Business Development Essay

730 words - 3 pages

Business Development Tips
1. Identify the appropriate market and target the appropriate segments within the market -- Deep pockets; ability to leverage core product from one segment to another without major design/development changes.
2. Make sure there exists a market problem/pain that currently demands a solution. Is the problem large enough to justify the price of your solution? Is someone with P/L responsibility willing to pay for the solution? Test: Are you able to clearly delineate a value proposition that gets a customer’s attention?
3. Solve the customers problem, don’t just build cool technology. Value is always in the application of the technology, not technology per se ...view middle of the document...

Don't be fooled by the misconception that your target market is "everybody".
10. Write a detailed plan of action. Prioritize your opportunities and consider partnering with proven and profitable businesses first. It is very common to see announcements of strategic alliances between companies with so-called "ideas" and not solid business models. Don't invest much time talking to your suppliers or companies you have to pay money to. It is their job to give you the best deal. Always assign a monetary value to the deal before exploring it. Form alliances with companies that will bring you revenue first.
11. Learn as much as you can about the potential partner and their competitors before you contact them. Determine how your deal can make your partner's company more profitable. That is, list all the ways in which your proposed joint agreement adds value your partner's business. What holes does it fill in your partner's product/service line? How does the deal enhance your partner company's core business? How will your product attract more customers to your partner company's business? How does "doing the deal" brace your partner against the trends of the industry, for which they might otherwise be unprepared?
12. Identify the personal issues. What are the...

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