Business development

The overall goal of sales and marketing teams is to generate customer contact and convert it into revenue. This is the core of business development, and it involves a continual process of drawing in potential customers, enticing them to purchase, and keeping them engaged. During this process, marketers and sales people use a range of strategies and channels to attract customers and to earn their long-term commitment to a brand and product.

Collaborative process

Marketing departments generate brand identity while sales teams do the selling. Working together, they aim to take potential customers on a journey from brand awareness to repeat sales, communicating the message through various channels.

Build brand awareness Target customer groups with content and/or ad campaigns to inform them about the brand and its values. This will lay the foundation for a long-term relationship.

Generate leads Use a combination of inbound and outbound marketing strategies to entice potential customers to seek out the brand

Convert leads into sales Once potential customers are interested, entice them to buy with targeted messages, offers, and well-designed e-commerce sites.

Retain customers Follow up sales with efficient delivery, excellent customer service, and personal contact to reinforce positive customer relationships.

Review effectiveness Track marketing spend on each channel and analyze results to gauge return on marketing investment (ROMI).

Develop intellectual capital Nurture talent and foster creativity in order to optimize ongoing marketing efforts.

BUSINESS DEVELOPMENT STRATEGIES

Business development is reliant on growth. Sales and marketing teams can increase long-term profitability by building up a customer base and then trying to retain it. There are several ways to ensure that the customer base remains buoyant.

❯ Chart customer journey from before to after sale

❯ Think of ways to reduce cost of sale and increase customer satisfaction

❯ Integrate sales processes with marketing to gain and retain customers; think about ideal customer

❯ Monitor and evaluate these processes regularly

15%
of companies have specialized business development staff who are not involved in sales