A Sensible Approach to Business Development

After running my own business for close to two decades and more than doubling street sales and then quadrupling corporate gifting sales, I appreciate the challenges that businesses, especially small businesses, face. One of the keys to growing a business is through business development. But what exactly is business development? Scott Pollack, a entrepreneur, wrote in a Forbes.com article that … “Business development is the creation of long-term value for an organization from customers, markets, and relationships.

I understand that to grow a business requires not only a good product but a mix of customer service, project management combined with effective branding, marketing campaigns and when possible media campaigns too. I visualize business development in terms of a Venn diagram. A Venn diagram visually shows the logical relation between sets, popularized by John Venn in the 1880s. Looking at business development in a multi tiered approach places as much value if not more value on an existing customer than finding the next customer.

This approach encourages a businesses marketing plan to target their products or services to both existing or perspective clients, while also making sure that current clients are receiving a high level of customer service.

Finding new clients through business development

How does a business find new clients? There are several ways my least favorite is best told in the below story.

When I was 16 years old, my first job in the corporate world was for a stockbroker at a brokerage house. Every Monday through Thursday night from 5 PM to 8 PM, I would cold call. Yes, I was that annoying guy on the phone calling during dinner time. I would follow a script that went something like this …

Hi, is Mr. Smith home? My name is David, and I am calling from brokerage house name. How are you this evening. If I could trouble you for a few minutes of your time. (I would not wait for an answer) The reason for my call is (whatever the product I was told to push that week). Can I have your permission to send you a perspective?

I had this job for 1 or 2 summer vacations, and I said I would never go into sales. How little did I know that all jobs have a sales component to them.

Traditionally, it takes approximately 7 touches to make a sale. With the internet and the explosion of social media, a business now has the need to not only build relationships through networking, knocking on doors or a sales coach once called it dialing for dollars but through online digital marketing.

One of the advantages that a business has when putting together a digital campaign is that instead of placing an ad on a radio station or in print media that everyone hears or sees both potential clients as well as everyone else, a campaign can target a specific audience by age, household income and purchasing history. It allows for a business to track a campaigns’ success through the various stages of the marketing funnel.

I view business development much as Scott Pollack, in that building your business is about building and maintaining relationships, not selling. Keeping an existing customer is much more cost-effective than finding a new customer. Additionally, with excellent products or services combined with great customer service, your business can grow organically and build a base of loyal customers who become brand advocates and another component of your sales force.

How I am Your Virtual Professional can help with business development

I am Your Virtual Professional. I can virtually become part of your team. I can and help your company build a brand, work with your team on improving the customer experience by improving your customer service, develop procedures to help manage projects, develop an online marketing strategy and for manufacturers in Israel act as sourcing agent to reach some of the largest big box stores in the United States. Together we can grow your business.