What is Business Development?

What Is Business Development? Business development is a combination of activities aimed at increasing the capacity and value of a commercial entity. It is a summation of sales and marketing, with the business’s mid to long-term plan in mind. Whatever the company does to increase its numbers constitutes business development. In the current business dispensation, data collection, analysis and management are critical in sustainably developing a business.  Sales It is the increase in gross revenue by exchanging a product or service for money. Salespeople are the last-mile or frontline people in a business transaction. They ensure the customer gets the product and knows how to use it. In a business development cycle, sales increase the number of customers and revenue earned over time. There are different types of sales approach which solidifies the volumes and quality of a sale. Companies adopt different sales models based on the type of product they offer Marketing It’s a combination of product or service visibility practices to educate the customer on the benefits, ingredients and usage. The aim is to introduce the product to consumers and show them why it is the best alternative. In business development, marketing increases the number of people who know of the product, stirring the conversion conversation. It should have a call to action button or statement leading to sales. Marketing has evolved over time and ranks as one of the most innovative functions within a product life cycle. The following are some marketing methods and why customers prefer them. Mid Term Planning  Mid-term planning is a crucial part of business development as it shapes the direction of the business. In short-term planning, the strategy is on implementation and data collection, which creates the business development structure. However, business development is crystalised and consolidated in the mid-term as the planner sieves what works to create a sustainable strategy. Sales and marketing are the implementation arm of business development, while mid-term planning is the managerial arm. It explains why the sales and marketing manager (if the functions are joined under one manager) is called a business development manager. They oversee the creation and execution of go-to-market strategies and perform monitoring and evaluation to get the best combination with the best possible impact on the market.   Factors Affecting Business Development Market Knowledge  A good and sustainable business relies on market knowledge. It evolves based on the market forces and innovates to stay afloat. This is made possible through data collection, analysis and management. A good business reads market dynamics, which dictates trade volumes, cost implication and resource mobilisation.  Skills and Competencies The people within the rank and file of the business development department must be competent enough to read market forces. It can be through education or experience, but employers value experience more. No course in Kenya teaches business development, either sales or marketing. To be a business development professional, you need go-to-market expertise Leadership The company should have a visionary who sees the business through business development lenses. Every action, policy and activity should directly or indirectly contribute to business growth. Whilst the line manager implements the company’s development agenda, they also collect data that will be used to make the business development plan more efficient.  Long Term Planning Planning for posterity guides the business through its lifetime. Successive managers can tap into the vision and custom-make the plan into a more relatable one. Capital and human resource are the main influence in this case, as their involvement can alter the efficiency of the business development plan. This approach is important when the business is going through the customer consolidation and expansion stages. Technology   As the business world grows, so does business efficiency. Technology, especially in operations, simplifies the business, cuts operating costs and contributes to business scale-up. Entrepreneurs can now plan and incorporate best practices into their work ethics. Technology and machines are the biggest enablers of business development.  A good business will always create its growth plans around business development. The numbers involved are the tangible parameters of the company’s liquidity and what the entrepreneurs need to do to grow the numbers.  

How SMEs Can Leverage Digital Marketing for Business Growth

How SMEs Can Leverage Digital Marketing For Business Growth Marketing has evolved tremendously in the last few years, and many micro, small and medium-sized businesses are recognizing the importance of digital marketing. Aside from giving your business a speedy increase in short-term sales, some digital marketing strategies promise long-term gains. For starters, you can track the performance of your digital marketing strategy and focus on options that yield results and improve the low-performing tools. Online marketing tools are affordable and efficient and provide tailor-made solutions for every business. Hence, SMEs can have a level playing field to compete with established companies and thrive. The targeted approach of digital marketing allows you to reach your target market directly at the right time. Here are the top 4 digital marketing strategies you can use to improve your business growth. 1. Leverage SEO Optimization SEO is a crucial building block of a well-executed digital marketing strategy. Effective SEO can segment and target potential leads by placing you on top of the search engine results. For instance, if your SME ranks for popular keywords, it increases the visibility of your website and attracts potential customers. Technical SEO also affects your search engine rankings. For example, low site speed, duplicate content, broken links, and indexability can negatively affect your rankings. Best SEO practices involve: 2. Write High-Quality Content In the past, content marketing was a way to distinguish yourself from the competition. But now, it is a necessity! High-quality content is at the heart of every successful digital marketing campaign. You need valuable and relevant content to connect with your audience. With your content, you can answer the customer’s questions and provide useful information on their pain points. Blog posts can also drive traffic to your website and position you as a brand authority. With the increased traffic, you will likely convert many visitors to buyers. 3. Advertise on Social Media According to Datareportal, Kenya has 11.5 million active social media users as of January 2022, with Facebook attracting 9.95 million users. If you harness your social media power through marketing strategies, you can increase sales and attract more customers to your SME. For your social media strategy to succeed, you need to understand your audience and where they shop for their products. For instance, if you sell household items, you will likely have a successful marketing campaign on Facebook and Instagram as opposed to LinkedIn. If you provide consultancy services, LinkedIn gives your better leads compared to Instagram or Pinterest. When you understand where your potential customers hang out, you can create relevant posts to generate sales. 4. Use Emails to Reach Out to Customers We have witnessed the quick rise and fall of instant messaging and chat rooms to pave the way to visual networks like Instagram and TikTok. However, email has stood the test of time. It is still an efficient and direct way of engaging customers. Email marketing is reliable and helps SMEs to build closer relationships with their clients. If your customers trust you with their email addresses, they will likely buy from you. All you need is an engagement strategy to avoid overwhelming them with promotional emails. You need to segment your audience and send customized emails to promote conversation and sales. For instance, a recently conquered lead will want to learn more about your brand, unlike a regular buyer. Hence, sending relevant emails helps deliver the right information at the right time. Good digital marketing strategies help your SME grow sales and build lasting customer relationships. However, you should choose the right tools for your business niche and target customers. The tips above provide a good jumping-off point. You can also get help with your digital marketing strategies at beyondranksmarketing.com and scale your business.