Business Development Strategy Consulting – May 24, 2017October 23, 2018 Lars de Bruin No Comments Ansoff, Ansoff Matrix, BCG Matrix, Hambrick and Fredrickson, Porter, Porter’s Five Forces, Strategy Diamond, Treacy and Wiersema, Ethical Values
A business framework is a useful tool to help you analyze business issues and structure your thinking. Strategy consultants and software business analysts use this framework to clearly communicate their recommendations to their clients. There have been thousands of scientific papers trying to find new ways to work in business, management, and strategy. This article will cover the five most used and effective strategies in today’s business world according to strategy consultants.
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Michael Porter’s five forces model is perhaps the most well-known structure. It is especially used when analyzing industries. The five forces model helps determine how an industry competes based on five different factors: rivalry between existing competitors, threat of new entrants (potential competitors), threat of substitute products (substitutes). , the bargaining power of suppliers and the bargaining power of buyers. If these forces are strong, competition can be considered high. In this case, a company might want to think twice before entering this particular industry. According to this framework, less competitive industries allow greater margins of entry and are therefore more attractive to enter. For more information and examples of using Porter’s Five Forces, click here.
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Unfortunately, Hambrick and Fredrickson’s diamond strategy has not received the attention it deserves. The strategy diamond is an attempt to define what it really means and is an excellent framework for distinguishing the various components that make up a good strategy. According to this model, the strategy consists of five important parts which together must form a unified whole: stadiums, vehicles, diversification, facilities and economy. Each item should be concrete and deliberate about what to do and, more importantly, what not to do. In addition, the choices made in one element must reinforce and harmonize the choices made in the other four elements. Only then can companies achieve a correct and sustainable strategy. You can find more information and examples of using Strategic Diamonds here.
The value ethics approach builds on the key message of Porter’s overall strategy (for example, companies need to be clear about what they want to be known for and what they want to be good at). If a company tries to excel in multiple (often conflicting) disciplines, it will likely end up in the middle. Treacy and Wiersema suggest three value areas that companies can choose from to become market leaders: Product Leadership (the best and most innovative product), Operational Excellence (the least expensive product through a cost-effective production process) and the customer. Relationships (fantastic customer service and customer relationship management). The choice of each discipline has consequences for the functioning of the company in terms of structure, process and culture. More information on pricing ethics can be found here.
There are different ways to grow a business. Igor Ansoff identified four growth strategies and summarized them in what is called the Ansoff Matrix. The Ansoff Matrix (also known as the Product/Market Expansion Network) allows managers to quickly summarize potential growth strategies and compare the risks associated with each. The four growth strategies are market penetration (introducing more existing products into existing markets), market development (introducing existing products into new markets), product development (introducing new products in existing markets) and diversification (launch of new products in new markets). ). The idea is that each time you move to a new quadrant (separate or vertical), the risk increases. More information on the Ansoff matrix can be found here.
The Boston Consulting Group’s Portfolio Matrix (also known as the BCG Growth-Share Matrix) is designed to help companies consider growth opportunities by looking at their product portfolios or business units to decide where to invest and to whom. to turn. The matrix is divided into four quadrants based on two factors: market growth and relative market share. The four types of business units (or products) are dogs, question marks, cash cows, and stars. Most business segments start with a question mark over a small market share in a high-growth market. Depending on unit and industry performance, this can become Staror Dog. Eventually, as industry growth stabilizes, the unit becomes a “milking” cash cow to fund promising ventures. The BCG matrix is therefore an excellent tool for portfolio analysis and business strategy. You can find more information and examples of using the BCG matrix here.
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Together, these five frameworks cover a wide variety of objectives in strategic management consulting. For a long list of business templates, check out this page. Let us know what your favorite business style is in the comments section below and maybe we’ll cover your style next time too! Here is your ultimate guide.
Despite your best efforts, you need more leads to reach your revenue goals. The net result takes a hit as well as the growth rate. What’s Slowing the Needle in Your Business? Lack of strategy and a well-organized Business Development (BD) team.
With a well-thought-out business development process, you can reach more prospects, qualify for leadership at scale, create compelling offers, and nurture long-term relationships.
In this article, we’ll dive deeper into the business development process and provide you with a step-by-step guide to creating a successful business development strategy. Let’s go!
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Business development creates opportunities for business growth and expansion by developing strategic partnerships. Think of it as the spark that ignites the combustion engine that drives your business.
The business development function designs and implements revenue generation strategies in collaboration with the sales and marketing teams to improve business results.
That said, it’s important to note that the role of business development is different in every organization. It can easily integrate with sales and marketing functions within the company. So let’s see how business development compares to sales and marketing.
, but not to close deals – the sales team is working. The BD representative prospects and qualifies the prospect, while the sales manager converts the prospect. BDRs also take care of the after-sales experience, building long-term customer relationships.
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While business development involves transactional activities, marketing focuses on narrowing down the target buyer to sales. The marketing team drives potential buyers to create demand for your product or service. Business development consultants turn that demand into deals, driving new sales through the right channels.
The business development process is a step-by-step strategic process that begins with market research and the prospect of closing a deal and finalizing documents. Let’s break down each of these steps.
This step also includes a collaborative effort between the business development and marketing teams to increase your brand visibility.
Once the marketing team has laid the groundwork, business development concepts, such as networking, sales presentations, and market segment analysis, kick in.
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Research will help you get more leads. But there is no way of knowing if these leaders will change.
Qualifying a “lead” occurs when agents decide that a potential lead meets the characteristics of your customer profile – in terms of pain points, budget, time and other factors.
Qualified leads reduce the time BD reps can waste searching for leads who don’t have the financial capability or operational need for your product/service. It’s just about separating the wheat from the chaff.
The essence of a solid business development strategy is creating a high-converting offer that your prospects can’t refuse. This is where you need to demonstrate the greatest value proposition that every prospect can convince.
Creating A Business Development Framework
Remember not to oversell your product/service in this offer. Be completely transparent about starting a potential relationship with the right text.
Not all of your leads can be converted immediately after seeing an offer. About 96% of your website visitors may not be ready to buy.
It is the development process that leads to the next stage of the buying process by building healthy relationships
You’d be surprised that it takes about eight touches on average to change the head. So add more methods and touchpoints to your business development process to consistently convert leads.
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Once the deal is done, the last step is to complete the paperwork. Create a comprehensive sales plan that includes all the points (and more) to ensure you and your customers are on the same page. These may include:
Training and documentation is the most important link in the chain if you are building a dream team for BD work within your company. You need end-to-end process documentation to help BDRs and team leaders create repeatable success.
The documentation tool is designed for busy BD teams looking to create SOPs, step-by-step guidance, and other resources quickly and easily. It’s the perfect tool to keep all important information in one place – for example, a LinkedIn Sales Navigator how-to guide.
Without a detailed development plan, your agents will be on their own