July 16, 2024
What are the Business Development Techniques & the Role of Marketing?

What are the Business Development Techniques & the Role of Marketing?

Owning a company means that you have to think about your business development strategy and techniques. One of the parts that plays a role in the growth of the company’s business is the Business Development and Marketing division. These two divisions have different roles and responsibilities, but they are still related to one another.

In the marketing division, there is a strategic formulation of business development techniques that is commonly used as an ingredient for optimizing existing resources. This can help to increase sales as well as mutually competitive benefits. The function of this marketing strategy is as part of the basis for determining a marketing plan that is able to meet market needs, so that the objectives of the company’s marketing can be achieved properly.

Duties of the Marketing Division

The marketing division must also be able to read the situation in the external and internal environment carefully. The internal environment includes the marketing mix and the marketing mix model, constraints and performance analysis. Meanwhile, external factors include consumer analysis, target market, competitor analysis, evaluation of economic, cultural and environmental factors that will later be able to influence the success of your business development technique strategy.

Duties of the Business Development Division

The business development division has the task of analyzing potential growth opportunities, monitoring and supporting the implementation of growth opportunities, but not included in strategic decisions and implementation. However, in small companies with limited human resources, business development is also capable of covering various activities including sales, marketing, product development, etc. So, in business development, you can develop your business by looking for new opportunities so that later you can create new businesses that can be sold.

During the marketing process of business development techniques, business development will continue to develop them. With such responsibilities, it can be said that business development has a position before and is parallel to marketing or marketing. Business development has a strategic area or area where this section evaluates business proposals and also reviews its potential and prospects in the future. After a business is formed, the business development function will change to develop an existing business by creating a new business.

The basic principle of business development when building a new business venture is to evaluate the potential and benefits of the business. So, so that the results obtained are optimal, then the evaluation can include marketing, finance, knowledge development, and customer service. The results of the evaluation can be used as a reference for the marketing, engineering, sales and operational divisions to produce new products. In implementing these business development techniques, business development can use various tools to be able to create the right strategy.

Business Development Engineering

Here are the steps in developing your business to make it more developed:

-Increase Promotion

Do increase the promotion very quickly so that it can increase sales significantly so that your business will be even greater. This can be achieved if the promotional steps carried out are designed appropriately, according to the intended target market, and also promote vigorously. However, before that, make sure that the product stock is sufficient so that you can get maximum results from the promotion.

-Expand the network

The next step that can be done is to increase the number of marketing areas. This can make consumers get more, such as opening a branch for a business location or free shipping as a promotion. So, it is not only the marketing sector that you need to expand, but also in terms of production, resources to supply of materials. However, don’t forget that this business development technique must be supported by an increase in the promotion system to make it more leverage.

-Improve Resource Skills

Existing resources in companies such as employees must also be nurtured so that their skills or skills are increasing, so the steps in business development techniques in increasing skills can have a positive effect on the development of your business. It is not surprising that in large-scale companies, many think about this, they provide facilities to free training for their employees.

-Pay attention to customer complaints

Customer complaints should not be ignored. This must be a response back so that your business development gets good reviews in the future. Customer complaints can be used as an evaluation tool to improve performance or whatever they are complaining about. The benefits to your business are enormous. If you are able to fix these deficiencies, the longer your efforts will be to get better so the business will last longer.

-Know Your Business Competitors

You can pay attention to business competition in markets that have similar businesses to yours. So, ideas, innovations to creativity will continue to exist which are part of business development techniques to improve quality to be better in the future. Innovation is very important so that productivity increases.

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