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Business Development Checklist

 

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Business Development Checklist This Business Development Checklist describes six key steps that you can take to grow and develop your business. The Checklist also includes suggestions on how to take each of the steps. You can use it as an additional source of valuable information for planning your marketing plans, sales activities and development initiatives.


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1. Identify New Opportunities.

  • Overview. The first step in your business development is to determine which opportunities you can expect for to grow the business. In order to identify new business opportunities you need to consider the following aspects.
  • A need. For example, your business may need to increase sales.
  • Ways of fulfilling this need. For example, you can try to use a sales incentive program that encourages your sales staff to sell more and more.
  • Methods of getting a benefit from the need. For example, through increased sales your company gains more profits so it can reinvest more money in marketing activities.

2. Generate More Sales Leads.

  • Overview. When your business generates new sales leads you gain a regular stream of lucrative deals. More sales leads allow you to grow your company and plan ahead with confidence. Here’re ways of generating good sales leads.
  • Email marketing
  • Advertising
  • Tele-marketing
  • Networking
  • Mailing shots
  • Online shop
  • Joint ventures and partnerships
  • Newsletters

3. Reclaim Lapsed Customers.

  • Overview. Reclaiming or getting old customer back is always a good way to analyze your wins and losses and find out why your lapsed customers no longer want to buy your product/service again. Take these steps to get your old customers back.
  • Determine reasons. There are four general reasons: your product/service is no longer necessary; it’s too expensive; it’s unsatisfactory; it’s been beaten by a competitive product/service.
  • Rebuild contact with your old customers. Market researchers point out that customers often stop buying products/services because they do not feel they have sufficient contact with their sellers. You need to maintain good relationships with your current customers. Also you can contact lapsed customers via email and ask them to fill up a short questionnaire and indicate reasons why they no more buy your product/service.
  • Make an offer to tempt the customers back. For example, you can offer a discount.
  • Be honest and realistic. Never try to reclaim your customers by making some futuristic offers or giving unrealistic promises. You will never get the customers back by saying untruth. You must be honest with the customers and give only realistic promises.

4.  Identify New Product/Service Opportunities.

  • Overview. Your firm can try to explore a new product/service that attracts more customers and generates higher profit rates. New product/service opportunities will help you grow and extend the business. Here’re several ideas on this point.
  • Understand the need for your new product. Through conducting market researches you can find out if customers have a need to purchase and use your new product.
  • Describe requirements for the new product. The product will have certain requirements that depend on the need of your customers. For example, a battery with higher capacity is needed for people who want their mobile phones to work longer. If you decide to develop such a battery you should consider the need when describing requirements for the new product.

5. Establishing Additional Selling Channels.

  • Overview. Your business uses current selling channels to distribute and sell products and services. If you find additional selling channels the business will produce better sales results. Establishing new selling channels is a great way to develop and grow your commercial firm. Here’re several suggestions on this point.
  • Create and maintain e-commerce websites.
  • Try to sell your products/services through channel partners.
  • Develop affiliate/reselling programs and encourage other businesses to benefit from these programs.
  • Reduce selling and fulfillment costs.
  • Simplify catalog and price management so potential customers will like to look at your prices.
  • Increase order accuracy.

6.  Expand Geo-Market Reach.

  • Overview. Expanding your market means exploring possible strategic ...


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