The Process of Business Development; Take a cruise!

To get started, a firm should develop a strategic business development plan based upon solid market research to establish where the firm is, and where the firm is going. Coastal Strategies' experience in this process has led to systems and tools to assure that clients receive excellent results.

The Business Development Analyzer © delineates the most popular means of promoting professional services and B2B firms. It directs the reader (clients) to review the delineated marketing, public relations and sales activities, and rate each on a scale of one to ten as to where your organization stands currently, and what areas need to be improved.

Upon completion of the Business Development Analyzer © and in conjunction with a SWOT (strengths, weaknesses, opportunities, threats) analysis, counseling can be focused on the broadest differentials unique to that firm.

Where to Start: Navigation 101

Strategic Business Development
for Professional/Business Services and B2B Firms
Is your organization exploring ways to increase its revenues and profit margins? …benefit from positive media coverage? …improve its image? …move into new/international markets? …use web-based business strategies?

Chances are your firm is facing one or more of these issues. Rapid change, globalization, and technological innovation characterize today's dynamic business climate. These and other environmental circumstances are leading today's top professional/business services B2B firms to reexamine and redefine their business strategies to include a greater focus on more effective marketing, public relations and sales approaches to achieve their objectives. The right business development firm can bring an objective viewpoint to these issues gained from experiences with different organizations in different areas of the world, as well as new tools and ideas. The result is clear objective thinking with proven strategic and tactical solutions. How do you select the right firm? Size, location, and field of specialization all matter. In addition, a successful outcome will depend upon the relationship between the client and the professional counselor of the firm. This is based on:
• The best match of capabilities to needs
• Agreement on objectives
• Information sharing
• Regular program and progress reviews
• A clear understanding of responsibilities.

Most important is mutual trust and respect. With these components, a strong, rewarding and lasting business relationship can be built.

Where to Start: Compass Reading

Strategic Marketing and Public Relations Planning

At Coastal Strategies our goal is to assist your firm in achieving its goals and objectives. We do this by creating and implementing a strategic marketing and public relations plan following a five-step process:

Step One: Situation Analysis & Research.

We create a comprehensive situation analysis using the results of the Business Development Analyzer © and other research methods to detail the current environment in which the client’s firm is operating. An important part of this process is identifying strategic relationships in the marketplace. This type of research is essential to inform and sensitize clients to changes and potential issues that may affect relationships with their clients and stakeholders.

Research methods can include Internet research, interviews of experts and influential participants, or structured surveys. Common organizational stakeholder groups that may be the subject of research to formulate the situation analysis include: Media, Industry, Competitors, Equipment vendors (or others that may also be servicing your prospects or clients), Community, Government, Employees, Investors, etc.

Step Two: Facilitate Planning Sessions

During this phase of planning, Coastal Strategies facilitates planning sessions with clients to receive feedback as to historical marketing and public relations programs, and to introduce and inform clients on new and emerging technologies and strategies that may be effectively employed. An important part of this step is the completion of a ProfitMax Matrix © (see example below), another tool developed at Coastal Strategies to analyze the client’s current customers and services (with revenues and profits) to focus on growth opportunities in areas of maximum profitability. This creates a planning document that includes input and support from all aspects of the organization.

Step Three: Write Final Plan Documentation

Coastal Strategies will take the information gathered from the first two steps of the planning process and create an attractive, graphic, readable planning document including detailed Gantt charts (see example below) with action items, quantified, assigned and dated. This is intended to be a working document. That is, not a document to be put on a shelf, but a document that is dynamic, that changes and is kept relevant during changing circumstances, to be used as a workbook throughout the year.


 

Step Four: Implement Programs

The next step is to implement the strategies and tactics. These may include elements of image management, community relations, visual identity, Internet/Intranet/Extranet counseling, and international trade and investment. Step Five: Monitoring & Evaluation.
Coastal Strategies understands that clients are looking for value from business development programs that show measurable impact. The final step in the process is to provide direct measurable feedback regarding the success of the communications program as measured against stated and quantifiable objectives (new markets penetrated and increased profit margins, etc.) – monitored at regularly scheduled intervals. Ultimately, the plans come together with some common elements, including:

• Assumptions
• Vision
• Mission
• Situation Analysis (SWOT)
• Quantified Goals and Objectives
• Strategies and Tactics
• Budget
• Scheduled and Monitored Action Items

Where to Start: Shifting Sands

New Technologies & Globalization

Due to communication advances in marketing and public relations and the proliferation of new technologies in today‘s global economy, there are many ways a firm can impact its target markets and stakeholder groups. Two issues drawing attention today are Internet technologies and globalization.

Internet/Intranet/Extranet Counseling

Coastal Strategies offers assistance to organizations in:

• Evaluation and counseling regarding clients' current uses of the Internet/Intranet/Extranet.
• Research business to business e-commerce (Extranet) options for our client's industry.
• Recommend effective methods to set-up or improve Internet/Intranet/Extranet programs and provide on-going monitoring of Internet/Intranet/Extranet sites
• Strategically plan and implement tactics using web-site design and programming.

International Trade & Investment

New communication technologies and free trade agreements (such as CAFTA in Costa Rica) have shrunk the globe and provided new opportunities in the international marketplace. The Florida Chamber of Commerce reported that firms engaging in international business, on average, realized a 15% higher profit margin than firms that don‘t. Globalization has resulted in growth opportunities in many areas of the world where our clients’ goods and services are in great demand. This type of expansion has its own rewards and pitfalls. Cultural differences, language barriers, and differences in government and laws make it necessary to thoroughly research and plan business development programs to ensure success.
Whether your service is traditional or high-tech, international or domestic, your first step should be well planned.

Where to Start: Setting Sail

Implementation of Strategic Plans

Implementation requires experience. During the planning process, strategies and tactics are devised to meet the organization’s objectives. These will typically include some of the programs below assigned to seasoned professionals:

International Business Development / Trade Missions

• Research best options
• Utilize government programs
• Attend trade mission as delegate to targeted country
• Establish strategic partner(s) in country
• Contract with a business development representative with in-country connections.

Media Relations

• Press releases/media kits
• Press conferences
• Clients listed as expert sources with targeted journalists
• Client articles placed in targeted publications
• Client media appearances
• Survey implementation & media distribution

Professional, Business & Community Relations

• Professional association activities
• Client sponsored seminars and workshops
• Client speaking engagements
• Sponsorships
• Conference participation

Visual identity

• Internet/web sites
• Printed materials/videos
• Advertising (broadcast, print, internet)

Issues Management

• Work as team with legislative lobbyists
• Public issues/industry analysis
• Media relations
• Public education

Extranet/Intranet

• Provide goods & services via e-commerce
• Create marketing communications systems.

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