees, or branches themselves, nationally or internationally.

Commercial business development is the level of the value chain. The development of the business level value chain is about developing the overall product offering.

Business development/business in technology companies that have developed platforms that must be integrated or combined with other technologies or platforms to form all products.

The entire product generally consists of several technologies to make it come alive. Technology is generally not developed by one company but sourced from others who aim to save time in business processes.

Corporate Level

The focus is not on products or commercials but on corporate-level businesses.
And in essence, the level of business development is about mergers & acquisitions (M&A), joint ventures (JV), direct investment shares (DEI) and strategic alliances.
It deals with portfolio business analysis, corporate finance, contract law, tax law, social law, anti-trust law, change management, and cultural management

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