Business Development Tips.

Re: Business Development Tips.

# Identify the personal issues. What are the personalities of the people who will be influential in the decision to sign the agreement? What are their personal motivations? Growth/expansion? Hot buttons? Family? Loyalty and commitment to the company they represent? Business process simplification? Eventual merger/acquisition?

# Identify the PR potential of the joint agreement. Why is it hot news? To whom, in particular? How can you leverage these PR possibilities in negotiating the deal? How do they add value to the overall equation? Be careful in announcing so-called "strategic alliances" where only a purchase of equipment or services was made.

# To insure that the partnership will successfully evolve, commit the necessary resources to insure that the deal is implemented and periodically evaluated. Set guidelines and performance metrics as part of the deal. Involve senior management in every step of the way. Assign a single point of accountability for the deal.

# Business development is much more than simply going to trade shows and being a wheeler dealer. Business development is hard work and you must stay focused on the long term. Hopefully the above tips will help you whether you are experienced in biz dev or if the role of business development was thrust upon you due to layoffs, firings or other factors.

Re: Business Development Tips.

Hi

Thanks for sharing this nice and useful information. I appreciate your post. You really doing great job. Keep sharing more and more informatiom.

Thanks
Have a nice time ahead.

Re: Business Development Tips.

garden;40832 wrote: # "Don’t focus on previous clients that barely used your services many years ago. Lead with the best examples and case studies.”

Hi, I would disagree with garden over this as this is a wrong assumption.
I think one should pay more attention to them and attract them to get them back and do more business with you.

Frank Slade

Re: Business Development Tips

All of these are excellent suggestions. Here is a simple suggestion that usually works:

KNOW YOUR POTENTIAL CLIENTS BUSINESS
LEARN THEIR BUSINESS BY DOING SOME RESEARCH ON THEIR COMPANY
KNOW THEIR PRODUCTS STRENGTHS AND WEAKNESSES
SHOW HOW YOUR PRODUCT SOLVES ONE OF THEIR NEEDS
ASK THEM QUESTIONS AND ANSWER THEIRS

Every other thing that you can to in the way of increasing your chances of closing a deal rests upon your ability to demonstrate that what you are offering solves a problem for the customer.

BrainTrustee

Re: Business Development Tips.

hello for awesome tips here.
keep it up

Re: Business Development Tips.

Wow!! Nice tips, In general business development has to do with percentages of different areas of the business structure. However, the main department of the entire business is the marketing. Business development takes a bite of bits and pieces of a few areas of the entire company that deals more or less directly with the customers of the company's products and/or services. The main concept of developing a business is getting the customers of the individual business(s) to deliver its promises as propaergated to the public on time, in time, with better previlleges as promised to the public and may be just a little more benefits than expected. Mainly, the more unexpected fringe benefits the company provides, or attaches to the service/product, the more confidence the company builds in the customer.

Regards,

Re: Business Development Tips.

Hello Friends...

# Identify the appropriate market and target the appropriate segments within the market -- Deep pockets; ability to leverage core product from one segment to another without major design/development changes.

# Make sure there exists a market problem/pain that currently demands a solution. Is the problem large enough to justify the price of your solution? Is someone with P/L responsibility willing to pay for the solution? Test: Are you able to clearly delineate a value proposition that gets a customer’s attention?

# Solve the customers problem, don’t just build cool technology. Value is always in the application of the technology, not technology per se

# Have a clear understanding of your value chain. Know who are your partners, competitors, and customers – it isn't always obvious

Thanks

Re: Business Development Tips.

Hi, Thanks for sharing the awesome tips, please keep sharing such informative tips.

Re: Business Development Tips.

Thanks: nice posts these are very useful for promoting business.

Re: Business Development Tips.

Business Development Tips

1. Identify the appropriate market and target the appropriate segments within the market -- Deep pockets; ability to leverage core product from one segment to another without major design/development changes.

2. Make sure there exists a market problem/pain that currently demands a solution. Is the problem large enough to justify the price of your solution? Is someone with P/L responsibility willing to pay for the solution? Test: Are you able to clearly delineate a value proposition that gets a customer’s attention?

3. Solve the customers problem, don’t just build cool technology. Value is always in the application of the technology, not technology per se

4. Have a clear understanding of your value chain. Know who are your partners, competitors, and customers – it isn't always obvious

5. Understand where you are in the market cycle, from a timing perspective: new technology, competitors entering, segmentation, consolidation, solutions offering, commoditized, etc.

6. Don’t fight the market and where it is in its life cycle – you will lose

7. Price based on value of solution, not to undercut competitors. Compete first on functionality, not price. If you truly are the only one solving the customer’s problem, you should be able to price your offering based on value of your product/solution to the customer You compete on price only after the product/solution has become a commodity – end of the life cycle