Everyone has dreamt of becoming his/ her own boss. And the way to do this is by putting up a business. However, only a few people have realized their plans and much fewer succeed at it. People say that businessmen, aside from having the money to start their own business, have a certain skill which few people are blessed with. They are risk-takers. Business development in some way is like gambling. An entrepreneur invests money, time and effort into a venture that has a fifty-fifty success to failure ratio. This is the very reason why a lot of dreamers do not pursue their business ambitions. Successful businessmen have mastered and formulated their own recipe for success but it all boils down to careful planning. Because they may be risk-takers but they are also careful planners.
There is no definite formula in business development. There are different strategies that can be formulated depending on the nature and size of the business itself. But there are factors that should not be left out and it applies to all.
- Recognize the opportunity. Assess the market. Identify what is out there and what is not offered yet. In determining the business venture to tap into, the status and the demand of the market need to be considered and its potential evaluated. A reason for putting up a business is not only because there is something to offer but there should also be a market to offer it to.
- Customers come first. The business should revolve around the customer. After all, they are the ones who will keep the business alive. It is important to get to know the target market, to identify not only their needs and wants but what they potentially need or want which they do not know yet. But the population is enormous so it is also necessary to identify the most profitable customers. Hence, the primary target has to be separated from the secondary market. However, demographics should not be the only focus. There should also be a behavioural and lifestyle analysis of the customers.
- How to reach them. By knowing the customer, target points will then be determined. Where are these customers likely to be found or how to get to them? This involves the different media that the target utilizes in a day-to-day basis such as TV, Radio, Print, billboard, point of sale, Internet, etc.
- How to sell. Once the target’s whereabouts is identified, the next step is to use sweet spots to get them to buy. What can attract their attention and what can convince them. Do they respond to sales promotion or do they rely on word of mouth, etc.
- Generate repeat business. Satisfy the customers and exceed their expectations not only to keep them under the radar but also to generate good publicity.
Nothing is a hundred percent sure but business development should also not be a hit and miss. It’s risky but careful planning and perseverance will increase the likeliness to succeed.