In a nutshell, business development is the process of boosting the number of sales and revenue using several techniques and elements to gain new customers and target new markets that might benefit from the products and services that are being offered.
Here are the practical methods for a successful business development:
1. Aggressive marketing campaign. The first thing that you need to do is to generate leads for your products and services. Start by carefully planning and executing a very aggressive marketing campaign that will help you reach out to those people who are most likely to buy from you. If you are running a traditional business, you can use radio, TV, newspaper, and local magazines as your marketing mediums. However, if you are running an ebusiness, you can use effective internet marketing tools like PPC advertising, article marketing, forum posting, banner ads, paid links, SEO, blog marketing, social media marketing, and video marketing.
2. Competitor analysis. You'll stand great chances of making a sale if you outplay your competitors and convince your target market to do business with you. Make some time to get to know what they are doing and analyze their strengths and their weaknesses. You can easily create a solid plan of action on how you can beat them if you know all their moves and plans.
3. Make follow-ups. As a marketer, I highly recommend that you prioritize making follow-up on leads that you have previously generated. Call your prospects (with their permission) or send them email or snail mail. Each time you pitch your products and services, make sure that you communicate their benefits and competitive advantage to make them more valuable to the eyes of your target market.
4. Know your audience. It is very important that you have a solid idea about the people that you are serving. This will make it much easier for you to create products that these people will appreciate. Do a market research and determine their needs, demands, preferences, and requirements. The more you know about these people, the better your chances of giving them exactly what they are looking for. As you know, this is the first step in offering them with 100% customer satisfaction.
5. Offer world class customer service. It will work to your advantage if you offer both your prospects and your buying customers with world class customer service. This is the best way of telling these people that you are willing to help them out and that you are not just after their money.