“Business Development” Oriented
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Why your Business Needs to be “Business Development” Oriented
I had a very interesting conversation over breakfast the other day with a CPA who is a partner in a rather larger firm. They’re not “big 4” but they have 3 regional offices and over 150 CPA’s. He made a very good point saying, the biggest thing that a business owner needs to understand is that it needs to be “business development oriented”. Business development is a key factor that will determine business success or failure. Every business needs to understand how to attract new customers, regardless of the industry you’re in. Business development needs to be the number one skill in any organization, regardless of size.
Not be “doom and gloom” but over the course of 10 years, more than 90% of companies will go out of business. The primary reason is that they have not figured out how to attract new customers. Even if a business isn’t failing, it’s rare that a business owner is making all the money they wish to make.
I’ve had a number of business owners say to me…
“I don’t need marketing. I get all my business through referral.”
The truth of the matter is, you’ll likely still get most of your business through referral. Networking is a marketing strategy. And often times, especially now, your marketing plays an even bigger role after someone has been introduced tom your company through referral. Also, a solid stream of referral business takes years to build – through an ongoing marketing process.
Here are the primary reasons that business development needs to be made a top priority in your company:
- Without new business you won’t be successful. I realize that’s a fairly obvious statement. But it’s also quite true. You always need a steady flow of new prospects.
- Great marketing helps your sales team understand the needs of the market. Your sales team can improve its closing ratio when there is good marketing to back it up. This holds true even if you yourself are the marketing and sales team.
- Marketing helps you stand out over the competition. The companies that create a more compelling message will dramatically stand out over competitors. Most companies are not very good at communicating their value.
- It doesn’t matter how good you are if nobody knows about you. You can provide the highest quality product or service in the world. But if your marketplace doesn’t know about you, it can be for nothing.
- You always need to know your audience better. Business development helps you keep a keen sense of your customers needs and wants.
- Marketing will affect your overall business strategy. Solid business development efforts will become a major part of your business strategy and help guide other decisions throughout your business.
Make business development a top priority in your company and you will strongly enhance your chances of survival and success.
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E Circle Marketing is located in Manchester, Connecticut and helps small business owners solve their marketing needs.