Everyone will explain business as per his or her experience. Some people think, business development is sales and others will say, business development is a partnership. However, these two definitions are right but not complete.
Business is everything including cultivating partnerships, commercial relationships, inspecting new markets and improving your business tactics. In simple words, business development is building long-term valuable and reliable relationship of an organization with customers and markets. Business development consists of four stages.
4 Stages Of Business Development
- Market Research
Market research may be the boring and most time-consuming thing for people. This is why very fewer people focus on this. Detailed knowledge of competitors and market size can help you develop a strategy for making your business successful. With in-depth research, you can get your business one-step ahead of the competitors.
The most important thing is research can help you get an idea whether your products or services can become a demand of the customers or it can stand against you. Remember, it is not one time practice, you have to stay updated with the changing market.
Plans of actions are performed to reach short term or long-term goals. Building process helps the users to understand the challenges at every stage before you could execute your plans. Thus, you will be able to understand the gaps and prepare yourself to deal with them.
Sales are everything around which a business development moves. You will do several things to boost your business sales. However, it is most important to know your weakness and strength. Performing outside of your comfort zone, you may not be efficient or it could lead to making your business unsuccessful. On the contrary, when you understand your comfort zone and style, you will be able to take advantage of your strengths and handle your weaknesses.
Operations involve the coordination and development of new processes when you reevaluate current structures. It is also taken as the supply chain management, understanding the demand of customers and resources for production. Because startups are always in search of resources, this is where operations can play an important role. Remember, more than 30% of the lead that you generate by marketing campaigns may not be effective due to operational bugs. The major reason behind this could be delay in contacting the customers, answering their queries and other complicating steps of the process.
From generating the leads to executing your plans to get the maximum conversion and keep analyzing every step so that you can improve on every day is included in the business operations.
Whether you are a startup or a developing business, professionals at Ismail Alptekin Business Developer can help you to know all about business development. Looking to know more, feel free to contact us and discuss your project needs.