This week, we're exploring how business development strategies can fuel your venture's growth. This insight could be your top focus this year. Here is your 5-minute read.
Partnerships
Firstly, partnerships are a powerful tool. By aligning with other businesses, you can tap into new markets, share resources, and increase your brand visibility. It's not just about finding any partner, but the right one that aligns with your business goals and values.
Allan has a small venture offering landscaping services in a competitive market. He spotted several contractors working on small projects during his commute. He picked a contractor who seemed to be growing in a downmarket. He approached them and asked to meet the property owners. To maintain the relationship with the contractor (refer), he offered to reciprocate by sharing in upcoming renovations.
Customer feedback
Secondly, don't underestimate the power of customer feedback. It's an invaluable resource for improving your products or services. By listening to your customers, you can identify market gaps and tailor your offerings to meet those needs. Remember, a satisfied customer is a loyal customer.
Think about your Customer's Lifetime Value (LTV). Many customers will buy millions over their life span. Find out what they are unhappy about and you may unlock more revenue.
Diversify
Lastly, consider diversifying your offerings. This strategy doesn't mean you have to stray far from your core business. Instead, think about related products or services that your customers might find valuable. And it can open up new revenue streams and increase your business resilience.
You have your core, but can you stretch your offering without straying from your market? Think about how to increase your customer share (instead of market share). If you sell engine oils, can you sell filters? If you market training courses, can you offer mentorship after training to deepen engagement?
We'd love to hear your thoughts on this week's topic. What business development strategies have worked for you? And what topics would you like us to cover next? Reply to this email with your feedback.
Webinar on Business Development
If you want to find out more about using business development strategies to grow your enterprise, register for "What Really Is Business Development?"
We will cover:
- Business development explained
- How some ventures scale based on growth strategies
- A few implementable strategies
- Date: 3 February
- Time: 6.00 p.m. (AST)
What Really Is Business Development?
Sajjad Hamid is an Entrepreneurship Educator who supports entrepreneurs in scaling their ventures. In his spare time in Trinidad and Tobago, he cultivates organic tropical fruits and vegetables, practising sustainable farming in his home garden.
He is the author of Build Your Legacy Business: Solopreneur To Family Business Hero. Sajjad is a Fellow of the Family Firm Institute. You can contact him at [email protected] or visit www.entrepreneurtnt.com.
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