5 Business Development Trends to Expand Your Business

By Dan Dowling

Smiling Businesswoman Drawing Envelope on Virtual Screen

Which of the following is on your business development to-do list for 2019?

  1. Close more new customers
  2. Decrease customer churn
  3. Increase referrals
  4. All of the above

If you didn’t answer D, you’re either wildly successful (in which case, congratulations!) or you’re in trouble. But regardless of your answer, the real question is: What will it take to meet your goal?

Prospecting is hard—it takes about 18 calls to connect with a buyer. And customer retention has its own challenges, as unhappy customers are more likely to simply leave you than complain.

But never fear. This list of 2019’s top-five business development trends is a great starting point. Read on and learn how relationship intelligence technology can help you check through your to-do list fast.

1. Personalize communications

Personalization can move margins and boost business. Nearly all marketers—98 percent—agree that personalization advances client relationships. And 74 percent classify that impact as either “strong” or “extreme.”

But with personalization comes raised expectations. Today’s clients and prospects expect a tailored experience—far beyond simple data merges and persona-based communications. Indeed, 79 percent of consumers will now ignore offers that don’t meet the bar of previous interactions they’ve had with a brand. So tread carefully.

What’s more, the majority of marketers—88 percent—aren’t happy with their personalization capabilities. Their biggest pain point? Customer data collection.

To take advantage of this trend strategically, and avoid the pitfalls of data collection, take a look at relationship intelligence automation (RIA). RIA automatically keeps track of all client and prospect communications, giving you the insight you need to create high-caliber personalized communications for maximum ROI.

2. Put clients first

Back in 2013, industry experts predicted that by 2020, firms would primarily compete not on price or product quality, but on customer experience. With just a few months to go, this shift is already well underway.

By 2016, 64 percent of customers reported they’d switched providers within a year due to poor customer service. And 81 percent of them said something could have prevented the switch—but that something wasn’t done. It’s clear that in 2019, and beyond, your firm must put clients first.

But that will be hard to do if you’re unsure of where you stand with your client base. Enter: relationship analytics. Tools like Introhive use relationship analytics to automatically serve up trends (how often do you talk to your most-billed client) and activities (pending orders, support inquiries, etc.). It’ll even shoot the info right to your business development team’s inboxes before meetings.

Your team can then use that information to strategically nurture trust and loyalty, showing your clients that you value them as people—not just a line item figure.

3. Lead a digital transformation

Viva la revolution! The digital revolution, that is. But which one? This trend is so ubiquitous that every day seems to bring a new tool that’s poised to revolutionize the selling process.

Technologies like blockchain, artificial intelligence (AI), machine learning, and automation hold the power to generate more intelligence, break down silos, and streamline operations. But these endless opportunities often leave firms overwhelmed and unsure …read more

Read more here:: B2CMarketingInsider

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