By Mehul Rajput
What’s the secret behind a successful business? How can a company that starts with 10 employees grow so much and begin to generate huge revenue, affording to hire new employees every month? If you want to follow in their shoes, here are some of the best business development techniques to help boost your company’s sales.
1. Some businesses fail because owners don’t really want them.
Business owners wonder why they have low sales. Well, one of the reasons may be their option to sell cheap and poor quality products and services, instead of improving their quality and making some financial efforts to achieve perfection. And not all customers are hunting low prices, even if there’s a harsh competition out there, because they prefer to purchase attractive, but more expensive goods that satisfy their needs. A company that doesn’t care about the quality of its own products is usually run by a stingy and uninterested employer who doesn’t mind if the company goes bankrupt and tens or hundreds of employees lose their jobs.
2. The ultimate decision belongs to the boss.
The company representative doesn’t have the last word and can’t take decisions without the boss’ permission, because a wrong move is crucial for the business and it may affect its sales. Before signing a contract with a customer or new partner, the manager must consult with the owner of the corporation to avoid making mistakes.
3. Listen when your employees are talking.
Be a boss that communicates with employees and listens to their suggestions and complaints. They may have good ideas and if you let them talk all the way, without interrupting them, they will feel appreciated and motivated to develop the business growth strategy. A good listener will never defy his/her subordinates and will work together with them to find the best solutions.
4. Don’t hires people if you don’t need additional names on the payroll.
Another bad mistake made by employers is to recruit candidates, even if they don’t really need them. The company will pay their salaries for not doing much and other employees will become frustrated and… lazy. But when the right person is hired at the right time to build a customer-focused commercialization strategy, the company will have more chances to close new deals and will expand distribution and grow customer base.
5. Be careful when you make deals.
If you are about to close a deal, make sure that you’re doing the right deal and that you’re not distracted by false signals that mask the greater opportunity. Experienced dealmakers will always trust their instinct and take a step back, if they identify a false signal. And this will help the company move on and take advantage of a more advantageous offer.
6. Business development isn’t the same thing as selling products.
If you hire a person or a team to take care of the business development, future partnerships that will be created with various partners will aim to drive revenue growth, distribute the product or enhance it, to make its way to new markets. Those responsible for the sale of a product will only focus on driving revenue.
7. Focus on the customers that matter.
It’s important to define a target market and find a way to solve as many of their problems. If you’re a manufacturer who builds different types of consumer products, view your sales reports and see which ones are registering increase in net profit and focus on those categories of buyers. Customer satisfaction is essential, because happy customers will most likely recommend your products to their friends and acquaintances.
8. Don’t sell products people don’t need.
Don’t let your passion for a certain product become your obsession. Not everyone will be interested in buying it, if it’s not a “must-have” product. Clients’ needs are more important and you should listen to their requirements, because if you’re too stubborn to understand that some things don’t sell well, even if you hire the most skilled salespeople.
9. Promote products online.
Set up a Facebook page for your company and connect with people all around the world to build an audience. Upload photos with the staff and smiling employees, to make a good first impression, then slowly add information about the products you’re creating/selling.