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<\/a><\/p>\nTable of Contents<\/strong><\/p>\n While I\u2019ve seen some companies use \u201cbusiness development\u201d to describe lead generation, it\u2019s, in fact, much broader. Business development is the process of strategically growing a company\u2019s business through product and market positioning, partnerships, marketing, and sales. That process includes marketing, lead generation, and sales, but none of those components on their own constitute a business development strategy.<\/p>\n Business development requires both one-to-one and one-to-many approaches. Marketing is the one-to-many approach that reaches potential customers through mass communications and advertising. Once leads are generated, sales takes the lead with a one-to-one approach.<\/p>\n Referrals and retention are also important for business development, making sure that customers return year-after-year and tell their friends and peers about your business.<\/p>\n In my experience, everyone. While many successful companies have a dedicated sales team or business development representative, I\u2019ve found the most growth-oriented companies are the ones that give everyone a stake in building the business.<\/p>\n Gabrielle Blackwell<\/a>, sales leader at Common Room<\/a> and co-founder of the Women in Sales club, agrees.<\/p>\n \u201cWhen it comes to generating pipeline across the board, it\u2019s everyone’s responsibility. In companies who [have] a developing pipeline and a quality pipeline, I\u2019m seeing them have a cohesive effort across the board where everyone shares a pipeline number, and everyone understands the responsibility around that,\u201d Blackwell says.<\/p>\n Because everyone is responsible, every department should contribute to planning and executing a business development strategy.<\/p>\n <\/a> <\/p>\n Creating a strategic plan for business development unites everyone on the same page and brings you closer to your goals. Here are the top reasons to build (or revamp!) a business development strategy.<\/p>\n Of course, the main purpose and primary benefit of a business development strategy is growing your client base, accounts, and ultimately, revenue. A comprehensive business development strategy gives you a roadmap to bring in new customers and increase revenue streams.<\/p>\n In a company where business development is shared across positions and departments, teams may have very different ideas about how to bring in new customers. Creating a company-wide strategy aligns your team around a unified vision, goals, and tactics.<\/p>\n A business development strategy also lets you allocate the appropriate budget and team to achieve your goals. Overall, a strategic focus makes it a better place to work. I\u2019ve worked at companies with unrealistic, inconsistent, or no strategy \u2014 and it isn\u2019t fun. Fewer siloes, increased collaboration, and a unified vision improve the culture.<\/p>\n Last, a business development strategy lays out goals and key performance indicators (KPIs) that can measure your progress and achievement. With your strategy document as a touchstone, you can know your numbers and make data-driven decisions that help you measure, and reach, success.<\/p>\n <\/a> <\/p>\n While you may be tempted to jump straight into tactics, pause first to contextualize who you are, who your audience is, and your unique market. Otherwise, you risk investing your time and money in a faulty strategy. Here\u2019s what every business development strategy should include \u2014 and don\u2019t forget to grab the business development strategy template at the bottom.<\/p>\n I\u2019ve talked to many, many startups and small businesses who say they aren\u2019t sure who their ideal customer is, or that their product or service is for everyone. I\u2019ll tell you right now that it will be very difficult for you to market your business without a crystal-clear <\/em>vision of who you serve and their daily needs.<\/p>\n Use your team\u2019s industry knowledge to sketch out a portrait of your ideal customer. Then, validate and expand your knowledge with market research, focus groups, and buyer personas until you have a full picture of your audience’s challenges, needs, and wants.<\/p>\n Ideally, your business already knows your market position and unique value proposition (UVP)<\/a>, a short statement that sums up your messaging and market positioning in one concise sentence. Here\u2019s an example of a UVP for an accounting business:<\/p>\n \u201cWe transform financial chaos into strategic growth by delivering streamlined processes and actionable financial insights so you can grow your startup with confidence.\u201d<\/em><\/p>\n Including your positioning and UVP in your business development plan ensures that everyone is on the same page with your messaging and audience so they can effectively sell and pitch the business.<\/p>\n\n
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<\/p>\nWho is responsible for a business development strategy?<\/strong><\/h3>\n
Benefits of a Business Development Strategy<\/strong><\/h2>\n
1. Grow your business.<\/h3>\n
2. Unify your team and allocate resources.<\/h3>\n
3. Make data-driven decisions.<\/h3>\n
How to Create a Business Development Strategy<\/strong><\/h2>\n
1. Know your audience.<\/h3>\n
2. Identify your positioning.<\/h3>\n
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