Businesses often involve their teams in the process of business development, especially when they’re faced with challenges like boosting sales, exploring new markets, and partnering with other businesses to improve profitability.
To accomplish particular goals like revenue growth, scaling into wider markets, and forming strategic partnerships, companies employ business development managers to establish goals and devise tactics to attain them while sticking to a predetermined budget. Business development is a proficient strategy utilized by companies to attain their objectives through a well-organized plan. It’s clear to see why B2B marketers and business owners are always looking for ways to grow their businesses. When you talk about business growth, the 2 things to focus on are your product and your customers. Successful B2B businesses in Singapore such as TSC, Groupmarks, and Tradegecko always experiment to improve their products and services and do not settle for what has worked in the past.
The business development process: What you need to know
The business development process refers to the measures an organization undertakes to improve it as a whole. This encompasses all the actions directed toward customer attraction, engagement, and satisfaction. By outlining this process, your team can gain an understanding of the present business conditions and establish objectives for the future.
The comprehensive plan that outlines the growth and success of an organization is known as a business development strategy. Companies use this strategy to address specific business needs that affect their growth. By creating a long-term development plan, the marketing, sales, and customer service departments can have a clearer understanding of how their efforts contribute to the company’s success.
Benefits of business development in B2B businesses
Here are several benefits of business development:
- Enhanced profitability:
Higher profits mean more available funds for reaching other business goals like the creation of new products and services, hiring more staff, and expanding into new locations. Profitability aims to find ways to reduce operational costs while adding revenue.
- Speed up customer response time: Through business development, B2B businesses can quicken customer response by streamlining processes, improving communication, and enhancing overall customer experience. Prompt responses lead to higher customer satisfaction, and this means more repeatable sales that drive more revenues.
- Boost operational efficiency: Using time, people, inventory, equipment, and money as effectively as possible to support a business is known as operational efficiency. Business development can help businesses improve their operations by identifying and employing new technologies and processes, implementing cost-effective measures, and improving communication and collaboration within the organization.
- Widen business operations: This business objective aims to expand the physical presence and customer base, which can help boost revenue and profitability. Scaling up production can also lead to cost efficiencies and better material rates due to higher demand.
- Better customer relationships: Building and maintaining relationships with both current and potential is a crucial part of business development and can increase client loyalty and satisfaction.
- Good brand image:
Effective business development strategies can make B2B companies well-respected in their industry, improving their brand and reputation.
Now that you understood what business development is, you might be considering putting up your own B2B business. Here are 5 B2B business ideas that can help you widen your scope.
#1 Focus on the User Experience
When looking for something online, prospects value customer experience. So when thinking about how to improve your product or service, always make sure to think of the convenience of your prospects. For example, if you are a software company, help your prospect from the evaluating stage up to the last step where they decide to purchase from you.
Related: Callbox Integrates With Salesforce: A Better, More Efficient Client Experience in Singapore
How to do this?
Analyze and test how you can provide an experience your prospects can never forget. Also, personalization is the key. Regardless of what stage of their buying cycle they are, you should always provide the best service possible.
It may sound like a long process but this will not only help you attract more prospects, but convert them into customers and keep them as your loyal customers.
#2 Add Inbound Marketing to your strategy
Inbound marketing helps drive traffic to your website. Giving away free content with relevant information with advice and tips your audience can relate to is a good way to find your target prospects and walk them through the last stage of their buying journey.
Related: The Greatest Marketing Strategy Question: Inbound or Outbound?
How to do this?
You can start by creating a piece of content such as ebooks, infographics, and slide shares for people to download or subscribe to in exchange for their emails. Upload it to your website, send it through email, or share it on social media.
Related: Hot Reads: A List of FREE Marketing Ebooks in Singapore
You can then do a follow-up email or call those who provide their information to check if there’s an opportunity to do business together.
#3 Share success stories on your social media page/ Add a testimonial page on your website.
Before a prospect decides to purchase, they gather reviews and feedback from other people. Success stories shared on your social media page and client testimonials on your website are proof that your company can provide a good product or service. It is also a great way to establish credibility and build trust.
How to do this?
Ask at least 5 clients if they can provide good feedback on your product and service. Don’t forget to ask permission if you can put their picture or use their company logo to represent them.
Related: Why B2B Companies Should Prioritize Case Studies
#4 Hosting Events and Webinars
We live in an age where event budgets are being cut and broadband internet access is rising. By organizing online events, especially webinars, you’re opening yourself up to great opportunities to be seen by your target audience. Give your prospects the chance to engage with you all while you educate them about your services/products, and present them with the best solutions to their pain points.
Related: How to Calculate the Success of Your Events in Singapore
#5 Give them a taste of your product or service for free.
Giving your prospects a free taste of your product or service, 1-month use of your product for free, a free upgrade to the latest version of your software, or asking someone to test your product out for free can be a good marketing strategy. This is a good way to let your prospects experience and see the benefits of your product they are more than happy to go premium.
Related: Get Started: Effective Telemarketing Scripts for All Industries [FREE TEMPLATES]
2018 is fast approaching. Get your B2B business off to a good start with these business ideas.
Wrapping it up…
Business development serves as the connecting element that binds together all the various functions or departments of a company, enabling it to expand and enhance its sales, earnings, product range, human resources, customer service, and brand recognition in terms of the growth of an organization.
If you aim to achieve specific outcomes, it may be beneficial to collaborate with a third-party service provider who possesses expertise in creating and executing a fresh digital business-to-business (B2B) development plan. This approach could be the most efficient and economical way for your company to shift away from conventional marketing techniques and start utilizing effective lead generation and appointment-setting strategies, especially in Singapore and across APAC.
Callbox is a B2B lead generation services provider that has been providing companies with quality leads and increasing their sales for decades. As the biggest provider of outsourced B2B lead generation services worldwide, our team makes use of Account-Based Marketingappraoch to reach out to a huge contact database from more than 35 million businesses globally.
Our team’s multi-touch, multi-channel marketing strategy is designed to increase the effectiveness of lead generation efforts by making sure that prospects receive consistent branding messaging through various marketing channels such as Email, Voice, Social Media, Chat, Website, and Webinar.
The B2B industry is continuously evolving, and so does customer behavior. To stay in the game, having the right sales and marketing-inclined knowledge and strategies, including outsourcing to a trusted team of experts can clear up any hurdles that can hinder your business success.
Start your success story with Callbox. Call us now!