A business development plan is an integral component for any organisation. Such a plan needs to be put in place for any business, irrespective of whether it is a new organisation or an established one. It serves as a medium for a business to achieve sustainable growth over a period of time. In this blog article, we shall be discussing some of the most essential elements that should feature in a solid business development plan.
Without goals, a business development plan lacks substance. Goals provide a measure for success and without them it would be difficult to establish an appropriate direction. In order to ensure that goals are well set, they need to subscribe to the SMART framework. Goals need to be specific, measurable, achievable, relevant and time bound.
Establish target markets
As part of a business development plan, it is important to identify the target markets that the company intends to attract. Businesses today cannot target each type of consumer segment. Doing so is a recipe for failure. Part of the plan needs to be addressed at identifying appropriate segments for which the product or service on offer is intended for.
Plan marketing activities
Growth can be leveraged by using the right marketing channels that work in tandem with the proper strategy. There are several channels available today, however not all can work as effectively. Businesses need to identify which marketing channels should be chosen in line with the audience, budget and overall strategy.
Review customer service processes
Customer service remains one of the core pillars of any successful business. Repeat customers are less expensive to attract and can provide sustainable revenue streams, which guarantee long-term profitability. Customer attrition will dilute the return on investment of marketing efforts and entail more expenditure to compensate for the losses. Thought needs to be put into understanding how existing processes can be improved to enhance customer retention rates.
Getting the opinions and feedback from people who do not work within the organisation is beneficial. People not forming part of the company can share points of view which are unbiased and may indeed surprise you. The experience gathered from other consultants within different industries may also lead to tips that you as a business owner can apply.
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