By: Najeem Rahman, Business Development - Interact Group
The role of Business Development is key in every organization. It is the intention of every organization to increase sales and form strategic partnerships, whilst maintain a good relationship with its clients always. This is where the business development becomes critical.
The story is no different in the Interior Design and Fit-Out Industry, which is highly competitive. Therefore, there is always a need to sharpen the skills needed to succeed in the industry; which includes planning, marketing, negotiations, excellent communication, project management, strategy development and implementation.
The Business Development department takes initiative in generating sales leads and contacts. This is done by following the sales process from prospecting or identifying sales leads, phone calls, arranging meetings, negotiating, closing of contracts, and maintaining good relationship with the client.
Bringing in new business to an organization requires research and creativity to be able to qualify a potential client properly, and to be able to identify new opportunities. It takes persistence and properly communicating the service to the client to finally secure a contract. In negotiating, it is the responsibility of a Business Development Officer to ensure that the client is getting value for money, within the appropriate budget. Therefore, he or she should have a good business sense, as well as a good understanding of the industry and marketing principles. Developing a good business strategy is necessary, as well as maintaining a confident positive attitude.
Business Development requires the ability to have good networking skills and this is made easy by attending relevant industry related events. Referrals is still the easiest way to secure new leads, so keeping a long-term valuable relationship with the client is vital in reputation management.
The Marketing team works together with the Business Development team in formulating and implementing business strategies essential for securing sales to the company.
In a highly competitive industry sector, strategy and its successful implementation is what would differentiate one company from another, and make one standout instead of the other. A successful Business Development strategy will ensure that targets are reached, projects are commissioned, completed and handed over to the client within agreed timelines. Clients are always interested in getting value for money for products and services, by getting a good balance with price with quality. A satisfied client is a returning client, and likely to give referrals and great testimonials about the team and the organization.
When the right systems and procedures are followed, viable business strategies are created and implemented, the desired results can be achieved in order to ensure the success of the organization.