As an entrepreneur or manager, a strategic industry partnership may take the backseat to lead generation campaigns, which can consume your marketing efforts. After all, approaching more clients often equals more revenue. However, business development strategies that include business collaboration can yield a high number of prospect referrals. By collaborating towards mutual interests, it is often far easier to generate sales leads with comprehensive business development than by approaching this process alone.
Here are three proven scenarios in which B2B business development is most successful:
- A distribution channel: A manufacturing company would like to penetrate a new market, region, or country. Instead of upfront investments in salespeople and warehouse/office expenses, companies should explore local resellers, distributors, or agents that have already established a connection with the target market. As a result, they can be ready to serve the prospective clientele in significantly less time. In the past, we have assisted companies in finding distribution partners, training them, and building incentive plans to control distribution performance.
- A strategic partnership: In this case, two or more organizations choose to work together to achieve a mutual goal. For example, two software companies decide on mutual R&D efforts in order to cut down the development period of a new innovative solution- all while sharing the knowledge base of both participating partners. Shortening the time-to-market of the innovative solution would result in a faster delivery to their clients, thereby accelerating revenue. Direct Objective Consulting has had proven success in identifying strategic partners and negotiating terms.
- One complete solution: The same way milk goes with cereal, and dressings go with salad, your company must find a complementary partner that combines each of your individual specialties into one comprehensive solution. For example, a medical device company can make an alliance to bundle its device in a healthcare kit that is packaged by another company. Or a specialty battery producer may choose to have their batteries already pre-packaged with the suitable hardware/electronics. Think about what can work for your product or service.
The success or failure of each of these business development strategies is contingent on a number of factors, including the industry in which your company operates. Business development has been proven especially useful in service, telecommunication, government, and healthcare industries. Additionally, many industries have small, tight-knit communities, where strategic partnerships can significantly accelerate your company’s exposure.
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Business development will create sustainable win-win situations, and ultimately create more business for your company. Consult with us today if you need assistance in forming successful business development strategies with a view to building fruitful, long-term relationships within your industry.
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