Business Development Basics for B2B Start-Ups
If you are planning your next business endeavor it is crucial to focus on your Business Development / Sales Strategy.
Some key elements to remember :
Create an appealing Brand Identity and Story
Identify the "right" markets for your brand and products
Identify the correct Sales Channels
Generate Leads and build your database
Localize your offering, when possible, to match the Market's requirements.
Remember regardless of funding or financial resources, in general, the thing that will keep your business afloat is its ability to identify new opportunities and turn them into revenue.
Diversifying Your Customer Base is Not an " option".
Diversifying your customer base simply means creating multiple revenue channels for your business thus eliminating business risks attributed to reasons beyond your control.
Small businesses and StartUps often succeed by building strong client relationships but may become too reliant on long-standing accounts and overlook the vital work of generating new customers.
You can afford not to diversify your product portfolio but you can absolutely not afford not increasing your customer base.