KGI Blog | Top business development tips to build a sustainable sales strategy
Published by Christina Chua, 8 August 2020
According to The Business Times, Singapore's life insurance sector saw a 10% increase in new sales in Q1 2020.
Many sources have also pointed toward an increase in trading volumes amid the COVID-19 pandemic as new investment trends emerge.
Sources:
- https://api2.sgx.com/sites/default/files/2020-07/SGX%20Monthly%20Market%20Statistics%20Report%20June%202020_FA_0.pdf
- https://www.tradersmagazine.com/departments/buyside/increased-retail-trading-volume-seen-during-covid-19-zenith/
No doubt there are still many opportunities out there when it comes to offering financial services; it is not easy to grab a piece of the pie, especially as the financial services industry in Singapore becomes more saturated.
So how can you build a sustainable and profitable business in the long run? The answer is through business development.
Business development is quintessential for every business, whether you are in financial services sales or you are a shop owner retailing apparel. Sales, by nature, is a highly-competitive trade. Without proper business development, it will be challenging to achieve sustainable growth for your business.
Business development allows you to focus on creating long-term value rather than short-term wins based on chance.
Below are some top business development tips to get you more business, and to succeed in a highly competitive and overcrowded marketplace in today's world.
1. Set targets and review them periodically
If you do not input your destination in your GPS, it will not be able to provide you with the directions to reach your destination. Likewise, it is not easy to reach a goal if you do not know what it is. Ensure that you set business goals that are SMART - Specific, Measurable, Achievable, Realistic, and Timely. Then, build up your action plan to achieve your set objectives.
2. Proper client segmentation, targeting and positioning
Do your research and identify your target client segment by considering various factors, such as the profitability and size/potential growth of the segment. Most importantly, think carefully about how well you can serve this group of customers and be realistic. For example, even though high net worth clients can potentially give you higher revenue, they typically have higher expectations on the level of service rendered, and the products that they consume are usually more sophisticated. It can also take longer to convince a high net worth client to purchase your product as there will be intense competition. It would be best if you considered all these factors before deciding on your ideal target segment.
By segmenting your clients, it improves your ability to find the most valuable client types for your business and effectively market to them, be it whether through social media marketing, networking events or telemarketing.
3. Build your personal branding and be perceived as an expert in your field
Aside from traditional networking events, jump on the digital marketing bandwagon to reach out to more people and build your branding. Write articles or commentaries relating to your field of business on your social media channels, which will help to direct more people to your page and improve your search engine rankings. Separately, engage in conversations around your specialization on digital platforms such as Linkedin, Twitter and forums during your free time. If carried out well, these activities will result in increased client enquiries and referrals, leading to more sales.
4. Consulting vs selling
Have you heard of this statement? "People don't like to be sold to, but they love to buy." Old school sales tactics, such as product pushing and hard-selling, no longer work. Nowadays, consumers are becoming savvier and more discerning. Therefore, as a salesperson, you must be ready to provide quality advice, even if it does not result in an immediate sale. Client satisfaction and word-of-mouth marketing possess more long term value than short term sales gain, especially when the product or service sold might not be the right solution for the client.
5. Work out a schedule for your business efforts
"A goal broken down into steps becomes a plan. A plan backed by action makes your dreams come true." - Greg Reid
Amid your busy schedule and urgent last-minute tasks, you can be occupied all day without making any progress on your business objectives and goals. Make sure to work out a schedule for your business activities, such as writing a new article every week, setting aside 1 to 2 hours per day for telemarketing and replying to business e-mails.
6. Establish a referral program for partners and clients
Referrals are often the most powerful and cost-effective way to drive business. Referrals can come from business partners who are targeting the same client segment but offering a different product or satisfied clients who feel compelled to share their experience with others. Work out a referral program that will create mutual interest and value for both parties, such as offering an attractive incentive for each successful referral.
Conclusion:
Different organizations may have different approaches when it comes to business development. However, the nature and importance of business development remain the same, which is to get more business and deliver on sales targets.
Remember, business development is an ongoing journey, and it doesn't happen overnight. You will need to spend time, effort and money to produce results. It is about planning for the long-term and ensuring that you have a regular stream of leads generated from various channels.
What are some of the business development tips that you find valuable in your organization or business? I would love to hear from you!
