In this new era of business, the need to adapt or be left behind has only become more critical. As a result, most traditional companies find themselves grasping at straws, looking for ways to innovate in the digital world in an attempt to satisfy the ever-changing demands of their clients and customers.
Business needs to develop. Organizations must implement strategies and opportunities to promote growth and adaptation to the market. Today, that has become almost synonymous with most organizations’ need for digital and technological transition.
For some, this can be a daunting task. Most business owners know they need to adapt to remain competitive but feel overwhelmed by the known and unknown changes they will have to make. Of course, feeling overwhelmed is not the only reason business owners hesitate. There is also fear or lack of technological knowledge that adds to that inaction. But the reality is that business development is necessary, and those changes help simplify and streamline work required from organizations resulting in a more efficient and productive entity.
Let’s take a closer look at what business development actually is
Simply put, business development can be summarized as the ideas, initiatives, and activities that help improve a business. This includes increasing revenues, growth in business expansion, profitability by building strategic partnerships, and making strategic business decisions. (Investopedia, 2022)
In this era of technology, most cases of business development are now directly linked to digital transformation. This means adapting new tools, ideas, innovation, and activities to improve business function. With so many digital tools out there for so many different purposes, the options to help improve your business and become more productive are nearly endless.
What are some of ways that organizations are embracing business development?
- Networking – Tools to improve networking have been evolving for many years. Partially in conjunction with the pandemic, we are now in a situation where networking has become a much different and experience. What once required meeting in person at conferences, trade shows, or events has now turned into zoom calls, digital events, and social sites. Strong relationships post-COVID tend to require a combination of the two. Understanding the tricks and tools available will go a long way in your business development.
- Nurturing Prospects and Leads – Like networking, nurturing prospects and leads has taken a bit of a turnover in the past few years. Vast communication options, improved CRM systems, and a psychological shift in nurturing expectations have all played a part in this sales management shift. In addition, many new tools are now available for individuals and organizations to better understand and engage their pipelines.
- Improved Operations – Traditionally not where most business development activities lay, technology and consumer behaviours have shifted operation plans in such a way that many interesting and previously non-existent ways to do business have emerged. The net benefits of improving operations go way beyond the bottom line when implemented in the right way.
- Marketing Communications – Technology has changed how marketing and communications act as a functional business department. To ignore these advancements is to ignore some of your organization’s most important business development opportunities. Marketing helps create a story your customers can relate to that communicates the benefits they will receive. So, why wouldn’t you use every tool at your disposal to help that story spread? Content, digital media, and traditional marketing activities have all benefited from digital transformation and can all be improved to help your business develop. You can maximize your return on marketing dollars through data-driven decision-making by utilizing new channels to reach your target audience, coupled with marketing analytics.
- Online presence – We don’t get a second chance at a first impression, and the way things work now, that almost always means your website or other digital accounts (social media, Google My Business, etc.) will be that initial touchpoint. 99 times out of 100, your potential customers’ first experience with your brand will be tied to your online presence. Ensuring you are accessible, negatable, visible, helpful, and surrounded with positive sentiment could mean the difference between swollen revenues and barely getting by. Use technology to your advantage and maximize your online presence. Take steps to improve your position by regularly updating your website and social accounts, optimizing for search engines, and linking to other valuable content for your visitors to experience. You want to ensure consistency between your online and offline activities for outstanding results and business development.
- HR – Options to help build and manage your human resources have never been so robust. There are ways to find the right individuals for your firm that use incredible technological advancements and machine learning to focus on filling your positions with the right people and retaining them (Tools like 22ai.net). Beyond hiring, building your current employees’ value to the team has never been so easy. There are now many ways to expand and refine your employees’ skills and knowledge through business development and training programs. Strategy, technology, and external environments reak havoc on businesses when they can’t keep up. Nothing will be as effective to your business development as keeping your workforce up to date and in ‘the know’ on industry or market trends.
- Improve Satisfaction and Loyalty – We already discussed the importance of creating a great first impression, but how can we continue that fuzzy feeling with your target market beyond their first touchpoint? Customization and personalization are ways that each individual, whether a current customer, lead, or prospect, feels as though they are unique and valued. By using business development tools such as CRMs, automated email, and loyalty programs, you can work to maximize your Customer Lifetime Value (CLV), while ensuring that your customers are receiving the absolute most value out of your interactions with them.
By using some of these business development ideas you will be well on your way to adapting for the next generation. With your new strategy and ideas, We have now doubt your business will be growing in no time.