Today's workplace is nothing like it used to be with middle to senior level executives not getting large car allowances, company credit cards, and expense accounts upwards to several thousands per month. Employee loyalty is non-existent and with the layoffs and firings. Employees must also take on more responsibility by picking up the work of those that were fired or laid off. Directors of business development and marketing are the first people to go when company revenues start to decline.
Is this the right strategy to saving the company money in the long run? It is the right strategy if and only if the directors are not performing. Business development and marketing are the biggest factors of success for a company. Yet, many senior level executives - CEO, CFO, CMO, COO, believe that business development and marketing are easy tasks they can take on in addition to their own work load. They take on those responsibilities and often fai l.
Thus, the key to successful business development has three factors:
1. Good communication skills - getting appointments to see new business
2. Product or service knowledge to sell to those you are going to see
3. Have to know how to sell ice to Eskimos - Closing the deal
Familiarity with external landscape - threats, competition, new technology, economic factors, social factors
Can your company clearly determine a strong enough value proposition that gets potential clients' attention?
Don't try to create a market for your product or service. The way to success is to find an insatiable market and give them what they want
Determine the right market and target the right segments within that market
Surround yourself with the right people - all successful people have a dream team.
Making value your first priority and cost second priority
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