Developing a regular method to promote and grow a business through strategic business development is one of the most important concepts for long-term business success. Jeff Comer, a Hospital CEO with 20 years of experience and a Doctorate in Psychology, says that making sure that people not only know but trust your products and services is the lifeblood by which your business will thrive or fail. By following these steps, business owners will create consistent planning techniques that can further business development.
The first step is to identify the target market that aligns with the business’s long-term vision. Next, develop a marketing plan with specific goals and objectives. Then outline how these goals can be achieved through measurable strategies. Finally, create an actionable list of tasks required for each strategy, along with timelines and metrics that will measure success.
It is important to define an execution schedule with responsibility so all tasks can be completed on time. Here are some additional steps business owners can take to promote a consistent business development process.
Create a Comprehensive Plan
Business owners should create a data-driven plan supported by their own business goals that are important to the long-term success of their company. Jeff Comer says that business owners need to obtain strategic data to determine what marketing strategies could work best to achieve consistent business development. Using this data, business owners can craft an informed strategic plan that defines long term success factors.
Map Out Specific Strategies and Actions
Developing clear strategies is vital for growing a new business into a well-known brand. Most businesses implement several marketing strategies that suit their niche market. Identifying target strategies will guide the process of establishing actionable lists with specific tasks.
Creating this actionable list will ensure that accountability is established to achieve stratregy success.
Form Strategic Partnerships
Partnerships with reputable businesses are a great way to leverage and scale your business. These kind of relationships can be mutually beneficial for all parties. When considering a business partnership, prioritize the company’s reputation and how it works within the joint niche market.
By building a strong network among other businesses, says Jeff Comer, you will promote consistent business development along with them and also gain expertise that you may not have internally.
Finalize Your Marketing Plan
When creating a marketing plan in this technological age, the new normal is strongly skewed towards dynamic digital strategies such as engaging social media marketing and customer connection. A blend of organic and sponsored digital content is essential for maximizing both breadth and depth. Organic social media makes direct contact with potential and current customers an effective route to solidifying relationships and developing new business, while sponsored or paid advertising is the only way to truly reach scale as a business brand.
Make Business Development Enterprise-Wide
Make sure all internal stakeholders in the business are committed to the same strategy and ensure that they promote the products and services with consistent messaging. Making every person aware of what needs to be done on an ongoing basis is the first step, but for true positive results you need to be innovative about how to reward growth at all levels of contribution. Additionally, gaining input from employees can provide solid insight and improve buy-in, which can help immensely during strategy execution.
Measure Your Success
Business leaders should always establish definable, specific, measurable performance indicators for all marketing strategies or projects. One of the most important benchmarks of a successful strategy, says Jeff Comer, is that it is measurable. Measuring success is a critical element because business owners can use this information to evaluate effectiveness of a strategy and then make necessary changes if required before moving on to other strategies or plans.
Create Long-Term Value
Above all, business owners should be looking for long-term value when creating a marketing plan or executing strategies. This is because business owners need to look at the big picture and focus on developing their company with regard to industry and market trends to remain ahead of the competition.
Value is the Key to Success
When looking for ways to expand a business, leaders should ensure all products and services exceed industry standards for quality, reliability, service, and value. Value is most important as it is overarching. Value considers cost and quality. Providing value means delivering an offering that is judged by customers to be of good quality with an acceptable price.
Target Specific Markets and Customers
It is critically important to have a narrow selection of market and customer niches that make strategic sense. This is important because it will allow business leaders to determine what specific groups expect from your business. Narrowing down this selection will open up more opportunities for the business in the future when making decisions about consistent business development.
Include Your Employees in Business Development Projects
Having a dedicated base of employee support is important when developing a marketing plan or executing other projects that support consistent growth. The best approach to achieve this is to engage employees in the strategic process from its inception. When a company’s employees are involved in business development and strategic planning process, they have greater “buy-in” and are more committed to executing the plan, greatly increasing the likelihood of success.
Incorporating these steps into daily processes can greatly enhance long-term success. Even if only one strategy mentioned in this article is implemted, it will significantly foster business success by achieving consistent strategic focus on growth.