- Filed Under Business Development
Biz Tags: Business Analysis, business development career, business development consulting, business development process, Business Economy, Business Environment, business marketing development, Business Opportunity, Business Strategy, business within a business, Competitive Advantages
There are a number of business development strategies that you can look at in order to improve your competitive advantage within any given sector. First of all you need to identify the market that you are going to be operating in and then try to segment it according to your understanding of the sector. You need to get deep into the pockets of that sector so that you can maximize the competitive advantage that can be secured using the standard means. Likewise you need to do some developmental changes that challenge the status quo.
You will then develop the core product right from scratch and hope that it will be able to withstand the demands of the market. The business development model has to be reactive and proactive when it comes to dealing with the marketing environment.
Some business solutions that take on increased significance
The savvy entrepreneurs are the ones that use proven business development models. You are essentially trying to resolve a problem when you join the market. You need to identify the market as well as the possible solution that might be appropriate. If the customers are satisfied then you need to find a way of making aspire to your product line. The price that you pay will depend on the priority that the customer attaches to the problem which you are trying to resolve. If the problem has a high priority then you are relatively free to charge the price that you think is appropriate. If the priority is low then you have to reach a compromise with your prospective client. Sometimes this compromise is explicit while on other occasions it is implied. The business development model must specify all the terms and conditions which govern this relationship regardless of its interpretation.
In the usage of technology you always have to emphasize the need to resolve problems that are identified by the customer. It is not about building some cool gadget that is going to be impressive to the computer geeks. Instead you need to first identify the issue where that technology might best be used. The business development model is the first inkling that you will get about the way that things work. You need to take the hint and follow the requirements that customers invariably set.
The value chain should be included in the business development so that you can grasp the importance of all the various elements that have been agreed as part of the organizational development. It is imperative that you have a clear understanding of your customers, the competitors in the industry and the partners that might be of help in different projects. These are the strategic alliances that will make a difference.
The market cycle and business development
Try as you might, it is impossible to get away from the reality of the business cycle. You need to know the right entry points for your company. Likewise you need to identify the critical sequence such as the identification of new technology, the entrance of competition and the consolidation of market positions. At each of these points you will be in a position to determine how best to secure your competitive advantage.