Four Business Development Strategies For Growth
(Disclosure: This is a contributed/collaborative post.)
I love listening to the podcast "Side Hustle School." Have you heard of it? The side hustles they find are usually unique and doesn't cost a lot to start. As you probably know, creating a business, even if it starts as a side hustle, can generate some additional money to pay off bills or create your emergency fund. But how do you get started to find clients or buyers?
Well, in the contributed post below, it explains how.
Business Development (BD) simply refers to a process used in identifying, acquiring and nurturing new clients and buyers to drive growth. It's different from marketing in the sense that marketing involves determining which products and services to put out there to a target audience and at what price. BD is also considered to be a subset of marketing and also contributes to the growth of your business. Here are a few traditional strategies that could drive your business to success.
One - Referrals
Image by Christiana Mergan from Pixabay
Apart from your conventional marketing techniques using referrals is another way to get more business. This means treating your existing customers right so that they can recommend you to others. While you might gain some new clients from this strategy, it is passive, and because clients are not exactly trained at selling, there might be some mishaps. But generally, it’s not a bad idea because it gets your brand some attention.
Two - Networking
Just like referrals, the BD strategy relies on interaction with others to drive business growth. Networking puts you in the same circle as people who need your service or have something you want to grow your brand. For example, if you need someone to fill a high-level position in your firm, you can employ the help of management or BD firms. Elite Lawyer Management for example, offers PR and legal talent marketing services for notable lawyers across the US. Their high ranking client base and professional friendships can go a long way to attract the kind of help you might need. These firms also help to keep your brand relevant both on and offline.
Three - Sponsorships and Advertisements
Another way to develop your business is to sponsor shows. For example, if you're into producing food items, you can sponsor a cooking or food show, with a dedicated segment to promote your brand.
Your business can also prepare a speech or presentation for events and seminars. That's one way to demonstrate first-hand knowledge in the subject matter to make you look more trustworthy. It also shows you have something valuable to offer apart from your products.
The downside to this strategy is that sponsorships are expensive, and since the show isn't all about your brand, it might feel like you're not getting your money's worth.
Four - Using Combined Strategies
The truth is that one path alone might not yield substantial results, and so it might be beneficial to combine two or more strategies. The strength of one may make up for the weakness of another to create a holistic solution.
Be sure to assess the BD needs of your business before deciding on the best strategy to use. And also find the right balance so that you’re not overdoing it and wasting additional resources in the process.
The bottom line is that business development is necessary for every business to grow. Even though traditional, these four strategies have worked and still do in driving business to make some profit.
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