Successful Business Development

Business Development, Customer Retention, Field Marketing Organization, General, Sales September 29, 2016 0
Successful Business Development | Senior Market Advisors

The seeds of successful business development

Where does successful business development begin? Successful business development starts with having a product or service that meets the needs and demands of consumers or organizations.
So if you have a product or service where supply is high with lots of competition, then you can’t afford not to mirror the successful traits of others. Best practices or traits of others can serve as a benchmark. Not a bad place to start…setting your sites on excellence.

So for starters, we should look at best practices in similar industries. As far as business development goes, look no farther than start-ups and entrepreneurs.

Entrepreneurs can teach us a lot about success in the world of business development. Truth is, each of us within this profession should think of new business opportunities as a entrepreneur or start-up. The parallels are many as we:

  • Work hard at developing good solid leads
  • Constantly hone our processes
  • Desire a positive and successful outcome
  • Plan for exchanges that net contracts with customers
  • Attempt to understand our customer’s needs
  • Monitor the competitive landscape
  • Strive for best in class customer service
  • Execute our plans and review the progress

This list could go on and on. As a result, hopefully we’ve made the point clear that sales, business development, and customer acquisition have many similar business traits with entrepreneurs and start-ups.

Entrepreneurs as agents of successful business development

Successful agents are consistent and follow a principled approach to meeting expectations. Especially relevant to our field are the following examples of successful behaviors:

  • Understanding the marketplace
  • Becoming industry experts
  • Studying their target audience
  • Becoming communication experts
  • Rehearses their presentations
  • Observes market research
  • Monitors the competition
  • Anticipates concerns & customer objections
  • Develops plans to overcoming objections

Evaluate Successes & Repeat

Successful businesses have created habit forming processes that include evaluation, measurement and repeating the best outcomes. It goes without saying that successful entrepreneurs never stop learning. Successful agents never stop learning. Great resources abound. As a result, some of our favorite professional resources on this subject are:

Our organization is committed to helping sales professionals excel and grow their respective business models. Please let us know how we can help you. 

Steve Dycus
Steve Dycus
Director Strategic Communications at Senior Market Advisors
Steve is a trends & brands enthusiast | Lifelong learner | Sunset addict | Food fanatic | Underdog devotee | Green grass authority | Scenic route traveler | Steve and his wife live in Franklin, TN. | Steve holds a Bachelor of Science degree from Central Michigan University; & Master of Arts from The Southern Baptist Theological Seminary.