How’s your business going?
Are you hitting the goals you’ve set this year?
Have you observed the rate of bottom-line revenue, lately?
You’ll ask these questions once you see your business’ progress report. This task will never be a burden if you prepared a business development strategic plan.
Above all, you need to use a guide to help you reach your destination.
To all small to medium enterprises focusing their effort for the next year, you can make a great headstart here.
What Is Business Development?
According to Scott Pollack of Forbes, it is the creation of long-term value for an organization from customers, markets, and relationships.
Sales vs. Business Development
There’s a common notion among people that sales and business development are the same. It’s not completely wrong or right.
But, you should know that sales drive revenue or generate profits for the company. This means it covers only the part where they ensure the client buys the product or service.
Meanwhile, business development or “Biz Dev” makes sure that you learn creative partnerships that assist in attaining indirect revenue.
You also need to learn how to negotiate to push through with any partnership.
Moreover, these things are still related to each other.
Biz Dev professionals will find ways on where to partner with other organizations.
This speeds up reaching target clients from other channels. Then, sales officers will come in and offer the product to the target client.
When you want to make a business development plan, these two departments are involved.
You guarantee that the roadmap of the business is the same for the two teams.
This roadmap also needs assistance from other employees.
It will guide everyone in the company to what to do in times when customers enter your flywheel.
Today, you’ll learn what it takes to develop a strategic plan for business development.
The 9 Steps to Develop a Strategic Plan for Business Development
1) Research your ideal customer.
Who do you think is your product/service designed for?
You should have an answer to this once you start planning.
The ideal customer is crucial to your marketing and sales team. This helps in making a suited approach for connecting the product and the target market.
According to Hubspot, here are the ways to learn your target:
- Analyze your product or service.
- Observe the competitor’s type of marketing.
- Set thecriteria to segment.
- Perform research.
Once you define your target customer, you’ll know how to connect with them.
In return, they will most likely buy your products or services.
When you already defined your audience years before, it’s still best to review their behavior.
You will know what changed to their buying decisions.
You will learn whether it is feasible to continue marketing to them or to change your product, too.
2) Formulate your approaches.
This part is where you apply the action to your target clients.
You need to formulate approaches that suit their style and budget.
According to B2B Inbound marketer, there are 3 positive things you get from customizing the way you approach clients:
- You know when to qualify or disqualify them to ensure resources are allocated properly.
- You know the kind of content marketing topics that interest them.
- You know what products or services to develop for high client satisfaction.
After learning how to deal with your clients, you can proceed to make your marketing materials. Take time to develop them so your clients won’t get the wrong message when you make it.
3) Make a competitors’ analysis.
Competitors’ analysis will help you identify the gap you’ll need to address that your competitors’ haven’t solved yet.
Through analysis, you can identify what voice and tone to use in your marketing efforts.
These findings will help you determine what features and benefits you will prioritize with your product, too.
This is also helpful for learning where to position your brand from the noise of other brands.
It may be the key to standing out among all the choices in the industry.
4) Set short-term and long-term goals (KPIs).
With all the changes you’re planning to do, you should learn to separate long-term and short-term goals.
It will ease the process of prioritizing and delegating tasks to all employees.
As an expert in this industry, you should start collecting suggestions from the top management.
These will give a go signal to which aspect of the business shall get an improvement plan.
The next thing to do is research the trends in the international market to have a benchmark.
This will serve as your guide to the next actions to commit.
Pro-Tip: Make sure to create goals that improve the customer experience of your target market.
After you determine all of your goals, you have to make sure that each one also relates to one another.
And most importantly, you have to share it with your co-workers.
It helps your employees focus on identifying which ones to deal with first before anything else.
5) Create an executive summary.
Let’s say that you’re geared up to present your suggestions to the stakeholders of the company.
Before you present it officially, never forget to have it printed in an executive summary.
After all, you will not only share this information with the low-level management but also with high-level management.
You can write it the way you write the executive summary of a business plan.
But, you only have to include only the crucial points to consider.
It should also have a short description so everyone can get the gist of this strategic plan.
6) Set a budget for the plan.
What’s the use of creating the plan without a budget to back it up?
You must consult the accounting and finance department for this one.
Check how’s the overall cash flow is going.
You can request documents such as operational costs and historical budget estimates.
These papers will help you set a realistic price for the plans.
Always remember that benchmarking with other businesses in the same industry is important, too.
It can assist you in judging whether the drafted budget estimates are not too demanding.
There are other factors to look into. Like, the health and medical insurance, cost of physical assets bought, payroll, and other items that you need in business operations.
7) Pick the right management systems.
Integrating technology in your operations needs urgent attention.
It will ease the processes of handling data from different departments such as Accounting, HR, Individual teams, and overall company performance.
Data-driven decisions have helped big companies reach more clients and maximize the use of their resources.
What are you waiting for? You should prioritize finding a custom software development company that does this.
For starters, you need to use a business management system to make use of the data from other departments.
This can guide any person in your business to learn the progress of accomplishing your business development plans.
With Proweaver’s help, you can get your custom system up and running in just a few months. Call us today for more information.
8) Define your marketing channels.
The next step is to identify which marketing channels to use in generating the leads for your business.
- Here are some channels you can use:
- Inbound Leads from Website
- Paid Search Advertising
- Social Media Marketing
- Referrals from Customers
You should set SMART goals in attaining leads from these channels.
There’s a need to plan out marketing efforts to these channels.
Make sure that you refer to the ideal customer of your business.
This way, you’ll learn how your clients behave and consume different media.
A digital marketing company can help you in such a situation. This is where Proweaver comes in, we can handle your search engine marketing, social media marketing, and generating leads from your website. Set an appointment today.
9) Share your plan using outreach strategies.
Help your sales team choose the outreach strategy fit for the development plan.
You can also tap the help of some top management officials to do this effort.
If you know how your target clients behave and learn how they hang-out with like-minded individuals, then you can choose which outreach strategy to do.
Here are some strategies to consider:
When you do networking, then you need to focus on your thought leadership aspect. Any top management officer needs to attend conferences, participate in local trade shows, or join local business chambers.
Any business representative should also attend local gatherings for business owners in the same industry. It enhances the way other brands are seeing your company with your presence in these meet-ups.
If you think that you can extract referrals from your current clients, then improve in the way you deal with them. You can create a commission-based referral strategy.
This plan will encourage current clients to share your products or services to their connections in other industries. You should consult with the top-level management about such a plan to set privileges and limitations of the benefits they can get.
Organizing an Event
Think of this strategy as a lead generating activity. You get the chance to attract individuals with the needs you can provide. This is another thought leadership revenue strategy.
You can invite in-house speakers to share their expertise in their chosen field of expertise. Or you can outsource speakers from recognized experts in your industry.
How can this be a lead generating activity? It’s simple. You can invite attendees to fill out a sign up/lead form for the event to reserve a seat.
This strategy works with paid or non-paid events. Make sure that you make it clear to them the extent of using such personal information.
For this strategy, you need to scout possible openings for sales opportunities across various online platforms. You can try scouting for possible leads with the list of businesses recognized by the state.
The next thing you should do is to assign the list to your sales agent who will call them. It is a great opportunity to share what you can offer of a product or service that benefits their business operations.
Pro-Tip: Choose companies that may find your products or services useful. Leave the ones that are not able to qualify as your lead.
With organizing an event strategy, you can use the contact info as the source of calling the possible companies that may need your services.
You have now learned the basics of creating a successful strategic plan for your business development.
If you follow these tips diligently, you will reap the benefits of increasing your sales eventually.
Always make sure that you’re also swift in changing the length of business processes.
To do this, you improve inbound marketing strategies using a business management system to streamline business processes.
With this system, you can keep track of the current status of your customer experience and data from other departments.
You can get a moneyback guaranteed custom systems like this from Proweaver.
Our experts can make sure you get the custom-fit features that interpret data and figures important for your business development plan. Feel free to contact us today!