Archivio tag: Business Growth

How to align Business Development and Marketing for Growth?

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Let’s take a fresh look at the two functions and their roles in an organization.

Marketing: The go-to-market strategy decider. A company creates products or services to fulfill demand(s). The end consumer will know of it only once availability is communicated and how it addresses a specific need – implicit or explicit.

Business Development (BD) is the team that front-ends the Customer. They bring in ideas for new products, competitor intelligence, and needs in the market that the organization may be well equipped to address with new and unique products or services. They are the face of the company.

The two teams need to work in unison to amplify the messaging and for consumers to see the offering in the right light. It is critical for creating the personality of the offering in question- the positioning, needs it addresses, whom it’s meant for and what sets it apart from the rest.

The BD team knows the Customer better, and the marketing Team knows the messaging better. The two must come together to arrive at the winning messaging and strategy.

Being as different as chalk and cheese, how does one achieve this?

Sales & Marketing Alignment.

A shared communication system, strategy, and goals to make the marketing and sales work as a unified organization.

Once aligned, the teams can cohesively deliver high-impact marketing activities, improved sales effectiveness, and increased revenue. Some steps the organization can take in this direction includes:

Step1: Create a single customer journey. Create systems and processes to ensure a seamless and consistent experience from the Customer’s awareness stage to being a loyal advocate. Employ CRM

Step 2: Agree on a customer persona. Align on who is the end customer. In other words, create a customer profile. For best results, have the marketing and BD team work on this together. Thereafter arrive at the target market.

Step 3: Align on goals. Both teams aim to grow the company’s sales, but their functional goals and KPIs need to be defined and aligned to realize the bigger picture. Business Plans that arise post the alignment have a higher propensity to succeed.

Step 4. Strategize together. Often the BD lament is, “I know better; I am the one in front of the Customer”. Marketing lament, “I know the product positioning and what the Customer wants.” Sitting together to strategize brings all concerns to the table, resulting in a strategy with a buy-in.

Step 5. Align Roles & Processes. Each views its role in the sales process differently. Understanding each other parts and responsibilities is a must. It needs to be complemented by putting processes in place that allow for seamless communication and information between the two teams to build transparency & trust.

Step 6. Align Systems and Technology to enable both the sales and marketing teams. Depending on your business, choose what is needed. Irrespective of the requirement – tool for drip email marketing, lead management system, or account-based marketing- the approach adopted should keep both sales & marketing informed.

Support each other and flourish together.

Marketing and business development are uniquely positioned to increase revenue significantly. It is vital not to replicate actions and constantly complement each other’s efforts, making seamless communication between the two teams imperative.

To trigger the growth engine of your business & to find how to align both in detail, Click Here

In an uncertain economy, how can businesses adapt?

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In today’s article,  Business Coach Ratish Pandey  will discuss a topic you suggested – Given the Uncertain Economy,  how can Businesses Adapt . 

As in a human being, for business, too, it is the mindset that defines adaptability. The frame of mind is to accept change, respond to it, and adapt effectively. We have to remember that change is only CONSTANT.

In times of drastic, unexpected change, as we faced during the pandemic, it is the time to open your mind – seek counsel, share ideas, brainstorm, and learn unashamedly from others about how they are addressing the situation, what is working, what is not. 

It is time to challenge the traditional approach to business. One must explore and welcome new ideas and ways to run one’s business. In today’s context, technology adoption across the organization is one new entrant that all companies cannot avoid. 

Next is keeping the ear to the ground. See how the change is impacting your customer and the purchase journey. 

A business that is nimble in responding to the customer’s changing demands will thrive.

Adapting to the customer’s altered purchase journey may call for change in operations or product offerings, the go-to-market approach, accessibility, or post-sales support. Whatever be the requirement – as an entrepreneur, you need to be swift in your response.

But how does one challenge the “old thinking”? Simple, by new and different thinking.

Think out of the box; in other words, let go of the barriers. Welcome new ideas and explore innovative ways that come to the fore – which in turn will help the business navigate these uncertain times successfully.

In coaching, we have an adage- “It is better to be consistent that be perfect”. So do not wait for perfection; instead, value speed and consistency. Start now and let improvement be an ongoing process.

All this is good going, but for it to sustain, there is one more important step. Leadership style will need to change for new ideas and ways of operations to take wing. Leaders must be keen listeners and be more inclusive, empathetic, and supportive. On the other hand, leaders will need to be decisive and lead from the front.

If you have any questions on this topic, let me know, and we would love to address them.

A Successful Business Growth Strategy – 7 Tips that works

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Crafting a business growth strategy isn’t a one-size-fits-all affair. Given the fluctuating market dynamics, modeling strategic plans on the triumphs of others would be a folly. One should not mistake this for not learning from other businesses. Instead, it suggests that employing a cookie-cutter strategy is not an option.

Your strategy should smoothen out inefficiencies in your organization and hone its strengths to suit your clients- who are unique to your organization.

Remember Specific is Terrific.

More specific the strategy, the more the probability of success.

If you draft your strategy focusing on your business and customer, the resulting actions will more likely result in customer delight. Which will keep your customers content and keep them coming back.

Factoring in business data analytics to  draft a successful strategy  is a must for a greater understanding of your business and its complexities, which will impact the way forward and the growth.

The key to any growth strategy is to plan for time. However, for an effective growth strategy, you must consider these factors:

  • Determine your value proposition.
  • Choose a specific area for expansion.
  • Place more emphasis on your strong points.
  • Design your course of action.
  • Set business growth goals.
  • Analyze your competition.
  • Finally, Action Time.

You don’t have to be a multi-billion-dollar global brand to grab market share from your competition. What you require is an unstoppable business expansion strategy.

Of course, with growth comes risk. That’s why successful businesses seldom rely on a single strategy. Instead, they mix multiple growth strategies to win, like market development, disruption, product expansion, channel expansion, strategic partnerships, acquisitions, and organic growth.

Crafting a growth strategy is critical, but so is executing that strategy. Use the actionable measures and compare results to the forecasting model to reconfirm you’re on the right track.

If not, don’t be afraid to make changes. You may boost your chances of successfully expanding your business if you have a well-developed growth strategy with its proper execution in place.

Controlled, long-term growth is the key to corporate success. Industries are continually evolving, and it is a necessity for businesses to acclimate.

So, ready to draft your growth strategy?