Business Development Strategy

A recent article, 9 Reasons Why Your New Business Program Is Failing by Karla Cook says that many businesses fail to develop a comprehensive plan to keep the sales pipeline full. Merely staying on the lookout for new business is not a complete business development strategy. 

Here are five causes of a poor business development strategy and what to do to stay afloat.

  1. No one is held responsible for new business development.

When no one is engaged to fully focus on the new business development, this  prevents you from finding new clients and leaves your pipeline empty.

Require your team in executive suites Denver to set aside time and resources to search for new clients to keep the ball rolling.  

  1. Not targeting a particular demographic.

Your efforts are going to fail if you try to market your business without targeting a particular group of people.

Know exactly who your target market is and tailor your efforts to perfectly fit them.

  1. Not following up after a meeting.  

It will leave your prospects thinking that you’re not really serious about your business. 

Instead of passively waiting after an initial meeting with your prospect in meeting space Denver, follow up to keep your proposal fresh in their mind, and give them the opportunity to ask additional questions.

  1. Not recognizing your competitors.

You can’t beat your competitors unless you know who they are, and what they offer that you don’t.

Identify your competitors to get ideas of what you need to do to make your business and offerings stand out.

  1. Not knowing why a pitch was rejected.

Politely ask the prospect to identify specific areas of the proposal that really turned them off so you can improve your sales presentation or your business brand as a whole.

Conclusion

Knowing the causes of poor business development strategy and what to do about them will guide your business in the right direction. YourOffice has come alongside hundreds of businesses looking for everything from staffed flexible offices to agile office space. We know your business is unique, and your office space shouldn’t be any different. Let us match the perfect space or service to fit your business needs. 

We hope this article has been an informative one and we’d love to hear your comments below.  Feel free to visit us also on Google Plus and Twitter.

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