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10 Questions to Ask When Developing a Biz Dev Strategy
2019.09.25

10 Questions to Ask When Developing a Biz Dev Strategy

By Rockford Hunt

Your business development strategy is a document that describes the strategy your company will use to acquire customers and drive growth and profitability. It is easy to see why such a document is critical to the success of your business. Because it is so important, it needs to be carefully developed to work as a tool that will help you succeed.

In order to create a business development strategy that works for you, you should start out by asking yourself some important questions. These can be described as the who, what, when, why and how of your company. Here are some we recommend considering.

1. Who are we as a company?

Creating a company identity is one of the most important steps you can take in building your brand. The funny thing is, your identity is already there, you just need to define it. The products and services you provide will be at the forefront of who you are as a company. But beyond that, take a look at the people who work for you, the things they believe in and the image they project. Then think of how to incorporate that into how you present yourself in your marketing campaigns.

2. Who is Our Target Audience?

Another important ‘who’ you will want to think about is your target audience. Think of the people who are most likely to buy your products. What is the best way to reach them? What would appeal to them? What is the best way to communicate with them? Once you have answers to these questions, it will be easier to come up with marketing strategies that will increase conversions.

3. Who do we Have Working for Us?

The way your company runs internally and the success of your company is directly related.

Make sure there is plenty of communication within and between your departments. Make sure your staff is being treated well so they are happy and productive. Lastly, make sure the technology they are using is as efficient as possible as this can save time, money, and a lot of frustration, in the long run.

4. What are Our Goals?

Let’s face it, most companies want to make money, and this is definitely something that the powers that be should not lose sight of. But if that is a company’s only goal, it will come through to the target audience and lead to distrust that can ultimately hurt a company more than it helps.

In addition to keeping an eye on its wallet, a company must provide products or services that help customers solve a problem. Providing quality products that are effective in making consumers lives easier will be a major selling point making the company more valuable to their clients.

5. What are Our Anti-Goals?

Anti-goals are defined as activities you partake in that can hurt the productivity of your company. These can include not communicating properly with your staff, misallocating time and money, sending the wrong brand message and more.

It is just as important for a company to identify their anti-goals as it is for them to identify their goals. This way they can avoid engaging in counterproductive behavior to be sure they are moving along on their planned trajectory.  

6. Where are Our Products or Services Being Sold?

Every company wants their products to be widely available, but they also want them to be accessible in stores that are frequented by their target audience. In addition to getting products into the right retail stores, there are also several online options for selling products including your own website.

7. Where are We Going to Reach Our Target Audience?

Your marketing campaign will be a big part of your company’s success. While some entrepreneurs might think it’s best to get their name out everywhere, the smartest plan is to go where they know they will connect with their target audience. Otherwise, they may be spending a lot of time and money trying to connect with people that will never become customers.

Social media is a great way to advertise so think of the platforms your customers are on most often and create ads and content you think will engage them. Advertising can also be done outside of the internet. Outdoor advertising is a great way to connect with customers. Think of where your target audience is most likely to be and create billboards and signs that let them know more about your products and services.

8.When are we Going to Achieve Our Goals By?

A timeline will be a very important part of your business development strategy. It will help you make sure your goals are being achieved in a timely manner. Although the big picture should always be considered, it is a good idea to base your goals on smaller achievements that can be completed on a weekly or monthly basis. Concentrating on these smaller goals will make it more manageable for you to move ahead.

9. Why are we Doing What We Are Doing?

Once again, the bottom line for any company should not be ‘to make money’. It should be about providing a product to the consumer that helps them solve a problem. Many companies have even deeper reasons for doing what they do. For many of them, it’s personal. Their inspiration to provide their products or services may be linked to something that happened in their lives that affected them deeply. Or it’s possible their products or services back a deeper cause or mission such as a nonprofit or community organization.

If the creation of your company is fueled by a passion, let the world know about it. This will be part of your company identity and it will help your brand connect to consumers on a more personal level.

10. How are we going to Make it Happen?

The how is the most important part of your business development strategy. Now that you have all the pieces in place, you need to figure out a way to execute your plan. The way you carry out your strategy will differ from company to company and it will take hard work. 

It will involve creating products and services that are useful and innovative, developing a marketing plan that appeals to your target audience and working within your company to carry out activities and operations as efficiently as possible.

However, a company with great teamwork will be able to pull through to become a success.

We wish you luck coming up with a business development strategy that is right for you. 

 

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