Business development, in common usage, refers to a company’s sales growth, whether organic or by acquisition. However, this is a very narrow understanding of the term, as business development can be anything that betters the business somehow and helps it grow – an idea, initiative, or activity.
As business development is more of a process of implementing different strategies and opportunities across your company to promote growth and boost revenue, let us see the must-implement ones for 2021.
#1 Consider Virtual Prepaid Cards
Nowadays, because of the convenience, efficiency, and security that virtual prepaid cards provide, clever companies are integrating them into their operations. These virtual prepaid cards are a unique 16-digit computer-generated number tied to your account that can be used for online payments everywhere.
A great example of a virtual prepaid card is the virtual Visa reward card delivered instantly via email. You can use it anywhere where Visa is accepted, even online. The best thing about these digital cards is that there is no risk of overspending.
You get complete control over how the funds are used. If you need to increase the budget, you can add more funds in a matter of seconds. In addition, it can handle international payments, and most importantly, it can not be traced back to the original account by hackers.
#2 Get a PDF Editor
For your business to run efficiently, you need every possible tool to help your administrative tasks go impeccably. Many of these tools you do not even realize you need before you get them. And that absolutely holds true for PDF editing software.
To standardize, secure, and create searchable documents within the workplace, every company uses PDFs. However, you can go a step further with a PDF Editor that allows you to make significant changes to a file and automatically create polished documents with the data you collect.
As a result, you will be able to create professional documents, send PDF invoices to your customers, organize job applications, or prepare proposals for potential clients.
#3 Marketing Automation
If you haven’t done it by now, it sure is time. Marketing automation can be complex, but it will provide your business with invaluable data about your prospects once set up.
For example, who is visiting your website or opening your sales emails? Who is revisiting your webpage, and which content is being read the most? It will help you integrate multiple channels and devices to create more comprehensive prospect profiles.
Moreover, it will enhance your marketing team’s ability to generate more and better-qualified leads and ROI. And ultimately, increase your marketing efficiency by automating time-consuming, manual tasks.
#4 Invest in Business Intelligence
Digital advancements have entirely transformed our everyday lives, especially the business world. Companies can now use data-driven tools and create strategies that allow them to learn more extensively about their customers and themselves.
For this reason and to make more informed strategic business decisions, you should invest in business intelligence software. These applications can help your company bring diverse sources into a single unified landscape providing real-time reporting, dashboards, and analysis.
By leveraging business intelligence to provide better company performance and discover competitor’s standards, you will be capable of making your business run more profitably.
#5 Think of Innovative Ways to Network
Business networking is a great and affordable form of marketing. It secures high-quality leads, brand visibility, provides sharing know-how, and ensures connection growth.
However, you need to think of new ways to network and develop strong relationships with your potential partners and prospects nowadays. Business network events should be only a small part of your networking.
Think of, for example, face-to-face meetings at every type of event you attend, trade shows, or conferences related to your niche. Do not forget to go through your online networks, such as LinkedIn, to find potential clients and partners or contact the people who sign up for the company’s newsletter. Being creative is really important in acquiring new potential clients.
The Bottom Line
Researching and identifying new business opportunities is at the core of every business development strategy you generate. Looking for new markets, growth areas, tools, customers, and partnerships to help you reach your company’s full potential should always be on your agenda.
However, aligning your goals and objectives with realistic expectations is of utter importance. That said, take a closer look and try to implement at least some of our selection of five must-have tools and strategies. We guarantee they will take your business a step further in increasing your sales and reaching new development potential for your company.