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Business Development and Relationship Management at its Best
Harmonizing Business Development and Relationship Management by Bridging Demand and Supply
Sales Centre
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If you need any specialist or expert, we have them for you..
Business Development Service
Do you need assistance in business growth and expansion?
Business Development Explained
Business development is a term that replaced classic sales and marketing. The recent inclusion in this service is partnership management. Professionals in this cadre look at the business as a whole, classifying customers into bands for faster conversion. They also look at the market to identify opportunities and challenges and to determine how to make good of the chances.
Business development involves breaking down demand into service categories, which reduces the onboarding time frame. Businesses go through the steps below, which shape the internal and external environment. Relationships change, and once everyone within the organization is aligned, the business can easily survive despite the changes in approach.
Business Set Up
This segment focuses on technical and operational capacity, where you onboard people and infrastructure to set up the business. It also entails experimenting with the concept to your potential customers and noting feedback. The analogy should be precise and definitive since it will form most of your operating protocols and processes.
Customer-First Approach
Once you have everything and anyone you need, it is not time to go full throttle. Apply the learning realized during the pilot phase as you update to suit the prevailing working conditions. However, do not change the main protocol or system since it might affect the projected outcome. Whatever you do, the customer should be at the centre of the discussion. If your formula works, ensure the marginal growth is standard, which helps in successive planning.
Product/Market Expansion
When the marginal market returns stagnate, you should either move to a different market or launch a complementary product. The idea is to manage market consolidation by keeping your customers in check and dependable on you. Product or market expansion is possible by replicating the growth model in another market and noting the consumption patterns. All you need to do is ensure the model works and amend where necessary.
Business Growth
After some time, capital and human resources get stretched, and any attempt to grow can either stretch the business or might not get the expected return. To mitigate the risk, do not use your revenue to fund the expected growth. Capital injection becomes necessary at this juncture, and since commensurate growth isn’t guaranteed immediately, the business might get new shareholders. Such growth not only brings in new capital but also ideas, best practices and cultural diversity.
Above and Beyond
After some time, capital and human resources diminishes, and any attempt to grow can either stretch the business or might not get the expected return. To mitigate the risk, do not use your revenue to fund the expected growth. Capital injection becomes necessary at this juncture, and since commensurate growth isn’t guaranteed immediately, the business might get new shareholders. Such growth not only brings in new capital but also ideas, best practices and cultural diversity.
Get Business Development Services by Contacting Us
ARCH Business Centre,
Next to Naivas Ruiru, Eastern Bypass
+254 733 961 025
business@cognum.co.ke