New business development process
A new business development process typically involves the following steps:
- Market Research: Identify potential markets, customers, and competitors. Analyze market trends, size, growth potential, and customer needs.
- Opportunity Identification: Identify potential business opportunities that align with the company's goals and resources. This may involve reviewing industry reports, attending conferences, and networking with potential customers and partners.
- Feasibility Study: Conduct a feasibility study to determine the viability of the opportunity. This includes assessing the market demand, competition, financial potential, and resource requirements.
- Business Case Development: Develop a business case that outlines the opportunity, market analysis, competitive analysis, financial projections, and resource requirements.
- Proposal Development: Develop a proposal that outlines the solution, pricing, and terms of the opportunity. This may involve creating a sales pitch, presentation, or written proposal.
- Pitch and Presentation: Present the proposal to the potential customer or partner. This may involve a face-to-face meeting, phone call, or video conference.
- Negotiation: Negotiate the terms of the opportunity, including pricing, scope of work, and timeline.
- Contract and Agreement: Finalize the contract and agreement, including any necessary legal documents and payment terms.
- Implementation: Implement the solution, including any necessary setup, training, and support.
- Monitoring and Evaluation: Monitor and evaluate the success of the new business development, including tracking key performance indicators (KPIs) such as revenue, customer satisfaction, and market share.
Additionally, some companies may also include the following steps in their new business development process:
- Idea Generation: Generate new business ideas through brainstorming, workshops, or other creative activities.
- Idea Screening: Screen new business ideas to determine their feasibility and potential for success.
- Business Model Development: Develop a business model that outlines the company's value proposition, target market, and revenue streams.
- Partnership Development: Develop partnerships with other companies, organizations, or individuals to support new business development.
- Innovation Incubation: Incubate new business ideas and innovations through pilot projects, proof-of-concepts, or other testing mechanisms.
- Scouting and Acquisition: Scout for new business opportunities through mergers and acquisitions, joint ventures, or other strategic partnerships.
It's worth noting that the new business development process may vary depending on the company, industry, and market. Some companies may have a more formalized process, while others may have a more informal approach.