If you’re in business, then you know data is essential to the success of your organisation. Business development is no different. Therefore, it’s necessary to use data to guide where you want your business to go next because it enables you to make better decisions and ultimately be more effective at growing your company.
Create a plan to motivate the sales team.
Now that you’ve outlined your strategy, it’s time to get everyone on board. The best way to do this is by creating a plan that motivates the sales team and aligns with business goals.
To motivate your team:
- Make sure the plan is aligned with your business goals. If you have a high-growth target in mind, for example, wait to set realistic quotas for your salespeople until giving them the tools they need to meet them (e.g., more training or better technology).
- Make sure it’s realistic and achievable. You don’t want to set an aggressive goal so far out of reach that your reps become discouraged when they inevitably fall short; at the same time, if there aren’t any major obstacles standing between them and success (e.g., lack of support from leadership), then setting low expectations might not be enough motivation for them either!
Once you’ve created an effective plan:
- Measure progress against goals regularly so everyone knows where they stand;
- Celebrate successes along the way—not just at year-end!
Create a plan to back up your sales team.
A key aspect of being data-driven is planning what happens if your sales team fails. It would be best if you were prepared with a backup plan. In the same way, you would not leave a beautiful car in the middle of Manhattan without locking it, and you must ensure that your sales team has everything they need to succeed.
You may think: “I don’t want to commit resources to something that might fail! Why waste money on unproven technologies?” The answer lies in understanding the statistics behind failure rates, which vary by industry and product type. For example, Software as a Service (SaaS) products tend to have higher failure rates than traditional enterprise software because SaaS requires better customer service than standard enterprise software—and many companies aren’t prepared for this challenge. But even though these products often fail at the first launch, their overall success rate is still high enough (90%) that it makes sense for most companies to invest time and energy into building them correctly from the beginning.
Create a global sales initiative.
You can use data to make better decisions about how to grow your business.
First, set a goal of increasing the number of salespeople on your team by 10% yearly. Then break down what you’ll need to do to achieve that goal—and create an action plan for how you’ll get there.
For example, you should increase the number of sales offices from five to six over the next three years, which means opening two new offices each year. That might mean hiring two more people at headquarters who can act as mentors and help with recruiting efforts, or it could mean developing an internal training program for existing employees to become more effective at selling (thus allowing them to take on additional territory) when someone leaves. It could also mean investing money into advertising campaigns so that customers know about new products coming out soon—which will spur early adoption, thereby creating demand for additional services across multiple territories before competitors catch onto what’s happening in their environment!
Develop a global customer service initiative.
Customer service is an essential component of business development, and it can help you grow your company by connecting with customers personally. A great customer service initiative includes listening to your customers’ wants and giving them what they need.
However, before you focus on building the perfect customer service program, you must understand what defines good customer service in the first place. Good customer service means:
- Listening to your customer’s needs
- Anticipating their questions or concerns before they ask them
- Being friendly
Create a market development strategy that focuses on expanding business in areas with the most potential.
To create a market development strategy that focuses on expanding business in areas with the most potential, first identify which regions or countries are currently generating the most revenue for your company. Next, analyse your data to determine if there is an opportunity to increase sales in these regions and countries by better targeting them with advertising and campaigns. For example, suppose you have a product that sells well among young adults rather than among older adults. In that case, you should focus on marketing it more specifically toward older adults, similar to those who have shown interest in it.
Follow best practices and books that reflect the current state of the market data.
Following best practices and reading books that reflect the current state of the market data are essential for business development.
For example, to keep up with best practices, it’s a good idea to read books like:
Integrating data into your business enables you to develop a more efficient and targeted business model.
Integrating data into your business enables you to develop a more efficient and targeted business model. You can use this data to make better decisions, improve customer relationships, increase sales, improve product quality and more.
Bottom-Line
The market is changing, and you must adapt your business model to reflect the new reality. By integrating data into your business model and using it as a guiding force for decision-making, you can develop a more efficient and targeted business model. This will help you stay ahead of the competition and make more informed decisions about where to invest time and resources.
Who am I?
I am Dotun Adeoye, a Business Growth Strategist & Author of the 5 Pillars of Business Growth.
I’ve built up my experience via serial entrepreneurship, consulting leadership roles in business growth, business development and product innovation in large companies worldwide in the last 29 years.
Today, I consult with large businesses on how to sustainably grow their businesses, sustain infinite growth, ensure business continuity and achieve a legacy.
Hire Dotun Adeoye to Speak Virtually or In – Person at your company’s event to cover this or other topics. You can also get in touch via +44 203 097 1718
