Global organizations must engage in thoughtful business development to drive growth and expand opportunities. Strategic planning helps companies unlock their potential and foster long-term customer relationships in new markets.
This guide will explore the role of business development in global success, with insights to help international companies navigate the process. You’ll discover strategies and tools to drive success on the global stage.
What is business development?
Business development is a long-term strategic process for increasing the value of a company. It involves attracting new customers, cultivating relationships, and improving products or services.
Business development falls under the umbrella of the sales organization, but its role goes beyond sales. Strategic business development drives growth and innovation across all departments.
Here are some ways a business development strategy can impact each department to benefit the organization as a whole:
Sales: The sales team is the revenue generator of the organization. A business development strategy can implement tools and technologies to improve lead generation and nurture prospects throughout the buyer’s journey. This helps sales reps focus on the most promising opportunities.
Marketing: A business development plan should include market research to ensure that your campaigns resonate with potential customers. It should also encourage strategic partnerships with other brands. Customers should feel a connection to your organization, especially as you enter new markets.
Product development: Customer needs and market realities change over time. Organizations must listen to customer feedback and develop their products or services. Otherwise, they risk becoming obsolete. A business development team is the bridge between customers and the product team. They gather feedback and identify new market opportunities.
How is business development different from sales?
Sales reps can only close the leads they have access to. A strategic strategy helps you find and start new conversations.
Business development reps build relationships with prospects, qualify leads, and move them through the funnel. They’re also responsible for increasing brand awareness and finding new growth opportunities in their target market. Their work helps sales teams thrive, elevating the entire company.
How does a global business development growth strategy work?
Once a company has maximized its local market share, expansion into new markets is often a key driver of future revenue growth.
In many ways, an effective international business development strategy is similar to a local strategy. Success comes from market research, strategic outreach, and technology-based solutions.
However, companies looking to expand cameroon whatsapp number data 5 million globally must prepare to overcome additional challenges. Language barriers prevent potential customers from discovering a brand, and cultural differences affect how it is perceived. In addition, the competitive and regulatory landscape is often unfamiliar. Companies must establish new relationships with suppliers and deal with differences in shipping and inventory logistics.
Here are the basic steps of a business development growth strategy:
1. Conduct extensive market research
A successful business development strategy is data-driven. Companies must understand their potential managers can monitor if a shelf is running low customer base, competitors, and the overall state of their operating environment, especially when entering a new market .
Use tools like market research and reports to understand who is buying your product or service and why. Study the local culture to avoid mistakes and ensure your messages resonate. Analyze the competition and look for approaches that competitors haven’t yet adopted. Adjust if necessary.
2. Increase visibility and awareness
After conducting market research, organizations introduce themselves to potential customers. This includes creating shops 9177 a web presence (with localized content for new markets), investing in advertising, and establishing strategic partnerships with local businesses.
An integrated translation management platform keeps your messaging consistent. Smartling integrates with multiple CMS platforms and marketing automation tools, helping you speak your customers’ language and build connections.
3. Carry out outreach
To evaluate prospects and convert them into qualified leads, companies must reach out directly and continually nurture those relationships. This is a key responsibility of representatives.
Use localized messaging to connect with potential customers and partners in a way that’s linguistically and culturally familiar to them. Smartling’s integrations with popular CRMs allow you to refine your outreach efforts and deliver a personalized message to your target audience.
4. Qualify leads to be passed on to sales
The lead qualification process helps reps determine whether a prospect is viable and worth the sales organization’s time and effort. Talk to leads and ask specific questions to understand where they are in the funnel and whether your product or service meets their needs.
5. Provide exemplary customer service
Business development is all about efficiency, and what could be more efficient than allowing customers to generate referrals for you?
When organizations keep customers satisfied, they encourage positive word-of-mouth marketing that enhances their reputation. In this sense, the process makes promotion easier and more effective.
6. Continuously evaluate
Business development is an ongoing process. There is always room to further evolve the strategy.
Collect feedback and analyze performance metrics to identify areas for improvement. The market (and your understanding of it) will change over time. Refine your strategy to optimize long-term results.
Managing Business Development: Create a Plan in 5 Steps
A solid strategy includes achievable growth goals and an informed development plan to achieve them. Whether you’re operating domestically or in new markets, the basic outline should look like this:
1. Set clear goals
A company should define its growth objectives before creating an overall plan. These goals should align with the organization’s long-term vision and be SMART — specific, measurable, achievable, relevant, and time-bound.
For example, a business development plan might aim to achieve one of the following goals:
Increase market share by 25% in three years
Expand into two new international markets by the end of the fiscal year
Generate 20% more qualified leads every quarter
companies can focus their efforts on actionable strategies that drive measurable growth.