Business development is one of the most difficult aspects to master in any business. This list of 15 ugly truths about business development reveals why its sometimes so hard to find success. Hopefully these things will help you choose your next project with a better understanding of what you might need to be successful. How to spell business plural and learn how to make those first few cold calls.
1. Not all businesses are created equal.
Business development is unique to each company. Sales is a profession that requires a tremendous amount of experience and continuous learning, which means that each business must develop their own unique sales strategy.
2. You can’t sell something nobody wants.
Your business development process begins when you first get an idea for a new product, service or initiative that you are convinced will be a winner in the marketplace. You need to know that this will be something your customers want and will purchase.
3. The audience is always changing.
Your decision to market a product or service to a specific demographic can affect the amount of funding you receive and the way it will change over time as demographics continue to change. You may be able to quickly identify who is going to buy your product, but these people will soon dwindle as time passes and new age groups emerge that are looking for new products for their needs and wants.
4. You can’t sell something nobody needs.
Your audience may not be ready to buy your product yet and you should know this from the beginning. You need to know that this is something that the market craves before you will begin your business development process, which means you need to conduct extensive research in order to find out exactly what the market wants and how much it is willing to spend in order to get it.
5. It’s all about timing & relationships.
There are so many business development tips out there that can help you become a marketing success, but only if you apply them at the right time for the right reasons. When you are trying to decide whether or not a business development opportunity is right for you, you need to know that timing and relationships are everything.
6. Be prepared for some failures along the way.
When things don’t go as planned, take a moment to reflect on what happened and find out if there is something that can be learned from the experience so that it will be better next time around. You need to know that learning an important lesson about business development can be just as valuable as finding success, so don’t be discouraged if you don’t succeed the first time.
7. It’s not always about how much you sell, but how much you learn along the way.
Most business owners don’t stop trying to find new business development opportunities after they’ve established their first few sales. They keep going until they find something profitable and fun that generates a positive return on investment for them and their company, which means that business developers are constantly searching for ways to grow their businesses through projects and initiatives that will bring them closer to their long term goals.
8. You can’t sell something nobody knows about.
Business continues to be conducted over the phone, at trade shows, through social media and through word of mouth for a reason: people want to hear about it! You need to understand that every project or initiative you create has to be something that is worthy of being shared on social media because this will bring in new customers who can be your future business development partners if you bring them on board to help with your sales efforts and those customers could become your most powerful sales resources.
9. Competition drives your business development strategy.
The decisions you make about your business development process are driven by the activity in your marketplace. You need to know that you will be making choices based on the actions of your competitors and the needs of your customers.
10. You can’t sell something nobody wants on time.
You need to be sure that any product or service you propose is able to be delivered within a reasonable amount of time, which means you not only need to identify what steps are necessary in order to bring it to market, but also set reasonable expectations for yourself and your team about how quickly those things can be accomplished.
11. You can’t sell something nobody wants as fast as they want it.
Your customers may be willing to pay for your products or services, but their desire to get them may be lacking. You will not find success in your business development efforts if you are unable to make your product available on a timely basis, which means that you need to know how long it will take before your customers are able to use it and how quickly they can make their purchase.
12. You can’t sell something nobody wants at the price they want.
Your customers may be willing to pay for your product, but they may not want to pay the price you are asking. You need to understand that what you charge will affect not just your sales, but also your profitability, which means that you will have to be very careful about how you price the products and services in order to avoid damaging your cash flow.
13. You can’t sell something nobody wants if they can’t see it or touch it.
The excitement you’ve generated in your business development strategy may not be enough to persuade your audience to buy the product or service you are offering. You need to know that your products and services may need more than just a description and a price tag in order for them to make their decision.
14. You can’t sell something nobody wants if they don’t believe it will make them look good.
Your customers may want what you have to offer, but they may not want it bad enough to buy it if they aren’t convinced that it will make them look good in some way. You need to know that this is something that can have a big impact on your sales even when you don’t realize it.
15. You can’t sell something nobody wants if they don’t believe it will help them make money.
Your customers may want what you are offering, but they won’t be willing to buy it if they feel like they won’t be able to make money from it. You need to understand how important it is for you and your team to provide your potential customers with solutions that will help them make their businesses more profitable, which means you need to deliver value in your business development strategy as well as in the products and services themselves.