Improving your business development is one of the fastest ways to build your business. By focusing on your goals, planning for the future and putting in the hard yards, your business can pay big dividends, but doing it wrong can waste precious time. Here are 6 business development tips that can get you off to a flying start.
1. Work on your contacts
Contacts are essential to any business. Update your contact details regularly and expand your network as wide as you can.
Gain more contacts by attending networking events and speaking to as many people as possible. Using a Customer Relationship Management System (CRM) will allow you to understand your client base, and having all your contacts in a database will assist with administration tasks. When you have a new product launch to launch, the CRM will be invaluable in tracking responses, administering leads and identifying opportunities.
2. Nurture and grow existing clients
Nurturing your existing clients is just as important as attracting new clients. Don’t negate your hard work getting a client at the expense of chasing new leads.
If you are providing great products and services to your existing clients, capitalise on the relationship. Show your appreciation, elicit constructive feedback about products, and ask for ideas for new products that might be attractive to other clients. Not only will this cement your dedication with your client base, but it will also provide an excellent reference for new prospects and leads.
3. Keep ahead of industry trends
Don’t get left behind. Trends in many key industries move quickly; if you aren’t ahead of them or don’t have insight into what’s on the horizon, your competitors will outperform you, and you will lose prospects and engagements. Make sure you are up-to-date with what’s in and what’s out.
If you can demonstrate your understanding and present yourself as a business that knows what’s on-trend in products and services, then you will attract bigger and better deals. For a new client, expertise and breadth of knowledge can be the deciding factor between choosing you or your competitor.
4. Is the lead a good fit for your business?
Is the lead or prospect a good fit for your business, product or service? Before moving through the sales process, qualify whether there is the potential for a good deal. If you waste time and effort chasing the wrong opportunities, the right ones may go unnoticed or pass you by.
A strong and robust qualifying process will focus your energies on those deals that make sense and provide a better outcome for you and your client.
5. Know your competition
Understanding what your competitors are doing in the marketplace is crucial. Whether it is a creative tilt on service, an understanding and innovative use of a specific type of product or just a great idea, stay aware of what your competitors are doing and use the knowledge to improve your business.
Competition drives innovation and pushes forward leaps in market share. Whether it’s a brilliant marketing strategy or an inventive use of technology that gives their business an edge, capitalise on the knowledge or integrate it into your business.
6. Get your Business Noticed
Industry festivals, exhibitions and trade shows are on nearly every week. These events have large followings and attract buyers, suppliers and sellers across the full spectrum of demographics. Attending, selling and having a presence at these events is a must for any business across a wide array of industries.
How can Acacia help?
Acacia provides business development solutions to Australian businesses to help them continue to thrive. Acacia can help you grow by managing your cash flow, growing your business, and leveraging global and local opportunities. We have more than 30 years of experience helping businesses overcome issues, rebound and become more profitable. We help optimise, automate and improve the traceability of your business. Acacia has the knowledge and experience across a range of businesses to provide the most cost-effective solution for your business. If you are interested in finding out how Acacia can help your business, please contact us to find out more.
