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What's the Purpose of Business Development?

August 24, 2011

You’ve got an impeccable brand image, growing brand equity, a positive advertising campaign, increased Fan relationships, and strict marketing plan. What’s next? Business development. A business development company will have excellent skills in all forms of marketing, as mentioned above, and will be able to not only cultivate new customers, but strengthen ties with existing ones.

Business Development Companies

A supreme understanding of online media, print media, commercial advertising, social media, brand marketing, and much more is just the beginning. An expert business development company must understand customer relationships, building brand advocates, and cultivation of strong brand equity through customer service.
Business development involves an evaluation of customer feedback and sentiment analysis to determine if current marketing strategies are as effective as planned. The development firm will monitor the current strategy to determine if there are missed opportunities, if refinement in certain areas needs to be made, and if a wider net needs to be cast, or a smaller one, regarding the target audience.

Where Companies Fail

Many times, companies and business owners start off with the best intentions. They go big, as they should, with all initial marketing. They involve the right marketing firm, employ the perfect strategies targeting their perfect audience, and build their brand equity. However, if the marketing plan is not evaluated and reevaluated to be sure that the plan is continuing to be effective, it is time, money and energy wasted.

As technology changes, trends change, and the target audience responds differently to advertising, so much the marketing plan change. Consider the following questions when reevaluating your marketing plan:

• Is there new technology (apps, mobile devices, web platforms, media) that you need to be adding to your marketing plan?

• Has your demographic changed?

• Have the trends changed? How have the changing trends altered your audience’s attention?

• Are you still making the best of your company’s available resources? As the economy changes, and as your financial picture changes, are there more or less company resources to be used in business development?

• Have any legalities changed since you began this marketing strategy?

• Is every aspect of your business on track with your marketing plan? Is every department remaining consistent to the arrangement? As businesses grow, or shrink, it’s best to reevaluate every department involved in the big picture to make sure everyone is one the same page.

• Is every aspect of your marketing and advertising still remaining true to your brand message?

Business Development Purpose

The purpose of business development is to refine your marketing plans and improve your overall business plan. Ultimately, you don’t want to remain static in the world of marketing and advertising. You must continually ebb and flow with trends and technology in order to remain effective. Done right, a business development company can do the following:

• Identify gaps within your marketing strategy

• Recognize unused resources and missed opportunities

• Cultivate current customer relationships

• Attract new customers and brand advocates