Business Development Plan For Your Fast Growth
A business development plan is a strategy that your team can refer to as they work to achieve growth-related goals. Sales leaders typically create the business development plan for the BDRs to work on.
A business growth plan (or strategy) aims to set realistic goals that will enable your salespeople to grow the business, close more deals, identify leads, align sales team members (and other sales teams across the organization), and convert more leads.
1. Create An Elevator Pitch.
You can streamline any initial communication with prospects by having an elevator pitch ready. This elevator pitch should explain your company’s assignment and how your product or service can meet the needs of your board spectators. Your elevator pitch should grab the care of prospects and prospects and inspire them to learn more about your offering.
Plus, you can help your team identify which elevator pitches from BDRs and sales reps are the most successful at converting leads and then document them in your overall strategy for everyone to reference.
2. Set Smart Goals.
Set SMART goals for your strategy, i. H. make sure your goals are specific, measurable, achievable, relevant, and timely. By creating SMART goals for your business growth plan, you can ensure that those goals align with your entire organization.
For example, if one of your goalmouths is to grow the number of qualified leads identified by 5% this quarter, specify the goal by specifying the type of leads you are targeting and identifying them.
Next, decide how you’re going to measure your success, perhaps by measuring how many of those leads will speak to a sales rep to learn more about the product or service.
You find that this goal is achievable because you increased your number of qualified leads by 3% over the last quarter. 5% is not a big leap.
Your approach is relevant because you know it will help your business grow; It empowers you to have a greater impact on your team by helping the sales team close more deals and increase sales. Finally, it’s timely because you set that goal for the quarter.
3. Conduct A Swot Analysis.
As mentioned above, staying abreast of market and industry trends and understanding your competition is part of any business development role. This is where the SWOT analysis comes in: SWOT stands for Strengths, Faintness, Opportunities, and Threats. The key to using SWOT analysis correctly is to first have a clear goal.
For example, if your goal is to control the best way to communicate with prospects, you can talk to your BDRs, sales reps, sales managers, and current customers about what works best for them.
Next, think about your strengths: What does your company do well? Maybe you have a great support team that provides helpful onboarding for new customers. Or you may have multiple field reps who can meet with prospects face-to-face at a location of their choosing.
(You might have several strengths that you highlight, so don’t be afraid to list them all and identify which ones have the greatest impact on your customers.)
Now think about your weaknesses. Do your limited product offerings require some potential customers to consider your competitor’s product alongside yours? Is the demand for your product growing faster than your production or faster than you can assemble a great customer service team to help your customers?
About your business opportunities. Think about where you are going as a company and what you can achieve. For example, your business may have recently partnered with another company that can help you build brand awareness and attract a much larger base of leads and customers.
Finally, who are your threats? Think about your current competition: who is producing a product or service like you and is targeting a similar audience? Who could become your competitor in the future? Is there a gap in the market where another company (new or established) could see the need and start selling
4. Determine How You Will Measure Success For Your Business Development
Based on the SMART goals you created and the SWOT analysis you performed, you also need to decide how to measure your business development success.
Here are some examples of common business growth KPIs that can help you analyze your efforts:
lead conversion rate
Leads generated by month/quarter/standard time
prospect and customer satisfaction.
5. Set A Budget For The For Business Development
Depending on the type of business and the development goals you are setting for your team, you may need to set a budget. Consider your resources, the cost of any business development strategies you previously developed, and other key operational elements (what you need, who is involved, etc.).
Work with the extended team to determine how much you are willing and how much you need to spend on business development to start the process in your organization.
6. Always Keep Your Target Spectators In Mind Before Starting A Business.
Whatever your goal, keep your target audience and ideal prospects in mind. Assess their needs and understand exactly how your business and creation or service will address their pain points.
After all, this audience is the group most likely to buy your product. Make sure your plan meets your expectations and needs so your team can convert more and grow your business.
7. Choose An Outreach Strategy For Business Development
As we’ve already seen, an important component of business development is finding new leads and potential customers. To find new leads, you need to decide how to reach or connect with those leads. Here are a few ideas:
Up-Selling and Cross-Selling
sponsorship and advertising
Also, review any expectations or safeguards regarding field workers, so your business only has professional, on-brand interactions with prospects.
Luck! You have just completed your business growth plan – with your strategy and ideas, your business will grow in no time.