A recent poll on Linkedin ask “What Are Your Current Business Challenges?“. Over 900 people responded and the top challenge was listed as “finding new business“. So this begs another question “How do you find new business?”
Business Development Methods Have Changed
Business development really means the pursuit of new customers, markets and opportunities. Business development relies on market research to understand what a market is looking for or needs. Business development is also about reaching the right people with the right communications that attracts them to your solution.
Past methods of business development emphasized market research followed by investments in marketing to create awareness of your solution supported by a sales process that followed up on those interested.
Today business development is about “pulling rather than pushing” a smaller market of potential buyers who are cautious about spending. So the real challenge for finding new business is a question of methods. In other words how can you reach your market and pull them to you more efficiently?
Today people are more likely to respond to business opportunities when they hear about solutions from the market of conversations. However if your business is not engaged in those conversations then the market isn’t likely going to find you.
It is no longer an issue of you finding new business rather it is whether the market can find your business from others who have experiences with your business.
Do you agree?