Building a business is an endeavour filled with many challenges. For a business to flourish, business development is simply an inevitable ongoing task that demands a lot of energy, dedication, and follow-up.
Successful business development requires outside-in thinking to address market shifts, the arrival of new technologies, or the appearance of new competitors in the same market. An outside-in approach serves to answer and address important business questions that allow a business to grow sustainably.
- Who is the ideal customer?
- What is the optimal way to reach the customer and serve the need?
- Where is the market and how does it evolve?
Which is the impact of emerging technologies and socio-economical trends?
It is critical that companies address these issues, and that they continue to address them as they grow. In order to capture business opportunities ahead of the market, organisations need to keep track of everything that matters to their business: customers, competitors, strategic partners, new trends, emerging technologies. It is important to set up a systematic process for market watching, to source quality relevant company and marketing information and to translate information into opportunities for growth.