Developing your business commercially is probably one of the most important goals for your long term corporate strategy.
There are many ways through which you can develop your business and that your marketing can focus on.
Here are a few tactics to consider for your business development strategy.
1. Market penetration
When competition for your products and services is high you might want to consider how to increase your market share. You can introduce promotions for your products to attract new customers, re-design your products and services to directly respond to your customers’ needs or price your offerings competitively.
To fast track your market penetration, you can find working with partners beneficial. Partners can provide you with additional acquisition channels and introduce new features to your products and services.
When your partners share the same strategic commercial objectives then you might want to consider merging your brands to increase your market share and market competitiveness or enter new markets.
4. Segmentation and diversification
Understanding your customers is one of the most important marketing goals. The better you know your audience the better you can communicate your offerings and provide a solution to your customers. Segmentation is a great tactic to offer specific solutions to a specific segment of your audience. For your segmentation consider defining your buyer personas - to learn more about buyer personas read our article here.
Behind successful brands there is a great team. Investing in talent is a very important step towards developing your business both in terms of acquiring new skills and building a strong corporate culture for the long run.
Last but not least, work on your unique value proposition, a truly distinctive element of your brand that differentiates you from your competition. The stronger your USP the more likely your will be recognised as a market leader that can translate into higher customer retention and more effective customer acquisition.
Finally, ensure that your business development strategy is aligned to your company’s objectives and marketing efforts.