Business Development is more than sales
When most people in the small business world hear business development, they think sales. Don’t get us wrong that is part of it but there is much more to it than that. Depending upon who you speak with, it comes down to processes generally aiming at creating more profit. Certainly that is true but a bit vague from the stand point of creating a process that can be followed. In order to create a proper strategy Pinpoint Marketing must identify the specifics. The best definition we have heard is not one of ours so we certainly must give credit where it is due. In an article written by Scott Pollack, he describes business development:
Business development is the creation of long-term value for an organization from customers, markets, and relationships.
Scott Pollack, Forbes Online Contributor
Business Development Broken Down
There are four parts to the process of developing a new business, existing business or small business. Let us take a look at it.
- Long Term Value – The idea behind the strategy of biz development is not about get rich quick schemes. It is about a defined long term process. You must identify opportunities to deliver value to the next part of the process.
- Customers – A business without customers is not going to last very long. It is important to find not only what your customers want but WHY they want it. Economic developments are ever changing; you must be prepared to make the necessary changes for your customers within the next part of this process.
- Markets – Basically this is where your target audience lives, works, shops and on. The target market really depends upon your product or service. As local marketing specialists, we can help you identify and deliver your message, product or service in the proper place.
- Relationships – Relationships breed loyalty. If your customer knows that you truly have their best interests in mind, you can deliver on long term value. Building that relationship depends upon the market and the customers within.
This process sounds complicated. It is complicated but that doesn’t mean it has to be difficult. Once you dedicate yourself and your business to the proper path you will certainly be successful. Let us help you develop the proper strategy for your business.