Key Strategies in Business Development
One of the principles of marketing and a key factor in business development is incorporating products and services strategies in your business plan. Growing your business tackles not only the growth of the company physically, but more meaningfully, it signifies growing the core existence of your company — what you offer– your product or service.
In creating products and services strategies, like the core thought of our business development article, start with the basics, dissect and plan. A product is defined as anything that can be offered to a market for attention, acquisition, use or consumption. It satisfies a want or a need and may include services, places, persons, organizations, ideas[i], or a combination of these.
Thus, creating valuable strategies should stem from the basic purpose of the existence of your company, your product or service. The Levels of Product[i] as shown below lets you see the different components of a product. By looking at these levels, you get to see a better picture of what you can improve and utilize to effectively procure strategies.
Product and Services Strategies [ii]
- Technological Improvement – Adapt to new technologies to better meet the demands of clients.
- Matching – Match your products and services with the needs of the market.
- Customer Satisfaction – Make sure that client satisfaction is top priority for existing and potential client/customers, encompassing the levels of the core, actual and augmented product.
- Cost Reduction – Examine technology and levels of product/service and identify ways to reduce cost.
- Quality Assurance – Implement “quality” in all levels, department, and every possible area.
- Attune to Psychological Need – Provide greater value and enjoyment by attuning products/services to meet psychological need of your client/customer.
In business development, knowledge is power. Know everything about your product and service and apply strategies that are suitable for your business. Incorporating products and services strategies in your business plan will make sure that across the organization, products and services will be delivered effectively and efficiently.