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Business owners often ignore or forget some helpful business development strategies for developing their business. However, if business development is a top priority for you, explore such helpful strategies for developing your business.
Although there are many ways to develop a business, some work better than others. Because, it all depends on what kind of business you have and what your goals are. Perhaps not all strategies can work for you, but identify the one that best suits your business. Here are 12 such helpful strategies.
1. Employees’ engagement
Every individual has a specific talent or two. Interact with your employees as often as possible, formally or informally, irrespective of their rank or position. On the other hand, to make use of that talent, make their working environment comfortable, pleasant and aesthetic. Arrange for them motivation sessions, training classes useful to your business, as also arrange discussion times on your business. This can encourage the fruitful involvement of your employees in your business. Employees may come out of their comfort zones to put in more efforts when needed. Some of them may come up with ideas and plans for improving your business. Also, encourage them giving incentives for their best performance on the job.
2. Talent Hiring
There is no need to emphasise the importance of talent. Talented employees can seamlessly assimilate with your processes and business, and they can even be creative in development process. Spot and encourage talent within your existing employees and promote them.
3. Reaching local network
Before reaching far-off markets, first explore opportunities in your surroundings and local areas for expanding business resources. Make networking with influential partners, individuals to promote your business in your surrounding areas and local communities.
4. Social selling strategies
A social selling strategy is a strategy for using social media to connect with prospects through content and interactions. Social selling strategy’s primary goal is to convert leads into customers. Therefore, you can use this strategy to help your business meet sales goals.
This strategy can increase your business awareness, and shorten sales cycles. Also, it improves rapport and relationships with your prospects and buyers, and highlight your salient features. You can use such social media platforms as Facebook, Instagram, etc.
5. Establishing long-term relationships with customers
Many businesses ignore establishing long-term relationships with customers, especially visible in this technology age. Apart from engaging prospects and customers on social platform, interact with them on a one-to-one basis. If you solely depend on technology, there is danger of losing your customers because of your inaccessibility to them. Try arranging periodical get-together with your customers. In addition, invite your other audience, including the local community also to make it a wider circle of participants. It will be an excellent way to build long-lasting relationships with your customers. It can also help prospects become your customers.
6. Contributing to the community
Taking part in charitable causes is one of the most under-appreciated. Yet can be the most rewarding ways of getting new business. People prefer to patronise businesses that contribute to their communities.
Finding a meaningful charitable organisation that aligns with your organization’s mission and goals is something you can think about. It’s a win-win situation for all parties involved. In turn, it benefits your business community and thereby promoting your business widely.
7. Using micro-vertical marketing
Vertical markets are a business in which vendors cater to a specific group of people with specific needs. Whereas, micro-vertical is a subset of a vertical in a market. Micro-vertical marketing involves digging deeper into broad market segments to identify sub-segments with specific and common demands, functionalities, and decision-makers. Also, size of market, market infrastructure and decision-making procedures are all important factors in micro-vertical successful marketing.
Here is a case study for your understanding of micro-vertical marketing.
8. Sales Enablement
Sales enablement is producing content and providing training to sellers or sales teams. It is providing information, content and materials to the sales teams. They distribute this information among prospects and customers.
9. Revenue Enablement
It is where you have to focus your investment for more years in a business through customer experience.
“Revenue Enablement is the process by which you most efficiently acquire and maintain customers, maximizing revenue gained through each stage of a customer’s journey with your business by focusing on the delivery of great customer experiences.“
10. Referral Marketing
Encourage referral sales. Request your customers to refer your sales to prospective customers. This may not be a frequent occurrence. Yet it can fetch some sales as your customers are well aware of your products and quality.
Testimonials give powerful authenticity. Tell your sales teams to ask for testimonials from customers. As a customer experience, many would give testimonials. This can become a showcase to show your products’ worthiness to prospects. Often it will help in closing the deal.
12. Listening and Research
Before prospecting, research about the prospect to know about his business, needs, likes and dislikes and behaviour patterns. This information will help in your interaction with him. Listen intently to what he says and encourage him to share his details, rather than making it a one-way interaction. Let him take part more in talking and listening on your part. Train your sales team in this skill. People like those who listens them more. Give your efforts human touch to build good rapport with customers. Try making it an everlasting relationship from your end.
Draw your own plans
As already said, not all strategies can work for you, but identify the one that best suits your business.