A recent article, 9 Reasons Why Your New Business Program Is Failing by Karla Cook says that many companies are leaving their new business development largely to chance—they have no plan in place to develop new business development strategy.
Here are 5 factors to a poor business development strategy and what to do about them.
1. You don’t have a single employee dedicated to new business development.
If there is no one held responsible, there’s no reason for them to make it their priority, leaving your sales pipeline empty.
If you can’t afford to hire an employee devoted fully to new business development, you can book a meeting room and discuss with your team to set aside time and resources to seek out new customers.
2. You try to market your brand without targeting a particular group of people.
Your efforts are going to fail without targeting a specific demographic.
Identify exactly who your target market is and modify your efforts to perfectly suit them.
3. You do not recognize your competitors.
Certainly you have competitors, but you can’t compete with them until you know who they are.
Search your competitors or ask your clients what other brands they considered to get ideas of what you need to improve on your brand.
4. You talk too much about your brand.
Obviously, salespeople like to talk, but remember that this is the prospective client’s chance to ask questions and see if the relationship is a good fit.
Condense your entire pitch into a short paragraph and focused strongly on how your business can help your client.
5. You don’t have follow-up strategy.
It will leave your prospects doubting if you’re truly serious about your business.
Follow up with your client after the initial meeting to keep your offer fresh in their mind, and give them the chance to ask additional questions.
These tips will help you develop a plan to keep your sales pipeline full. YourOffice offers you a wide choice of office and workspace solutions: flexible office space, team office space and virtual office packages. You’ll have access to a complete array of office support and concierge services as well as state-of-the-art business technology.We hope this article has been an informative one. We’d be glad to see your comments. You can also visit us on Facebook and Google Plus.