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Marketing and Business Development Redefined
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Marketing and Business Development Explained
Developing Unit Economics
Every business must have unit economics, which is the primary operationalization model. It must have a pricing element that explains production and marginal income. From this unit economics, other marketing and business development features derive their mandate.
Every department within the business aligns with the unit economics for direction and purpose. Unit economics is different from business estimations since it has every operational feature to consider. We come up with growth matrices from unit economics, showing elasticities and probabilities.
Understanding Growth Indicators
From the unit economics, there are actionable plans for every department. How well you execute explains how far you are from the target. A go-to-market strategy should test your hypothesis to know how easy or hard it is to achieve targets.
If there is a simple process map to get the desired outcome, try it out and remodel your go-to-market strategy. If done correctly and consistently, you will know the business growth indicators and how well you can exploit them to your advantage. Success is in the details, and as long as you follow the process, you are guaranteed a favorable outcome.
Research and Development
Technology and market dynamics change rapidly to match consumption patterns. Your business should reflect these new realities, thus upgrading the unit economics to suit current situations. It might be a change in operational procedures or adopting new technology, but the clients’ needs, challenging as they appear, should be met.
The best way to do marketing and business development research is by understanding consumption patterns, researching industry best practices, and noting global trends in the sector. If there is a disconnect between the 3 features, you should develop a model that addresses customer needs from a global perspective.
Merging Interests
As players within the same industry, you have common issues, similar customers and the same regulatory pedestals. You are better off collaborating than competing. Creating industry standards and operational guidelines seeks to solve bottlenecks that can make service delivery simple, faster and more efficient.
These can lead to business buyouts, additional investments and even regulatory negotiations for better working conditions. Thanks to innovation, invention and versatility, Kenya is a classic example of regulatory elasticity, especially in FinTech, Agribusiness, and other contemporary technology-powered products.
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At Cognum Business, we provide industry information and help businesses expand through Marketing and Business Development activities. If you need help in the abovementioned areas, talk to us, and we will gladly help.
Marketing, Business Development and Sales Interplay
Therefore, sales, marketing and business development are the core functions of any business. Talk to us today, and we will help you grow your business exponentially and sustainably..
Marketing
Marketing is a science of consumption: what people want, when they want it, and what they need to hear to buy it. There are a variety of commodities in the market, which boils down to how you communicate. Focusing on what the consumer wants to hear can lead to significant conversion growth, which is the whole idea of marketing. The medium of communication also helps, especially if you understand the technical language. Digital marketing is the thing now that takes your message to the person directly.
Business Development
Business development is the summation of sales and marketing, including partnerships and strategy development. Understanding the business environment, customers, the economy and projections gives business development a life. With partnerships, you know who you can collaborate with and the importance of such collaboration both in the mid-term and long-term.
Sales
Sales is the actual engagement between the business and client on goods and services offered. Knowing what to say, when and how determines the conversion rate, which is an important factor in finessing business operations. Therefore, if you have a predefined way of handling sales, you can predict performance, which goes a long way in predicting growth and development. Regardless of what you are selling, understanding your customers and custom-making your sales pitch to suit their needs is a skill worth learning. Ideally, sales is the bridge that connects goods or service provision; how you solve a problem to get the resources needed to further the course. In principle, it is one of the most important departments in a business, hence the need to handle its processes effectively.
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