21 Mar, 2018

Startup Business Development Tips

 

First of all, what exactly is business development? The concept’s definition can sure be approached from different points of view and has since now it has provoked some contradictions. According to Forbes magazine, business development “is the creation of long-term value for an organization from customers, markets, and relationships.”  It can also be defined as a growing company that constantly expands by focusing on targeted markets.

So since we have a clearer picture in mind let’s see what are the most important tips an entrepreneur should get when it comes to business development. Properly concentrating your attention on this can be one of fastest ways to grow your company. Of course, it is an intense step to take that requires a lot of planning, focus, and patience. Many entrepreneurs feel like giving up when challenges in this sense arise. But knowing which half of the glass to look at can be quite a game-changer.

 

1. Do proper market research regardless of cost

Our first useful tip for aspiring entrepreneurs is to do their homework at the right time. Doing a lot of market research before your company even starts operations can be an effective and efficient way to stay ahead of your competition by knowing them inside out.

Offering something extra - that your competitors don’t - can really drive more customers. All you need to do is thoroughly analyze what can make you stand out in the industry.

 

2. Hire the right employees from the start

Hiring the right person at the right time has proven to be quite a useful tool when it comes to business development. Your employees will definitely make a huge difference when it comes to your future success. Before you actually start your business you should think about a few types of people who you want working for you. Having a human resources expert who can figure out which ones are ready and which ones only have potential, might be a great idea.

The second thing you could try regarding employees and business expansion is to elaborate an adjustable employee development plan that can be tailored accordingly to each person that you hire. This way, you will be able to set some very clear goals from the start - either long-term or short-term - while your employees will have an easier time identifying, as well as following, your company’s needs and objectives.

As Renee West – former President and COO of Luxor and Excaliburonce -  once said, "You can have the best strategy and the best building in the world, but if you don't have the hearts and minds of the people who work with you, none of it comes to life.”

 

3. Online marketing is the best kind of marketing

Having an online presence is a total must these days. Living in a digital era, online marketing has become the most accessible, efficient and also the most affordable type of marketing that is out there. No more TV commercials that require a lot of money, no more billboards, simply having a website that is properly maintained can contribute enormously to your business’s development.

“Instead of one-way interruption, Web marketing is about delivering useful content at just the precise moment that the buyer needs it.” David Meerman Scott, Marketing Strategist author of The New Rules of Marketing and PR

The number of people who use the internet to purchase products or services is higher and higher as each year goes by. Therefore, regardless of the industry each business should start thoroughly focusing on exposing their brand’s identity and what it has to offer in an online medium.

 

4. Try to constantly interact with your customers and audience

Social media has become a big part of our lives for quite some time now. Taking advantage of different platforms to interact with your customers and share news or other interesting stuff should be one of the biggest priorities of most companies.

“Social media allows big companies to act small again.” – Jay Baer (an internet pioneer, entrepreneur, and New York Times best-selling author)

Doing marketing through social media means has proven to be a great option when it comes to increasing brand awareness in the most cost-efficient way. Also, this type of marketing doesn’t require a lot of time. In fact, spending only a few hours a week managing your business’s social media accounts can have a significant impact on your success.

Communicating with clients and potential prospects has never been easier than today. Not taking advantage of the technological advances is definitely a mistake for businesses. Of course, besides social media, there are the traditional ways of keeping in touch with customers: customer services (email or phone).

 

5. Don’t forget or neglect online reviews

The world has never been so online as today. Offering optimal services and quality products should obviously get you only top reviews for your company. However, even when you do everything right, some people may not be fully satisfied and this can easily be reflected in the reviews that your business gets.

According to a survey conducted by BrightLocal in 2015, potential prospects often turn to these reviews to decide whether they want to become customers or not. More specifically, 92% of them read online reviews, while 80% of them fully trust them.

By simply setting up a Google Alert system you can monitor and be aware of any review. Responding is always a great option because it shows that you care about what your clients think and you try to improve your services. This way, future customers will consider your company more trustworthy and will more likely buy from you.

 

6. Branding, branding, branding

Any big business out there has a trading name for itself. So what is branding actually?

Branding is a process of establishing a unique image and perception of your business. Customers and potential prospects need to be able to view and tag you in a certain way before they decide to buy from you.

Your company can tremendously benefit from branding, while the development part of your business can become much easier. By going through this process, your brand will be most likely remembered and recognized by people. Having a catchy name, an attractive logo and transparency when it comes to your core values might attract a lot of customers even from day one of your operations.