8 Powerful Steps Business Development Strategy that Last

Improving sustainable growth, independent and profitability is the goal of business development strategy.  That is a long journey. It is a marathon, not a sprint running.  So it is important to define actionable step by step business development program based on best practices.  An internal team can create the strategy, but also they can ask the external consultant.

Business development is the creation of long-term value by identifying opportunity, threat, strength, and weakness. Then organization makes most suitable respond, so make the fit between customer segment, organization capability, and sustainability. It consists strategic planning, marketing planning, and standardization of organization.

This step by step procedure can apply to existing running business and also startup owner.  It also helps what does a business development manager do.

Business development has several steps. I write steps in question style so the answer is progress and important steps to improve business development strategy.  It is overview article about business development strategy, and I will break down later.

  • What are your business and its vision (business vision and mission)
  • Who is the customer that your business serve? (market segment)
  • What are your business model and competitive strategy? (business model)
  • How to Empower your team?
  • The way of thinking and procedures to deliver your value to the customer? (marketing plan)
  • How to make your business running without you? (systemize or business independence)
  • Creating business system consist organization, tool, and knowledge that support Best Offer? (organization, tool, and knowledge)
  • How to Measure daily business and adjust strategy? (Key Performance Indicator and Improvement)

First Business Development Strategy: Vision and Mission

Writing down vision, mission and goal are powerful, so it is first part of business development strategy. The writing combine imagination and reason.  Dr. Gail Mattews found the amazing discovery that they who wrote their goal regularly achieved those achievements more.

So it is important to define the personal vision, mission, and goals of the business owners. The goal helps us and team to focus on the goal and eliminate distraction.  It also empowers our motivation to reach our goals.  Without a clear vision, mission, and goals, there is no hope.

To accomplish vision, mission, and goal, it is important to consider current financial and non-financial position of the business. It helps to find an easy way to reach goals and find which area that needs to fix and to improve. Identify position of business also important to identify strengths weaknesses opportunities and threats facing the business. It helps business to develops an action plan to make progress.


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Find Your Why Do and Feel its Power

It is nice quote about Find Your Why Do.

If you want to build a ship, do not drum up people to collect wood and do not assign them tasks and work, but rather teach them to long for the endless immensity of the sea.

Antoine de Saint-Exupery

 

Exupery said to find your vision ( find why to do)  in a beautiful way.  Usually, someone said about for something that bigger than yourself.  Another word is vision and mission.  But Exupery said in another word: endless immensity of the sea.  That is visual.  That gives us a clear distinction between task, goal, and outcome.  Collect wood is a task.  Create ship is a goal. And immensity of the sea is the desired outcome.

 Imagine about a purpose more powerful than imagine about the task. Connect task to purpose, it drives passion.

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Fall of Madison Avenue and Rise of Digital Marketing

The article “Madison Avenue Nightmare” by Devin Leonard in 2004 signals the fall of the mass media-based advertising industry. Leonard writes, the best attitude faces the decline of Madison Avenue’s advertising industry is to let it pass.

Madison Avenue was a trading city in America in the 19th century, after the first world war. Then the city grows into a cluster or center of the advertising industry in America in the 20th century.

This advertising cluster is only temporarily depressed era during the first and second world wars. As the war ends, the industry grows larger again. After that, the area is also known as the heart of world advertising. which was once glorious in the 1920s – 1990s.

The triumph of Madison Avenue 20-40 and 1950-1990. After that, its role was replaced by advertising on the internet. Client orders decreased. Complain about more and more ad performance.

The Rise of Digital Marketing

On the other side, the adoption or use of the internet is getting more and more in the market. so that many advertisers follow the shift. Advertising was developed in social media and the internet.

At the end of 2000, there had been doubts about the power of the internet. The internet is considered a bubble. Big but no value. But along with the improvements in information technology,  the Internet creates smart advertising. Advertising show only for an audience who have interest. It creates a smarter of advertising ads, that understand audience interest.

That is the convergence of marketing and information technology. Marketing work involves a lot of information technology, not just promotion aspect. Information technology is also involved in the process of marketing strategy. Marketing strategies such as segmentation, targeting, and positioning testing involve big data and algorithms. Facebook and Google provide the segmentation mapping with the technology.

Value positioning process also involves information technology. Information technology plays a role in providing data about real-time market trends. Information technology also provides an opportunity for testing market responses. Thus the process of determining the marketing strategy with the support of information technology has advantages. The advantages are suitability is more up to date with market trends and testing.

Marketing tactics that are marketing mix also involve information technology. Products are made by weighing the market tastes conveyed by information technology. product designing activities, price determination, distribution and promotion determination are decided by considering market information provided by information technology.

Measuring the success of marketing programs also involves information technology. With the support of information technology, faster market reactions are identified. The types of reactions are richer and faster than those without information technology.

The marketer needs metrics for program optimization. The initial plan was not always efficient and effective. By measuring the results of marketing programs, it can be known which programs are running well and which are not. Thus the marketer can do the optimization.

The Change of Advertising Character

But now IT offers more value in business, especially marketing. IT offers to create the effective and efficient marketing. Thus a marketing program cannot compete with an IT-based marketing program. The marketing center shifts, from Madison Avenue to disseminated to many places.

The change is not just a media shift, but a shift in marketing and advertising traits. The ads designed by Madison Avenue are intriguing, intelligent and creative ads. But now viewers have a choice to deny it. On television, viewers have a remote control. On the internet, people are free to skip the ads. This is the end of interruption advertising.

Digital marketing has specific characteristics. It is interactive, so no interruption advertising. DIgital marketer embeds their commercial goal in an educative, informative and entertaining message.

Now marketers need to know IT in order to use it to make marketing decisions. IT people also need to know marketing to be able to see IT in a business perspective, not just it’s amazing. Without knowing the business aspect, IT can get stuck on scattering IT programs without added value to the business.

Research Revealed Power of Writing Down a List of Your Goal

We often make list, we also often underestimate it.  This article shows research reveals that writing down the list of goal and dream help you to reach your dream. That is the power of writing down the list.

If we have so many products that we want to buy, we make a wish list. That makes us more focus and more successful to do.  Without a list, we easy to distract our attention to new advertising and offering in a supermarket. That can bury our previous goal. We can’t buy a product that we plan before. It keeps us away from the goal.  It can happen over and over again.

In a long-term perspective, that spends the time in a different direction. It keeps away from the goal and dream.  We have a problem with our career, relationship,  and our life.

In brief, writing list of goal and dream help us to achieve our desires.  I will show you an explanation. 

Why Writing Down List of Goal Helpful?

Dr. Gail Mattews recently study art and science about goal setting. She is a psychology professor at the Dominican University in California.  She research 267 people. That is including man and women, entrepreneurs, educator, artist, healthcare, lawyer, and banker.

She classified the research participants into categories. The categories based on who wrote down a list of their goals and dreams, and who didn’t.

She found amazing discovery. The group who wrote their goal regularly achieved those achievements more. 

Why? writing a list of goal related to our brain.  When we writing the list, our left and right hemisphere engage in the goal.  Without writing down the list, only right hemisphere that engages.

If we think  about our goals or dreams, we are only using our imaginative center only. That is the right hemisphere of your brain. That is not enough to install our goal in our brain.

We need to also use left hemisphere of the brain to engage our goal and dream. How to use our the left? Think our desire and write it down. By writing our goal and dream we also using logic-based left hemisphere…

And you transmit your consciousness about the goal, desire, and dream to our body. We send the consciousness to every cell of your body.

So, writing down the list of goal and dream make our brain and body more engage with your dream. That drives us to do something important action and ideas to reach goals.

Source:  https://www.huffingtonpost.com/marymorrissey/the-power-of-writing-down_b_12002348.html