Monitoring the business environment is critical for growth. Yet, knowing what is happening can provide tools for scalability. The modern consumer and buying environment is undergoing significant changes. And, we can attribute a lot of these shifts to technology.
Customers have so much choice, thus giving them a lot of power in deciding who to transact with. Those in charge of business development have to keep up or lose out. They need a paradigm shift in the strategies, initiatives, or activities.
With that being said, let’s look at some business development trends to keep an eye on in 2022. The ideas we share could change your business.
Outsourcing Services May Be Key to Business Growth
Operating under tight economic conditions has forced some companies to embrace cost-cutting measures. All without losing the benefits that come with business development trends. Let’s take the sales department as an example.
Sales development is a business practice that has been around since the 1980s. But, it is only recently that companies began to realize its true potential. And, that is in the lead generation process.
It goes back to customers having so much choice and greater purchasing power. Connecting with customers and nurturing relationships is critical in lead generation. Yet, the sales and marketing departments struggle to achieve all this.
The sales development team comes in as that intermediary between sales and marketing. Their work starts early in the sales cycle. They guide potential customers through the funnel. It gives them the opportunity to qualify leads. The sales development team then turns over hot leads to the sales department for conversion.
Do note, the sales development team is standalone, separate from the sales department. For some companies, the cost of hiring extra resources can be prohibitive.
The solution lies in outsourced sales funnel from tidal service providers. The third-party business becomes an extension of the in-house team. Their work is to connect with customers, nurture relationships and set up meetings.
The sales development representatives also follow up on leads to ensure none gets lost. The company can bring them on board on a need-to basis. It is an effective cost-cutting measure. And, you get a full-time sales development team when necessary.
Personalization to Take Center Stage
What happens in a competitive market? Every brand is shouting themselves hoarse, trying to outdo competitors. They are all hoping to capture that limited audience to convert into customers.
Think about it like a very noisy, very crowded marketplace. The customers have so much coming at them. We can also agree it can be pretty confusing to pick the best.
2022 will be a year when brands have to place greater emphasis on personalization. The focus has to shift from product or service offering to the customer.
Let’s go back to the scenario of the marketplace. Put yourself there for a minute. All the customer experiences are noise and clutter. That brand that reaches out on a personal level to pull them out of the disorganization wins.
Forward-looking companies are already embracing technology to help with this. Conversational AI chatbots, for example, have been game-changers. Online visitors can have real conversations with chatbots. Yet, they may not realize they are speaking to a machine.
The software pre-empts questions, responds to concerns fast, and can offer product recommendations. The use of data from past buying patterns allows them to know the customers in greater depth.
The same happens in email marketing. Digital marketing teams use technology for better targeting, allowing for personalization of communication.
That level of personalization could explain the popularity of sales development teams. Remember, one of the strategies is to build connections and relationships. Who wouldn’t buy from a company that seems to care for them at an individual level?
Embracing the Omnichannel Approach to Increase Reach
In traditional days, customers only had analog media. That means companies needed to put resources into print or electronic advertising. The explosion of the internet brought about the online platform.
Now, the customer has so many different sources of information. Marketers can leverage the various platforms to get brand visibility.
Social media platforms, for example, are plentiful. With proper targeting, they provide a fantastic way to reach new markets. The teams also get a place to connect with customers, both present and potential.
The website is another powerful platform for marketers. There is tons of flexibility with what the company can do. Content generation with a focus on search engine optimization is one strategy. The company can get tons of visibility with good rankings on the search engines.
But that’s not all when discussing websites. E-commerce owners can link the platforms to the website. That provides convenience for customers who can shop straight from the site.
Email marketing also takes the top position when discussing multi-channel approaches. Like in the case of social media, proper targeting is vital. Personalization also ensures higher open rates of such communication.
The bottom line is that Omnichannel marketing goes right where the customers are. That means the platforms and the devices they use. Take the example of mobile internet users.
Statistics report that over 90% of internet users globally use their devices to go online. Over 55% of web traffic comes from mobile.
Managing many platforms or channels can be difficult. But, once again, the ever-dependable technology comes to the rescue. You get help with integrated marketing automation tools.
Final Thoughts
Business development is any steps the company takes towards growing the business. It is a combination of ideas, activities, or strategies that aim at making the company better. We have looked at three trends that we need to keep a close eye on in 2022.
Outsourcing some of the services can provide relief for the teams. Outsourced sales development takes on the job of leads generation and qualifying. That way, the in-house sales team can concentrate on conversion.
2022 is also a time when product and service offerings must focus on personalization. Businesses will need to find ways to connect with customers at a deeper level.
They must also go right where the customers are. That requires the use of Omni-channel approaches. Correct implementation of the strategies above will help the company achieve growth.