Good marketing tools and campaigns take time. Time to conceive, time to build, time to launch, and then time to test and adapt. All that before you see steady leads flowing.
So, what do you do while marketing is in R&D?
Take control. Your business outcomes are determined by building weekly systems and disciplines that your whole team knows and can implement. Have everyone in your organization focus on business development.
What is business development? Business development is the process of identifying and developing new business opportunities, typically through the creation of new products or services, new markets, or new ways of reaching current customers, and then converting those opportunities into tangible business results.
In other words, business development is all about identifying and capitalizing on new opportunities to help you grow.
Good business development empowers ALL your people to participate daily in growing your business. Sit down and have ALL of your team evaluate what new ways they could see the company grow better and stronger.
What new processes, services, and products need to be planted? What weeds need to be pulled? Here is a list to go over together to get you started:
Innovating Products and Services
Looking to propel your company forward? One effective strategy is to innovate your product or service lineup. Identify unmet needs in the market and brainstorm solutions. Gather the team and ask: "What unique offering could we introduce effortlessly?"
Venturing into New Markets
Expand your horizons by entering new markets. If you have a product or service with untapped potential elsewhere, it's time to explore. Identify areas where your offerings could thrive but are currently underserved.
Enhancing Outreach Strategies
It's crucial to engage with your target audience in the most impactful ways. Consider diversifying your marketing channels or implementing creative initiatives to leave a lasting impression. Strive for stellar customer feedback and encourage referrals by exceeding expectations. You and the team should identify 3-5 new ways you could WOW your customers.
Forging Strategic Partnerships
Accelerate growth by forming strategic alliances with complementary businesses. Explore joint marketing ventures, cross-promotional activities, or collaborative endeavors to provide customers with comprehensive solutions. Who are your neighboring and potential strategic businesses in your city? Initiate contact with them and establish connections. Engage in dialogue, sharing insights about your respective businesses. Encourage team members to brainstorm and compile a list of 3-5 companies they could reach out to and engage with.
Invest in Sales and Marketing
Allocate resources towards bolstering your sales and marketing efforts. Whether it's expanding your sales team, launching robust marketing campaigns, or conducting thorough market research, strategic investment in this area can drive substantial growth.
Evaluate the team’s ideas and place the best ones into a weekly plan and assign everyone to 2-3 task per week. Review the Business Development Action Plan weekly as a team (30 min or less).
Cultivating a business development culture throughout the organization and being consistent over time will position your company for significant growth!
This can be built and started this week!You do not have to wait for new marketing and sales initiatives to kick in. Enlist everyone and start growing the business today.
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Here is a bonus list to get you started today:
Relationships - Foster lasting relationships with clients, partners, and stakeholders through effective communication and trust-building.
Networking - Engage in industry events and networking to connect with potential clients, partners, and influencers.
Excellence - Prioritize exceptional customer service to foster loyalty and drive positive referrals.
Incentives - Offer incentives like discounts or loyalty programs to retain customers and attract new ones.
Feedback - Actively seek and utilize customer feedback to improve products and services.
Collaboration - Collaborate with complementary businesses to expand reach and provide added value to customers.
Content - Create high-quality content to educate and position your business as a leader in the industry.
Streamlining - Optimize sales processes with tools like CRM software for efficient lead generation and deal closure.
Monitoring - Monitor competitors' strategies and offerings to identify market opportunities and threats.
More ideas:
Phone calls
Text messages
Emails - direct and campaigns
Strategic alliances
Referral sources
Host beneficiary
Client education tools and events
Prospect and client assessments
White papers and authority materials
Learning events - webinars, workshops, open houses