Morne Patterson - The Best Business Development Strategies That Actually Work

1. Morne Pa?erson - The Best Business Development Strategies That Actually Work Anyone who has ever run a company knows that finding new customers can be challenging. When companies don’t have a strong customer acquisi?on process, it can feel as if every prospec?ve client is an island. But it doesn’t take much to find the best business development strategies. A?er all, the best business development strategies are those that work consistently and help you grow your company more quickly. Finding partners, ge?ng introduc?ons to poten?al clients, and asking for referrals are great ways to do so; here are some of the best business development strategies that work. Find your ideal client early Most entrepreneurs start their hunt for new clients when they are already running their businesses. But entrepreneurs who start early already have an advantage: They have years of data behind them, so they know their company’s strengths and weaknesses. And they know their ideal clients: They know what type of clients their ideal client looks like, and they have a general idea of which clients they are currently trying to sell to. This means that entrepreneurs who start early can spend their ?me on more than just pitching to strangers. They can use their ?me more efficiently by finding and cul?va?ng their ideal clients. This can be done in a number of ways. One way is to join business networking groups and use social media to build rela?onships with contacts in your industry. Another is to create a referral program for your current clients and offer incen?ves for them to refer business to you.

2. Create a partnership agreement When star?ng a partnership with a new client, put down in wri?ng your expecta?ons for that partnership. This may seem like a step too far, but it can be a helpful way to clarify expecta?ons on both sides of the table. For example, if you want to partner with a large company with a large marke?ng budget, you may want to put down in wri?ng how much of a cut you are willing to take. This can help avoid disputes later on down the road. If you are star?ng a partnership with a poten?al investor, create a partnership agreement that outlines your responsibili?es. You may want to consider a partnership agreement if you are looking for venture funding or if you are thinking about an acquisi?on. Ask for referrals Asking for referrals is a powerful business development strategy because it helps you establish rela?onships with the people who know your ideal clients best. When you ask for referrals, state clearly why you are asking for the referral in the first place: What value is it to the client and the client’s co-workers to be able to have the client’s business? Keep in mind that asking for referrals can help you with finding new clients among your exis?ng network of contacts. But it can also help you create new rela?onships with people who may not yet know you. For example, one of your employees may know a poten?al client who is looking for a new accountant. Use your network efficiently Asking for introduc?ons and networking are two of the best business development strategies that work. It is never too early to start networking. Even if you do not have a business yet, get out there and meet people. What are you doing? Connect with people in your network and leverage your exis?ng network. For example, if you know someone who is looking to buy a house and they are interested in your product, ask them if they know anyone who they could poten?ally refer their business to. These are just a few ideas for how to find new customers using business development strategies. While it can be challenging to find new clients, it is possible with the right approach. These strategies can help you find your ideal clients, build las?ng partnerships, and find new ways to leverage your network. Conclusion Successful entrepreneurs are always looking for new customers. But finding new customers is o?en a challenge. Asking for referrals and networking are key business development strategies that can help you find new clients. When it comes to finding new clients, you can use many strategies. One of the best is to find your ideal client early. Another is to create a partnership agreement with your exis?ng clients and ask them to refer business to you. And lastly, you can use your network efficiently by asking for referrals and networking with your network members.