Here’s what you should know about an efficient business development strategy.

What is an Efficient Business Development Strategy?

An efficient business development strategy helps a company acquire the right customers at the right time. Thus, it’s a strategy that focuses on the customer, not the competition or what happened in the past.

To create a successful strategy, you must ask yourself two questions, for instance: 

1) Who is my target customer? 

2) What is my value proposition?

You must also learn how to build relationships with potential customers. So your job as a business developer is to make it easy for your target customer to say yes.

Elements of an Efficient Business Development Strategy

There are several elements of an efficient business development strategy. For example:

1) Target customer- So, you must first identify who your ideal customer is. This will help you focus on your value proposition and your messaging. 

2) Define the value proposition- Ask, what value does your company provide to your customers? 

3) Identify the trigger for selling- what is the reason for selling now? Or what forces are at play that makes now the right time to sell? 

4) Identify decision influencers – who makes the final decision to buy? 

5) Create a compelling message – you must be able to create a message that highlights why they should buy from you now. 

6) Identify the path to the sale – what’s your plan to reach your target customer? What steps will you take to move them from prospect, to lead, to a customer? 

7) Stay persistent – how long will you stay in front of them before giving up? 

8) Utilize multiple channels – explore all avenues for reaching your target customer. Strategies include social media, direct mail, cold calling, referrals, networking events, trade shows, etc. 

9) Measure and adjust – how will you know if you’re on the right track? You must have a way of measuring and tracking each strategy so that you can adjust as needed. Measuring leads generated through various strategies is an important element of an efficient business development strategy. 

What to keep in mind:

To develop an efficient business development strategy, you have to know where you’re going. You have to be able to visualize the result. 

Know what your ideal customer needs and wants, and how you can help them. Know what your unique value proposition is, and how you will deliver that value proposition. And, you must know how your potential customer wants to be sold to.

How Does a Business Development Professional Generate Lead?

Here’s a simple approach for generating leads as a business development professional: 

• Identify different ways to find out who you should be talking to. 
• Identify which of those potential customers are the right fit for your company. 
• Create a strategy for connecting with those customers. 
• Identify one “warm” lead as a starting point to begin building the relationship. 
• Make sure that there is a clear path to converting that lead into an opportunity for your company. 
• Ask the right questions, listen carefully, and learn enough about that person or company so that they will want to do business with you. 
• Make it easy for them to say yes. 
• Follow up with them regularly until they are ready to buy from you. 
• Make the sale!