The goal of business development is to help position current and future selling initiatives. By determining the effectiveness and revenue longevity of your organization’s existing market and vertical focus areas, we can build a plan to expand into new vertical markets. As part of those growth initiatives, we take into account existing offering advantages, as well as necessary changes and enhancements that could open up new and very profitable revenue opportunities.
Identifying and Leveraging Opportunities
To do this, we start by reviewing and defining your strategic partnerships, technology licensing, intellectual property identification, product distribution options, solution monetization, and acquisitions.
We then review the perception of the company and your solution offerings by the market and existing customers. This is most frequently accomplished by focusing on the following key areas:
Subject Matter Expertise
You or your company’s key representatives should be able to meet with and present to perspective customers and partners at industry tradeshows and other industry events seeking the confirmation and validation of market trends, as well areas of focus where solutions are lacking.
Through accurately accessing the competitive landscape and threats in the market, as well as defining the strategy for what it will take to address the competitive challenge and win, you can determine your positioning. In this step, we will:
- Determine the total addressable market: What are the specific problems that exist in the market and what solutions currently exist to address them? What needs to be done to offer a more competitive solution in the market? What specific threats exist in the market?
- Forecast your potential return on investment (ROI): What will be the required and necessary investment to enter the market? Is it better to build a new solution or acquire an existing solution that has already demonstrated some level of success? What is the expected ROI, and by when?
- Conduct an in-depth competitive analysis that includes market and industry gap analyses, identifying potential areas of focus and revenue growth, and completing vertical and market valuations.
In this key step, we will implement effective campaigns to seek out the necessary information to decide where to expand offerings within existing markets and verticals, as well as identify new areas of focus. Additionally, we will identify new and potentially lucrative verticals to meet customer needs as well as open new revenue opportunities.
By identifying new market trends and opportunities, we will capture market needs and communicate them effectively to upper management, identify revenue potentials and barriers to entry, determine the likelihood of success, and define and manage internal teams for solution development.
Full Business Development Solutions
With Let’s Transition on your side, we will assess and address current areas of weakness in the market so you can capitalize on those opportunities. We set you up for success by acting as subject matter expert on your behalf at conferences, trade shows, and industry events. Plus, we assist in responding to RFPs, lead ROI initiatives, and identify potential acquisition targets. Contact us to learn more.