Expanding Your Footprint Using Industrial Business Development

Industrial business development is crucial. It encompasses a wide array of strategies, activities, and processes aimed at enhancing a company’s growth, efficiency, and market position within the industrial sector. Business development is something that you have to keep up with. It opens doors to opportunities and with current clients. It can’t be done just once or twice. Companies that invest time into their products succeed. 

What Is Industrial Business Development?

Industrial business development involves the strategic planning that generates growth. It focuses on identifying new business opportunities where you are wanting to expand with new customers that are relocating to a new facility in another city or state, making new capital equipment purchases, breaking ground on a new construction project or maybe even closing down a facility. This can be in your current selling territory or expand within a single state, regional or even national. All of these key areas must be considered and decided upon.

Industrial Business Development Vs. Sales

Industrial business development is different than sales. It’s the process that helps your company dig deeper into a particular area to help you to grow in a place that you have minimal to no coverage in. Be sure to view our Prospecting Services.  

1. Qualifying Leads: Business development representatives need to identify who the ideal customer is to sell to. Once you know the best customer profile, then when a sales lead comes in, you can have a more meaningful conversation. Sales leads are qualified in many different ways, such as calling efforts, emails or social media.
   
   
2. Technology Integration: In today’s digital age, integrating new technologies such as automation, artificial intelligence (AI) is increasingly important. Industrial business development is intertwined with digital transformation. Business development helps make a culture of innovation by exploring these new technologies. Collaborate with IT or someone similar to make sure you know how to best maximize the new technologies.
   
   
3. Financial Development: Most business are always searching for new ways to expand their business, and retain current customers. Industrial business development can help to test the waters in new markets and territories. If you don’t have the talent on hand to help, let us know. Our Prospecting Services is experienced in helping industrial businesses qualify the new markets.
   
   
4. Customer-Centric Approach: An industrial business development strategy should always be customer-focused. Satisfied customers help you to stay in business, recommend your product and expand over time! A business development representative can help build strong relations with current customers.
   
   

Challenges in Industrial Business Development

Despite its many benefits, industrial business development comes with challenges. Everything from competition to market changes can disrupt business goals. However, stopping is never the answer, and on-going reach out and discussions will position you for when situations change.  That’s where industrial business development can keep you and your products and services front and center.