Grow your customer base with strategic business development

How can you build a business development strategy?

The first step in any business development strategy is to know your customer, says O’Shea. You should figure out:

• which businesses (or consumers) you want to sell to
• who makes the buying decisions
• how they prefer to be reached

O’Shea suggests a step-by-step process for identifying your customers.

1. First, look at the big picture. Identify the overall sector you’re operating in, such as technology.
2. Segment that sector. In the technology example, sector subtypes could include companies that make social media apps, databases, cybersecurity software and so on. As part of this step, find out who your competitors are so you can position yourself strategically.
3. Break those segments down into individual corporate targets. List all the companies you could sell to within each segment.
4. Figure out who to talk to at each company. Are they in procurement, technology, leadership, elsewhere?

You can tweak this process according to your sector and segments and whether you sell to businesses or directly to consumers.

Now you’re almost ready to make your plan—but wait, says O’Shea: It’s not about coming up with a sales process and unleashing it on these potential customers. Instead, find out how your target buyers make their decisions and what drives their behaviours. “Map your sales process to how your customers buy—not the other way around.”

For example, some may prefer to make quick, seamless purchases online, while others need more interaction and support. 

“It’s about reverse engineering to find the ideal sales process for the customer,” he says.

Do you need a business development specialist?

At the smallest of small companies, business development may be handled by the founders, who are the face of the operation in the early days and tend to wear many hats. But as the business grows, there will likely be a tipping point, says O’Shea, where that’s no longer practical.

That’s when you may find yourself looking to hire a business development specialist or team. Choose contenders who have people skills and are tech savvy. Even though buyers’ habits are shifting, with some preferring online transactions, someone in a business development role should still be comfortable picking up the phone.

“The sales function is always built on the extrovert,” says O’Shea. “Do they have to be as loud and pushy as salespeople were 25 years ago? Probably not, but they have to be able to talk to people.”

They also need to be comfortable using the technologies and platforms that are essential components of business development today. For example, LinkedIn is an obvious tool for establishing connections, starting conversations and becoming a known resource in your industry.