Simplified Business Development Homework help Notes
Business development entails planning the future growth of a business through value addition, discovering and exploring new opportunities and forming partnerships. For any underlying plan for growing a business, it is essential to understand the target market, the available market opportunities and effective channels to use when reaching out to the target audience.
It is a business approach or plan that supports increased profit margins, business expansion, and sales growth. A business with diverse departments should incorporate them all in the developmental process for overall business success. Besides, exploring the company’s strengths and opportunities supports business development.
Customer relationship management in business development
In any business, customers are always at the centre. The main aim of the various business practices and processes is to perfectly and effectively meet customer needs. With an expanded customer base, a business can easily enjoy increased sales, revenue generation, profit maximization, and a competitive advantage. Hence, maintaining good customer relationships through real-time communication, personalized interactions, rewarding customer loyalty, exceeding customer expectations, and effectively handling complaints are ways of strengthening positive customer relations.
As a result, the customers will be satisfied with the rendered services or products. They will also have positive word of mouth for the business, which in turn will convince the public to associate with the brand.
Likewise, a business should refrain from practices that can ruin their customer relationship. Such behaviours include disregarding their brand loyalty, unresponsiveness to their complaints, long waiting times, lack of emotional control when interacting with customers, and criticism of some customer requests.
One of the common examples of companies known for worse customer service that ruined the customer relationship is Comcast. Comcast specialized in media and technology. From the customer feedback or reviews of the company services, Comcast rendered poor quality services to its customers. Mainly, the company was very unresponsive to customer complaints.
After the video of Ryan Block going viral when struggling to access the company services, the company decided to apologize to safeguard the its reputation. Before Ryan’s complaint, there were more customer complaints concerning customer service, which had never been resolved.
Business development through market research
Through market research, a business can discover its existing opportunities and threats. As a small business, you might wonder what market research is and what its benefits are because the culture of market research is prevalent in large corporations.
Market research is a business practice that focuses on understanding consumer trends and behaviour, whose findings help the business in strategic planning.
If you want to devise an effective business idea that will influence the production and design of your company products, try market research. Through market research, you will discover various factors affecting your business and understand business strengths and weaknesses, areas of improvement, and the need for innovative practices.
In the business world, the best way to operate is to seek the opinions of the public, which comprises actual and potential customers, on their expectations of service and product offerings and any suggestions that can boost the user experience and satisfaction levels. In market research, a business can use approaches such as questionnaires, telephone interviews, and focus groups. Apart from relying on first-hand information from the consumers, an organization can also rely on secondary information from different sources to increase the reliability of the research findings.
If you discover stiff competition from competitors and high customer demand for unique products, you can decide to engage in a product differentiation strategy. In this case, you can design unique and high-quality products, engage in target marketing, and utilize the top talents to sustain the culture of creativity and innovation.
Without market research, a business may face stiff competition, operate with old practices in a fast-changing business environment, and fail to understand consumer expectations. Such a business can lose its customers to competitors who are responsive to the changing business environment, especially through the integration of cutting-edge technology that supports the production of quality products and services and responsiveness to consumer needs.
That means that market research and proper execution of solutions to the identified market needs support positive business development. Even small businesses can expand and enjoy growing market share through investing in market research.
Importance of strategic planning in businesses
Does your business have a manager in charge of strategic planning? Companies with a vision, mission, goals, and objectives must have a strategic plan that gives the business a sense of purpose and direction. A business with such aspects can improve the planning of various activities and avail necessary resources to support the attainment of strategic plans.
Even before embarking on the journey of strategic planning, you should first understand that strategic planning is a business practice that comprises goal setting and focusing company attention and resources on achieving certain clearly outlined goals.
With a strategic plan, the business will ensure proper planning and development of required actions that will support business success and growth. In this case, the various organization’s stakeholders should be aware of where the company wants to go, how, and by when.
Strategic planning and management help promote business development by minimizing time wastage and poor resource use, which can be costly to the organization. However, it ensures that a company can use its strengths and available opportunities for growth with the available resources.
Effect of digital transformation on business growth and development
Digital transformation has been among the leading causes of business growth and development in the business world. For example, it has resulted in the development of innovation opportunities. Besides, businesses have used emerging technology to develop new business models that have helped them gain a competitive advantage. Generally, digital transformation has resulted in a disruption to traditional business models.
In the modern technology-driven business world, businesses can offer high-quality products and services at lower costs and also enjoy efficiency in the production process. Automating business processes reduces the waiting time for customers to receive the desired goods or services.
Example
An example of a company with improved business success and growth is Disney. The digital transformation has been done by using unique animation techniques and innovating its theme parks. Using cutting-edge entertainment technology has attracted more clients and has widened the company’s customer base. As most people prioritize entertainment services from Disney, the company benefits from increased revenue generation, positive brand image, high customer satisfaction, and an overall user experience. The technology has also benefited Disney through reduced production costs, especially since it started using photocopying technology and xerography, supporting the easy design and transfer of animated images.
Brand positioning and its influence on business development
To ensure business development, you have to invest in brand positioning.
It refers to all the processes you can involve in to develop your brand’s unique value to the target customers. It is an important marketing aspect that helps increase the effectiveness of customer targeting.
When dealing with your product, various other companies specialize in producing the same product. However, customers will prefer different producers based on how they present their brand; the brands with the highest values will likely attract more customers. That is why weak brands associated with producing lower-quality goods will struggle to market and advertise their product unless they improve their brand value.
Some of the aspects to consider when planning brand positioning include identifying your target market, knowing the category of your products, and determining the product’s importance to consumers by providing supporting evidence. If customers perceive significant value attached to your brand, it will give you a competitive advantage.
Examples
An example of a company with good brand positioning is McDonald’s. The company is customer-centric. McDonald’s provides quality and exceptional services while maintaining consistency in its different branches to ensure high customer satisfaction levels.
There are various types of brand positioning, such as competitor-based, benefit, quality, and value-based. Therefore, it depends on what a company wants to attain through its positioning. Let’s say a company chooses quality-based positioning. The main aim of the approach is to offer superior-quality products with high levels of creativity and innovation. Apple is an excellent example of this strategy, based on how it produces unique, better-quality products with innovative features.
Most of the products offered through a quality-based positioning strategy are priced higher than the competitors’. The price not only differentiates the product from the competitors but also shows that the goods are of better quality.
Generally, the ability to outperform the competitors in different ways helps to support positive business growth and performance.
Lead generation in a business
No business starts, grows, or develops overnight. Business growth is a process that can take years. Therefore, anyone planning to start a company must be patient and embrace different approaches to encourage faster or steady growth and development. Some businesses with a broad customer base are very loyal to the brand.
You may wonder what practices or secrets enabled the business to enjoy such success. This is true, especially if your business is struggling to target its audience and retain them.
Let us learn something about lead generation.
Businesses use this art to attract and convert prospects into potential and actual buyers. However, leads are potential customers who are interested in a company’s service or products. Businesses can generate leads by capturing visitors’ contact information through different organizations’ platforms. The most important contact information that businesses target within the sales funnel includes phone numbers or email addresses.
The main ways of lead generation include online and offline lead generation, hybrid lead generation, business-to-business lead generation, and outbound and inbound lead generation.
If you choose inbound lead generation, you must rely on experiences and quality content to attract customers to your business offerings. Technology will help you succeed in the practice through online events, webinars, email marketing, social media marketing, and content marketing.
Lead generation is a practice that businesses are using to boost their growth. It also increases revenue conversions.
Once you generate high-quality leads, the sales team can obtain contact information for consumers who match the desired customer profile.
Talent acquisition
Have you ever wondered why big businesses, especially those in IT, focus on recruiting top talents?
Talent acquisition refers to the process involved in acquiring skilled and competent employees to improve business performance, produce quality products and services, and also for competitive advantage. There are many benefits to having top talents! Talent acquisition can promote rapid growth and development of your business based on how the competent personnel will support business success through meeting and exceeding the developed goals.
The business world is very dynamic. Therefore, businesses must be highly responsive to ensure they can work towards the ever-evolving business needs. Thus, having talents can help you as a business use skills such as analytical, creative, and critical thinking, problem-solving, and decision-making. Such skills will enable your organization to succeed in meeting consumer demands and embracing cutting-edge technology that can positively impact business success.
It is advisable to develop a talent acquisition strategy to succeed in acquiring talent.
Such a strategy should outline workforce planning, job descriptions, how to attract talent, and the selection and hiring process.
The human resource team can incorporate technology to support the effectiveness of a simplified process. Such technologies include candidate relationship management systems, data analytics and reporting tools, video interviewing platforms, onboarding platforms, skills assessment and testing tools, AI-driven talent matching, and applicant tracking systems.
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