New Business Development Process Tools & Techniques

The right tools and techniques can improve your business development efforts.
The right tools and techniques can improve your business development efforts. (Image: Jupiterimages/ Images)

Effectively developing new business is the lifeblood of any business. Without customers, a business will never thrive. The business development effort must be continuous because current customers often leave because they go out of business or decide to do business with another company. Understand the development process and available tools to enhance those business development efforts, and you and your company will never have to worry about capturing enough new customers.

Joint Ventures

The joint venture marketing process is inexpensive and highly effective because it leverages the relationship other companies have with their customers. With joint ventures, one company endorses the products or services of another company with its customers, often being paid a percent of the resulting sales. To form a joint venture, look for companies who serve the same customers you do but who do not compete with you, and then approach them about an endorsement marketing program.

Relationship Marketing

People buy from companies they know, like and trust. Relationship marketing nurtures relationship with customers and prospects on an ongoing basis by understanding their needs. By consistently communicating, when a prospect is ready to buy, she is more likely to buy from the organization that consistently communicated with her.

Technology that supports relationship marketing is customer relationship management software. The software tracks all interactions with a customer or prospects and schedules marketing as part of marketing campaigns. By scheduling communications in this automated way, a company can be better assured that relationships are maintained.

Trade Show Marketing

Trade show marketing entails a company renting a booth at a group event where prospects hear speeches from industry experts and meet with companies serving their industry. Trade show marketing helps develop new business because organizations not aware of your company will be exposed to your company at your trade show booth. One key to success with trade show marketing is promoting your participation at an event before the event occurs and following up promptly with those who stop by your booth.

Social Media

The rapid growth of social media provides another vehicle business developers can use to increase awareness of their company’s products and services. Three dominant social media sites that should be pursued to start a social media development effort are LinkedIn, YouTube and Facebook. Accounts can be set up on all of these properties for free and content can be syndicated across these platforms as well as others.

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