Creating a Winning Business Development Plan with Bryce Tychsen
Bryce Tychsen says that most of the time, business development is only considered for
sales, is often ignored, and rarely gets the strategic focus it deserves. However, having a business development strategy/plan is vital for long-term success in this field. It makes sure that everyone in your firm is working towards the same goal. This process baffles a lot of people. No need to worry. In this article, we will discuss how to create a winning business development plan.
Step 1: Organize Your Business Development Plan According to Bryce Tychsen, the first step in creating a business development plan is to organize your information in a structured and accessible way. Start by setting up a file that you can easily consult daily. This file doesn’t need to include every single detail but should contain the key facts that will help you build an effective business development strategy.
Use a tool like Google Sheets, which is simple yet powerful and can be accessed from anywhere. Your goal is to keep information organized so you can quickly find and use it. Having a clear, concise file will make it easier to spot growth opportunities and track your progress. Don't worry about getting fancy software; stick with something basic that gets the job done.
Step 2: Market Research Market research is a crucial step in your business development plan. This step involves gathering detailed information about your customers' preferences and needs. Many businesses skip this step, relying instead on intuition. However, while intuition can be helpful, it's not enough to base your entire strategy on assumptions. Market research helps you understand your target audience better and provides a foundation for making educated guesses. It involves looking at three main variables: customer needs, market trends, and what your competitors are doing.
Step 3: Competitor Analysis After conducting market research, the next step is to analyze your competitors. Knowing who your competitors are and what they offer is vital for your business's growth. Determine who your direct and indirect rivals are first. You can do this through a simple Google search and by looking at the "About Us" section on their websites. This section usually provides information about key personalities, like managers and executives. Next, examine the products and services they offer. Look at their clients and the pricing for their offerings. Usually, their websites have this information. By comparing your products and services to those of your competitors, you can identify areas where you can improve.
Step 4: Customer Research Once you have a clear picture of your market and competitors, it's time to focus on your potential customers. Customer research helps you identify the specific people who are most likely to buy your products and services. This step involves creating an ideal customer profile and a buyer persona.
Start by looking at your existing customers. Gather information about their job titles, ages, the communication tools they use, and where they spend their time. For example, find out if they use social media and, if so, which platforms. Also, look at their personalities, the challenges they face, and what they do in their daily lives. You can gather a lot of this information by simply observing their social media profiles and reading job descriptions for their roles.
Step 5: Build Your Buyer Persona With the data from your customer research, you can now create a buyer persona. A semi-fictional depiction of your ideal client, derived from actual data and research, is called a buyer persona. It includes all the relevant information you gathered, such as job titles, age, communication preferences, and challenges. Building a buyer persona helps you understand your target audience on a deeper level. Bryce Tychsen points out that this persona will guide your marketing and sales strategies, ensuring that your efforts are focused on the right people. By knowing who you are talking to, you can tailor your messaging and offers to meet their specific needs and preferences.
Step 6: Value Propositions After completing your customer research, it's time to create a value proposition. A value proposition is a statement that explains the value your products and services provide to your customers. It communicates why someone should choose your business over your competitors. To build a strong value proposition, use the Job-To-Be-Done framework. This involves identifying the key responsibilities of your buyer persona in their job. Consider their pains and gains, as these emotions often drive buying decisions. For example, if your target customer is a recruiter, one of their main responsibilities might be finding the right talent. A major pain point for them could be the time it takes to screen CVs.
Step 7: Content Plan With a clear value proposition in place, the next step is to share it with your target audience through a content plan. A content plan helps you strategize the type of information you want to share and the channels you will use to reach your audience. To create effective content, you need to have a clear understanding of your target audience. Always consult your buyer persona before creating content to ensure it resonates with your audience. Your content should revolve around the pain points you identified earlier, providing valuable information that helps your audience alleviate these pains.
Wrapping Up Stick to your strategies and focus on your goals to drive growth. Embrace continuous improvement by regularly reviewing progress and adapting to market changes. Stay responsive to customer needs and refine your approach as necessary. With dedication and flexibility, your business will thrive in today’s dynamic marketplace. Stay committed, stay adaptable, and watch your business flourish.
