Every small business owner hopes to see business development and growth. Of course, these things don’t happen haphazardly. They happen through a combination of strategy and skill.

In fact, one of the most important things a business owner can do to ensure sustainable business development is to cultivate core competencies, not only in themselves but in the members of their sales team.

What are the skills most essential to successful business development? In this post, we’ll share a few of the top examples.

6 Essential Business Development Skills

1) Maxing out sales from existing accounts.

One of the most common mistakes that business owners make is equating business development with new customers. While it’s certainly tempting to pursue shiny new accounts, remember that some of your biggest revenue sources are existing customers. Knowing how to nurture client relationships, turning one-time buyers into repeat buyers, is an essential skill for anyone interested in business development.

2) Establishing partnerships.

Another effective way to develop your business is by fostering partnerships with complementary suppliers or service providers. For example, if you own a video marketing company, there can be mutual benefit to partnering with a web design company, cross-pollinating your client lists. Partnership formation is a must for anyone seeking strategic business development.

3) Understanding customer values and pain points.

To drive sales growth, it’s imperative to have a clear understanding of what drives decision-making within your customer base. What are the values and pressure points that motivate your customers to make purchases? Being able to analyze demographic data, customer surveys, and other core metrics is essential.

4) Gathering competitive intelligence.

If business development requires you to have a clear understanding of who your customers are, it’s equally important to understand who your competitors are. The ability to size up the marketplace, to identify key competitors, and to define your own points of distinction can be an enormous boon to your business development efforts.

5) Identifying and capturing new opportunities.

Business development often involves deeper market penetration, finding more customers within your existing vertical or niche. But it may also involve identifying new marketplaces or new products and services, allowing you to cast an even wider net. The ability to identify and capitalize on these opportunities is invaluable for business development.

6) Leveraging new technologies.

There are countless technologies that can guide your business development efforts, ranging from social media to marketing automation platforms. These technologies are constantly evolving and improving, and a big part of business development success is the ability to remain on the cutting edge.

Get the Skills You Need for Effective Business Development

To succeed in business development, having the right skills is a must. Here at Piedmont Prospecting, our team of experts has cultivated the skills required to achieve incredible results on our client’s behalf. We’d love to put those skills into your service. Reach out to us to discuss any business development needs.