By Business Development we mean the methods or techniques used to develop an economic or business enterprise. The first step in business development is to assess a business. Then its full potential is realized using various tools such as sales, marketing, customer service and information management. A meticulously planned strategy for expanding the business in a desirable direction is necessary every now and then. To achieve sustained growth it is necessary to be prepared to meet any unforeseen circumstances with resourcefulness. In case of large well-established firms, business development may often refer to building and running strategic associations and coalitions with other, intermediary companies.
Previously all businesses relied solely upon offline media and business development strategies to grow the business. However the internet has begun to make a large impact on the global markets. In 2007, online marketing is projected to constitute nearly 12-15% of global budgets. The internet has become a major source of revenue, information, beta testing and R&D for many of the companies. Many of the smaller firms are preparing to make use of the social media boom and grab a share of this up-and-coming market. The best way to go ahead for medium sized companies eager to increase their size rapidly while keeping the companies essentials would be to take note of these points:
The core team must work as a single unit and also be excited about forthcoming ventures. Individual skills should be developed through scrutiny and testing people. As a source to companies who seek a global approach to the internet, you must offer the best possible vertically integrated experience.
In offline media, marketing firms are in the forefront. There is some responsible person, who administers the overall employment of all marketing policies and tactics. The reason for this is that there are enormous sums of marketing millions to be utilized and optimized. But now the marketing dollars are moving from conventional media to a balanced synergy of online and offline strategies. Hence a lot of alterations can be estimated.
There is an immense business prospect in understanding the big picture of the internet and how the online marketing dollars can have a serious impact. The lack of good quality, highly skilled executives in the upper levels of management is a major hindrance to India’s progress in this direction. Also transparency is a very important part of online business. Otherwise customers may not repose trust in the companies. Be ready to take smart steps whenever required, because that is the way to go in online marketing. Take your opportunity when it comes.
The right way to go would be to diversify the business using both online and offline undertakings. In comparison, perhaps the best feature of online business is the unlimited marketing scalability. Rather than depending just on local customers, it is possible to have customers from any part of the globe on the internet. The only major drawback is that direct face-to-face transactions are not possible. Hence many people still prefer to buy commodities from their local shopkeepers and businessmen. The local market and customers shouldn’t be forgotten. It is more likely that they would constitute a bigger portion of your consumer base. Each of them therefore has its own importance and the best road for any businessman would be to take the middle path of integration.