The planning and execution of business development projects can target both product portfolio complementation and market specific expansion. Both these processes have multiple factors in common, such as the fact that marketing concepts cannot always be applied directly to all markets, respectively customers.
If these differences are not underestimated and identified early, not only can risks concerning delays and losses be mitigated, but initial strategies can also be corrected. Thorough research of critical factors and the performance of sensitivity analyses are essential for the establishment of management instruments and a gated decision process. A risk management plan can contribute to better and faster decisions in most cases.
Besides risk management it is important to view differences and changes in the marketplace as new opportunities. Even if further market segmentation is not an option, a thorough examination of the complexities of customer needs and wants can lead to very effective differentiation strategies. These can relate to the products or services, but also to the marketing and the distribution method. Special attention should be given to hidden customer needs, since this is where large differentiation potential can be found.
The implementation of the concepts is also a part of the services offering, and normally occurs in close collaboration with the marketing and sales team. Continuous analysis of market feedback can be used to create additional sales tools.
The consultation project usually begins after a noncommittal meeting, in which the broad process is suggested and discussed. This can include a brief workshop to determine the needs of the company. These needs together with the company goals can in turn be used to define the project goals, and make choosing the right consulting services an easier task.
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