What Is Company Development?
Company development is the process of creating a plan for growing the business and implementing specific strategies to reach that goal. It includes a wide range of practices, from human resource initiatives to new product offerings, that are designed to increase sales and improve customer loyalty.
Market Development Strategy
Accessing new markets can be an effective way to grow a business. It can be as simple as expanding to a new geographical area, or it can involve targeting a different demographic. It can also include launching a new product line or changing corporate departments.
Developing a new product can be an effective growth strategy for many businesses. For example, online fast-fashion retailer ASOS has a strong clothing brand but has added face and body products to attract a larger audience. It could be as simple as adding a new feature to an existing product or as complex as introducing a whole new category of products.
Sometimes, business developers need to negotiate with outside parties such as vendors or government agencies. Lobbying is a legal grey area in some jurisdictions, but it can be essential for penetrating a market or establishing a presence in a new one.
Networking is another important element of business development, allowing you to communicate with inside staff and with vendors and customers. You can accomplish these goals through active listening, clear communication and feedback. It can also be a way to connect with other professionals who may have valuable input on your plans or strategies for growth.