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Business Development Tools

Instructor: Sean Kennedy

Sean has 8 years experience as a supervisor and has an MBA with a concentration in marketing.

Business development tools are essential to help assist a company. In this lesson we will discuss, what business development tools are, the importance of research, and how to build effective relationships.

Business Development Tools

Are you a new owner, or simply trying to expand your business? Business development is when a company creates long-term value from customers, markets, and relationships. A company may be starting from scratch, or trying to expand their business. Business development can be performed by one person or by a team. Some tools can be used to help you improve your business or start a new business venture.

Research

Imagine you own a coffee shop, but are building another coffee shop in a different location, and want to add live music to help attract customers. Conducting research and creating analytical models will help your company learn more about the entertainment market you are pursuing. Performing research will consist of a vast number of people who interact with the company, including clients, competitors and employees. The research will help you determine who your competitors are, their prices, which marketing channels are used, etc. There are different ways to do research such as:

  • Focus Groups- This is a way for a company to have a group of people from different backgrounds try out a product or service. Before launching, a company can get an outside opinion on their product and be able to get feedback on what need to be changed. Focus groups are used by companies frequently when introducing a new product or making changes to an existing product.
  • Surveys- Using surveys will allow you to ask customers questions you normally would not be able to ask. Surveys give a company an ability to reach a large group of people and gain insight into their product, or different parts of their organization. For instance, if a company learns from a survey that their customer service is lacking, this could be an area to improve to help increase sales. Surveys can be performed online, through individual stores, or by telephone.
  • Cold Calls- Often companies will have customer service representatives cold call past clients or potential clients to ask questions about their business. This is a perfect time to not only ask questions about their products but to also gain perspective on how customers view competitors. Cold calls are another method to reach many different people to get feedback.

After you are done getting feedback on the actual product, it is beneficial to determine how your relationships are affecting your business.

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