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Business Development rule are applied to enhance the performance of the company’s business line to grow. Basically the business is improved by entering new geographies, dealing with new partners to serve customer in a better way.
Different strategies are experimented by different companies depends on the industry maturity & condition of the market.
Identify the size of Business:
Position of your business in the market is a key factor which decides the strategy. If new in business then an active partner is needed to channelize the product to increase the sell up.
Welcome Business Development:
It is always necessary to add new business development like adding new partners to improve because relying on the same list won’t increase the sale. Business development is an easier type of sales.
All the details of Potential opportunity need to be tracked. Potential customers & discussion/negotiations process with them are very important to be recorded.
Look creatively to Expand:
A good negotiator finds out what a potential partner wants and looks for ways to give it to them.
Internal relationships in business:
Absolutely central to success in implementing ideas is ability to convince people inside the company that the idea you work on is good.
PROMOTION OF PRODUCT IN MARKET:
Promotional products are entered into market so that advertisement of the products & company scales & most of the people like freebies it is a better way to draw people.
Printed Promotional Material:
Printed promotional materials like flyers and pamphlets are very helpful in promoting the product & information of the product. Electronic media internet promotion is a key player. Business cards are excellent marketing tools.
Creative size of the product & feedback:
Creative size of the product can do the trick & feedback from the expert counts very much on a regular basis & it will create more effect on the convincing the customers.
Testimonials from the customers:
Testimonials from former customers help the convincing customers to buy the product with their requirement matching the testimonials written by used to customers. Basically it creates the link between the two.
GROWTH OF THE PRODUCT:
Market penetration occurs when a company enters/penetrates a market with current products. The best way to achieve this is by gaining customers. Other ways include attracting non-users of your product or convincing current clients to use more of your product/service, with advertising or other promotions. Market penetration is the least risky way for a company or any firm to grow.
Product development (existing markets, new products):
A firm with a market for its current products might embark on a strategy of developing other product catering to the same market. when a firm creates new products, it can gain new customers for these products. Hence, new product development can be a crucial business development strategy.
Market development (new markets, existing products):
An established product in the marketplace can be tweaked or targeted to a different customer segment, as a strategy to earn more revenue for the firm. This is a good strategy of developing a new market for an existing product. Again, the market need not be new in itself; the point is that the market is new to the company. Diversification (new markets, new products): Companies that dominant in one specific market can branch out into new markets to provide a new line of products that differ from their existing stock. This results in a company entering new markets where it had no presence before.
Existing product and the market:
Product development and market extension typically involve a greater risk than `penetration' and diversification (new product and new market) generally carries the greatest risk of all.
Sales organizations are becoming social enterprises, using social media technology to connect sales representatives with each other and with all relevant departments that support sales. Example: The SFDC Chatter tool.
Salespeople need to leverage these tools to ?nd and nurture leads, develop viable new prospects, and maintain and build customer relationships. Social media has changed how sales reps connect with customers.
Companies are using customer analytics to generate customer insight, and sales analytics to better manage sales force performance and e?ectiveness. All the conversations — every tweet, chat, comment, and post — collected on social media platforms are ripe for analysis.
SUPPLY AS ON DEMAND:
All societies significantly make economic choices. Society has to make choices about, what should be produced, how those goods and services should be produced, and who is allowed to consume those goods and services. Price provides the incentive to both the consumer and producer. High prices encouraged more production by the producers, but less consumption by the consumers. Both incentives push the price to balance the forces of consumption (demand) and production (supply). Economists call this balance as equilibrium. The supply and demand mechanism being the natural consequences of economic forces provides the most efficient economic outcomes possible. Satisfaction for society is maximized, at minimum cost. This core model of supply and demand explains why economists usually favour market results, and seldom wishes to interfere with price. There are two independent factors that determine price in competitive markets are demand and supply. For economics it combines the demand and the supply curve to determine price. This price is called an equilibrium price at which the quantity demanded is equal to the quantity supplied. And the corresponding quantity is called as equilibrium quantity. Markets and their equilibrium price and quantity, function best with elastic demand and supply conditions. So that we can see in every increase in demand, supply registers decreasing at each price.
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