Growth Strategy Of Business – Best Business Development Strategy Marketing Strategy? Most of the companies we’ve come into contact with over the years seem to immediately think that the best way to do this is through more marketing.
Focusing on marketing strategies to generate more leads may not be the fastest and best business growth strategy for your business.
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What if your tracking and conversion rates are really bad? If you lose 9 out of 10 things you make, is it worth it? What if you get the right margins or products and lose money on every sale?
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Focusing your marketing strategy on each of these scenarios can seem like an expensive and wasteful exercise in growing your business.
So how do you know what are the best strategies for developing your business? At Business Coaching and Training, we teach all our business coaching clients about the “Complex Formula for Business Growth”.
This formula helps us determine which areas of your business to focus on and prioritize. As a result, we can quickly determine the best business development strategies for your business. Surprisingly, the first few business development strategies we recommend are rarely marketing strategies.
These eight key business criteria are included in the business growth formula to achieve the following six key results in your business;
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In this illustration of the business growth formula, you will see that the eight business growth criteria are colored blue and the six key result areas are colored green.
To the right of this illustration, you’ll see a second column containing six categories of business development strategies. This is;
Most companies focus on six green key results in their operations. However, none of us can directly change these key outcome areas. Because they are just results.
If we want to develop key areas of results in our business; we must focus on improving one or more of the 8 blue key business growth criteria in this formula.
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We recommend that you aim for an average increase of 10% in each of the 8 business metrics. Some criteria are easier than others, but aim for an average of 10% in each criterion.
Therefore, for the purposes of this article, we will consider using 3 strategies in each criterion, aiming for an average increase of 3-4%. So 3 profits together will give an average profit of 10%.
But beware, there is a smart and hard way to grow your business. Many businesses are trying to grow the hard way. Because they don’t understand the formula of integrated business development and how it works. After reading this article on business development, everything will become clear.
Albert Einstein once called it “the eighth wonder of the world”. Our sophisticated business development formula allows us to activate this “combination” effect in our business development.
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This compounding effect will typically give you an additional 11% increase in annual sales results. If you achieve an average increase of 10% in each area. Aggregate strength is based on gains from individual growth areas, adjusted according to the formula. Do you know who will walk away with an 11% raise because they follow the formula?
We will explain to you the complex formula of business growth in a step-by-step manner. However, for the most part, when we start using business development strategies, we rarely start with lead generation strategies.
More on the correct order of deployment later. For now, let’s walk you through the business development criteria as seen in the formula.
Both the lead generation strategy and the lead conversion rate strategy align with our content marketing strategy. Obviously, you need to develop content for potential customers and then convert them.
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Every business needs to develop leaders. But what is it? A lead is someone who shows interest in learning more about your products/services. However, if they let you send them cooler or worse when they lead, it’s better to go to your competition.
Although safe generation is the first on the list of this formula. Of the 8 key criteria for business development, generating potential customers is generally the most expensive and resource-intensive business development strategy compared to the other 7 criteria. So we recommend doing this after working on the smarter areas first.
We have over 70 leading strategies for our clients to choose from and advise them on. The most popular lead generation strategies these days are digital and non-digital. Here are some examples. Remember, we aim for an average profit of 3% of each strategy;
A lead is someone who is willing to review your business information, products, and services. Now you need to convert them into leads and bring them into the sales function.
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It’s important to record, report and track your conversion rate. If your conversion rate is too low, there is no point in generating leads. In this case, focus on improving your conversion rate before increasing your lead generation.
There are many ways to do this. We have over 40 potential conversion strategies. Here are three examples that can each offer a target increase of 3%;
When a lead becomes a lead, they enter our sales pipeline. Now we are moving to the second level and business development strategy.
Your sales process strategy includes your customer conversion rate strategy as well as how you manage your sales pipeline. The best way to implement a business automation strategy is through CRM.
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We always recommend building and managing your sales pipeline through a customer management CRM system such as Keap Pro. There are many benefits to using a CRM. The main advantage is the suggested automation strategy for you. Some of the advantages are;
Now your prospect has become a prospect and is starting to pay attention to the products or services you offer. That’s why we need to use Sales Pipeline strategies to increase the conversion rate of our leads.
We have over 50 leads to choose from for our customer conversion rates. Here are three examples for this area. Again, we aim for an average increase of 3% from each strategy below;
If you have a solid sales pipeline and are constantly measuring and testing it to improve it, your prospects for customer conversion rates will improve.
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Your prospects will become your customers. Remember, the number of customers is the bottom line. We cannot directly increase the number of customers. To directly improve the number of customers, we need to improve at least one of the business growth criteria.
By seeing a 10% return on each of the first three business growth strategy criteria, you should begin to realize that your business growth formula is really starting to pay off. We saw an average increase of 10% from each of the first three criteria of the business growth formula. If we add it up, it’s fair to expect a 30% increase – right? In fact, the gain is equivalent to a 33.2% increase. Now you are starting to see the secret sauce of this formula!
Now your prospect has become a customer. There are business development formula criteria that we want to consider. The first is to spend as much as possible when you buy them. This is called “Average Sales”.
The second criteria is to get them to come back and buy as much as possible from your business throughout the year. This is called “Number of Transactions” per client.
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Average sales per customer is just that – average! Some customers may spend £50 and others £200 when they buy from you.
Your average sales value is calculated by dividing your total sales (eg 100,000) by the total number of customers (eg 1,000). This is equal to your average selling price (eg £100). 100,000/1000 customers = £100 average sales value.
We want to establish strategies to get your customers to spend more when they buy from you. We have over 50 business development strategies to choose from to help you grow in this area. Here are three examples. Remember, we aim for an average profit of 3% of each strategy;
Number of transactions per client, another average per year! Some customers may only buy from you once a year, while others may buy ten times. What is your average number of transactions?
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To process your total number of transactions per customer
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