on business | How To Make An Effective Market Development Strategy?

How To Make An Effective Market Development Strategy?

Market development is a marketing strategy that consists of creating the necessary conditions for placing a product on the market. The need for market development may occur when a company wants to intervene in a market in which it never participated or for the placement of a totally new product that does not yet have a market. In the latter case, an essential part of market development will be to create the "need" of the product in the public.


We are constantly being bombarded with ads of any kind every day, and as a result, we have learned to get rid of or stop paying attention, except those that really interest us. The same goes for sales arguments. Even when we are forced to sit down and listen to them, we feel defensive, that is why we must combine the traditional sales argument with a more personal experience or we can call it warmer, customer-centric.


For any business development strategy to reach its full potential, we need to put ourselves in the shoes of the client or company to which we are selling and understand both their goals and objectives as well as their needs so that we can provide a solution that adapts to the circumstances facing our client. By this, we mean that the sales arguments we are using can make it a fun thing that allows us to break that somewhat tense relationship between seller and customer and rather take it to a healthy discussion of exploring different ways.


Business development is based on relationship building. If we put the sales aspect aside, chances are you can achieve better results. If you were a customer, would you like to be in a conference call with someone trying to sell you something with cold arguments? Or, would you like to be in an event or activity where they can know you better and understand your business?


If Google comes to you with online advertising, chances are you are interested and explore that new application or function because Google is a brand that inspires credibility. Unfortunately, startups in the initial or launch stage do not have that attribute. Therefore, the solutions must be presented as something new and unique; On the other hand, we have only one opportunity to establish trust and credibility.


If you are not sure where to start, you can use the following tips as a starting point and thus start building meaningful relationships with your customers.


1. Choose the right medium to connect with your client

Try to select a place that is conducive to start building the relationship. If you cannot be in person at the meeting, try to make a videoconference instead of a call. Making eye contact will help you quickly build the relationship, and make sure that your potential client is not distracted by whatsapp or email messages that enter. As an example, Zoom has created virtual meetings so that you can use them in your meetings, which provides you with a good level of innovation and creativity in your sales pitch and the background you use can be pleasant, as well as placing you in a mood Positive to your prospect.


2. Make it memorable

Going out for dinner or just having a drink (coffee or tea) are classic outings with customers that can be fun, but at the end of the day, they aren't as memorable. One idea is to rent a suite for a concert or sporting event, which allows you to build relationships outside the traditional office environment.


In that space, you can mix in a private and informal atmosphere and have a 10-minute conversation with everyone in the room instead of just talking to the people sitting next to you at the dinner table. Select an exciting event, and your interactions are likely to nourish the surrounding energy.


If you select the dining option, find a way that is memorable, for example, you can invite a celebrity or former athlete to accompany you and talk about what he or she thinks he did successfully.


3. Be proactive in the follow-up

Proper tracking is vital and ensures that customers know how your product/service will help them. Customizing a message will make it much more effective, for example, ask about their families, hobbies and other interests, that will make the relationship closer, and customers are willing to work with you.


4. The best indicator of success is the customer response

How fast does the customer response and, what kind of information does he or she share, including information about their competition? How long does it take to sign alliances or business agreements? Using the above suggestions will help you achieve your goals more quickly by forming memorable relationships with customers.