Top 5 steps to create your own path to business development in 2020

Running a business becomes a pleasure when you have clear goals, and you know what step to take next to stay on the development path. There are many tools and principles that help entrepreneurs prioritize achieving the best results and new customers.

It is known that running a business is associated with cooperation and continuous analysis of customer needs. They set the course for the entrepreneur’s actions. However, without adequate support and a clear business development strategy, no company will be able to meet customer expectations.

path to business developmentSetting goals helps to create a plan that can bring profits to the company and keep customers happy.

In this article, you will discover 5 steps to building your own business development path.

1. Identify your customer

Customer identification consists of building target groups based on data, i.e. consumer age and gender, wealth, needs, interest, family status and many other factors. Once you have created your shopping persona, you can create an appropriate advertising message and adjust the offer along with the presentation of the advantages of purchase or cooperation. Customer segmentation is the basis for planning marketing and sales activities. Click here to find out more on how to identify potential customers who should receive the most attention.

It is very important to collect information that will allow you to predict the behaviour and purchasing decisions of customers and to prepare sales offers and loyalty programs that will meet their current needs. Many factors influence purchasing decisions, you need to know the main motivator that will make them buy your products.

2. Find your mentor

Find one or more mentors who already have relevant industry experience. That can make many things easier. Accelerating your development and making your journey towards achieving your goals will be simply more enjoyable. The stress level will naturally be lowered because you will always know who you can turn to for help.

The mentor will inspire you and effectively motivate you to achieve your goals and continuously develop. But remember, mentors are not gurus – they won’t tell you how to live your life, but will subtly direct your attention to important aspects of the given situation.

A mentor is not easy to find; it is always better to spend a little extra time to make sure that the person is right for you. Waiting for a mentor is not a strategy you can rely on. It’s best if you search actively and, for example, send an email asking for a meeting.

3. Focus on building a personal brand

Contrary to appearances, nobody wants to do business with your company; they want to make a deal with you! Therefore, building a personal brand implies the success of the entire company and its increased turnover. Do not underestimate this aspect of working on the company’s image. You are an integral part of it.

Modern customers tend to trust real people more than corporations. This is why building a strong personal brand is so important nowadays.

4. Broaden your area of expertise

Being an expert in one thing is great, and we don’t want you to know everything about two very distance industries. It wouldn’t be the best to sell smartphones and additionally repair cars. But selling smartphones and hiring technicians who repair them as an extra paid service would be a good idea.

With broadening your area of expertise (within your niche), you gain more trust of your customers. Now they know that they can be serviced comprehensively. Adding a discount for regular customers will only increase your profits. Such a business not only sells, but it also creates loyalty.

5. Invest in your online presence

When running a business, you want your offer to reach as many people as possible. Customers looking for services most often start their search from the Internet – that’s where it is worth advertising. You can choose from advertising campaigns on Facebook or Instagram, and in the Google search engine. If your offer appears before the competition, a potential client will most likely choose you.

Conclusion

Building a brand, advertising on the Internet or expanding your offer are essential factors in the business development. The development path is not always easy and often requires dedication and certain financial outlays. In development, it is all about getting much higher than you were at the beginning – such a change does not happen without investment and effort.

From now on, you can build a development path that best suits the current needs of your company. The trick is to adapt the above advice to your business model and use it most effectively.


By Paula Sieracka