Like in a game, the right moves are what is a Business Development Strategy. The strategy is essential to success. When the market is identified, the following step is to develop the plan.
Here are are some key factors to consider in the development of a strategy:
o Expenses and tools – What you’ll need for your business online. Compared to an off line business, expenses are minimal. At the beginning you need a presence on the internet, website and hosting and some paid advertising. When needed plenty of free help is available on the internet. But if you want to find your way quickly to profits, it’s advisable you invest in your internet education. Or like most, you may find yourself wasting time and money with no results.
o Competition – How much competition will you face. More important then the numbers is the strenght of your competitors. A simple search on Google will give you a rough idea. For a more thorough assessment, there are tools and software available. Before proceeding, you must be confident in winning this first obstacle. Note here: you can enter a very crowded competitive market, but you have to know how to find your way to profits. Actually a large market can be best, as there are more buyers.
o Targeting – Identify and determine what segment or group of people may be your potential customers. With your advertising you’ll further find and select the people you want to do business with.
o Marketing – They say with the right approach, you can sell ice to the Eskimos. Here you have to establish a budget, can be modest and stick with it. There are many ways to free advertising on the internet, but you should also consider some paid advertising for quicker results. A mix of free and paid and different methods is advisable. You should track your results so you can eliminate what doesn’t work for you.
o Follow up – When you start to see results from your efforts, you are only starting. Consider yourself at the beginning of your Business Development Strategy. You are now positioning to establish yourself as credible and dependable. It means that when you have proven yourself trustworthy, you may want to expand and offer your customers related products and services. You may even want to conduct a survey, asking them whether there is a need you can fill for them.
You may realize that in the course of your online enterprise, you may have to adjust your plans, but just keep in mind the above factors in your Business Development Strategy.