The way each company approaches its business development will depend upon several factors:

Retention or acquisition – Research shows that retaining existing customers is more cost-effective than gaining new customers through business development activity.  However, new customer acquisition will always form some part of an overall business development strategy.  The extent of a company’s engagement with acquisition programmes will depend upon the level of market saturation for the products and services in question, within the company’s current market and its dependence upon gaining new clients to fulfil business objectives.

Defining new targets – Identifying new targets in terms of company sector, geography and size is the first step towards producing a data brief.  The size of a new market or market sector can then be estimated and the current penetration evaluated.  Once assessed the best method of approach can be decided.

Engaging with new business prospects – The best technique for engaging with new business prospects in any given sector is the one which works.  SalesNet works with clients to devise the best route to market.

Producing results - Business development has the benefit of being entirely measurable.  Whether telemarketing is used to engage directly with contacts to impart complex messages, or whether internet marketing is the best route to capturing interest while customers are searching for their requirements, the same questions can be asked and answered:

• What are the sales targets?
• What is the time frame?
• Are both realistic?
• What are the results of the business development activity?

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