Business Development Strategies and Secrets To Use in 2021
Business Development Strategies and Secrets To Use in 2021.
2020 was a year that thought us a lot of things amidst the Corona Virus pandemic that hit the entire world. Not only did it affect companies, but it also affected some businesses, academic calendar and individuals’ projects and plan for the year. Despite the pandemic, there were some individuals especially business owners that made millions and billions in that same year. These businesses are not the big business owners, they are small business owners that made use of the right strategy to grow their business even in a pandemic. If their business had thrived even in a pandemic, it would do better if the state of the economy were good.
We are in 2021 and every business owner is searching for the right strategy to use to boost their sales to make up for the loss of 2020. Good news is the strategies below have worked for people who constantly make use of them to get a great and amazing result. Also, you cannot have a business strategy without starting a business and having a business plan to draw out the specifics of your business.
In case you have your business idea and you are still thinking about how to go about it, this article will help you draft out your plan and you can also check out how to start a business in Nigeria. Students are also included in this, you can start your won business in school, you can have side hustles that you can do alongside studying your course at the university.
First, let us define Business development, it is a process used to identify, raise and obtain new clients and business opportunities to enhance business growth and profitability. The goal of every business is to make a profit and it will be a waste of resources if a business is not making the profit it is meant to get. They either rebrand or re-strategize. Now, business development strategies are the strategies used to accomplish that goal. Strategies differ from organization to organization, business to business. For the sake of this article, we will be highlighting four (4) business development strategies or secrets that can help boost your sales and profitability in 2021.
We are in the age and time where people place great value on relationships more than money. Building relationships in every sphere has produced a great effect on businesses and organizations. The best way to develop this form of relationship is mostly through face-to-face networking, especially when networking is done between your target audience. Networking can be done at events, social and religious gathering. Places where you find people gathered for a particular cause. Not every time you pick your bag and leave after the event, look around, meet people, share business cards, sell yourself or your brand to people at the events. 5 people are enough to give you the million you need, not that the 5 people will be the one to bring the 5 million, the 5 people refer your brand to other people who will patronize you and refer you to another set of people. That leads us to the second strategy.
This goes beyond building relationships. Some argue that It is the relationship built that will help refer your brand or organization to others. but the truth is that if your product or service do not meet expectations and do not satisfy your audience, nobody will refer you to anybody. It is when your product or services are great enough that referrals make sense. One client is enough op spread the gospel of your product or service once it is great. Referrals can start with friends, close relatives, relations built with networking and so on.
Sponsorship and Advertisement
This is as important as the product being sold. Your product or services makes sense when people start patronizing and you start making a profit. Another strategy to use to get profit is through sponsorship and advertisement. Advertisement can be done using the print, broadcast and new age (social media) media. Advertising using the print and broadcast media can be expensive and that is why most organizations have now moved to the new age media, that is the social media which comprises of Twitter, Instagram, Facebook and other social media platforms that take in adverts. These forms of adverts are cheaper and get through the targeted audience of the age and location that you want.
Report has it that videos do better than pictures these days because no matter how a graphics designer wants to put life to a picture it cannot match the life that a video will bring. Businesses and brands now use video blogging to get their product and services out there. This brought about social media influencers who make videos to help brands sell their products. Not only does online vlogging brings in profitability it also brings about engagement on the brand’s page. Video vlogging is effective but highly effective when the personality in the video is full of life and not stand like a robot on screen. It must be a personality that will cause the audience to stop and watch what the video entails.
How vlogging helps your business
Adds a personal Feel
It adds a personal touch to your business: It helps the audience associate your business to a face. They trust your business with this because it makes them feel they are buying from a person and not your website. That is why the personality behind your video is as important as the result you want to achieve with the video.
Shows off your Expertise
A design can only accommodate a few words, if it goes beyond that, the design will become clumsy. That is why a video is better because when you talk about your brand it gives them the impression that you know what you are talking about. You know enough information about the product or services that you are rendering.
Reaches a wider audience
This although depends on how engaging your video is. Once it is engaging, people begin to share and those who do not follow your page before, become aware of your brand and that gives your brand more followers that will bring in great profitability.
With everything above, it is evident that everything is going digital, no business will get that million or billion if it operates traditionally, owning a store and getting people in the neighbourhood to walk in and buy. That works but that will do better if the business is also online using the digital media to enhance sales and profitability.
We hope that you make use of these strategies, not just once or twice but you consistently use them to get an effective result.