Long-term Business Development
Long-term business development activities:
• Extend a company’s position in its marketplace
• Broaden a company’s product and service offerings
• Explore new models and methods of doing business
• Provide security and protection against market volatility
• Provide entry points for entry into new markets
• Result in gains in market share
• Results in deeper penetration into existing markets; and
• Exponentially increases revenue.
Although the purpose of this section is not to suggest a specific strategy or series of activities that will ultimately lead any one given company to its ultimate long-term objectives, we can offer a few best-practice techniques that serve as food for thought.
• Develop decision-making criteria
• Conduct a SWOT analysis for all development opportunities
• Determine the financial metrics by which the opportunity will be measured for success (e.g., increase in revinue, revenue, decrease, market share and penetration, etc.)
• Conduct a competitive landscape analysis