NEW BUSINESS DEVELOPMENT
New Business Development typically goes through a couple of phases. Our services are therefore tailored to what specific help is needed in a given situation. Sometimes we are asked to help create the initial contact with high potential customers, where other times we are asked to do market and customer analysis before making a GTM recommendation. And again other times we are brought in to help develop or verify the business case for the opportunity at hand.
7 BUSINESS DEVELOPMENT PHASES
- The Discovery phase where market, customer and product research are crucial to understand if there is an attractive opportunity and if we can produce what is needed.
- The Go-To-Market Strategy phase where the potential market approach is planned and specified.
- The Business Case which specify the financials of the opportunity.
- The Product Development phase where the new or adopted product is developed.
- The Customer Development phase where the most attractive customers are targeted, selected, and made interested in the product(s).
- The Operational Establishment of what is needed like establishment of legal entity, production setup, logistics, sales office or similar.
- The Sales phase where the sales approach and process is decided, sales presentations are made, specific customers are approached, value propositions are presented, agreements are made, contracts are negotiated and closed.
1. DISCOVERY - MARKET & CUSTOMER RESEARCH
The fundamental intelligence on trends, customer needs, competitive activities and plans, innovations from other regions etc. is crucial as a knowledge platform for developing new business. We perform this type of analysis for clients to help determine if, where and how big an opportunity there is.
2. GO-TO-MARKET STRATEGY - HOW TO APPROACH THE MARKET OPPORTUNITY
Developing new business typically involves development of products, customers and markets. The most crucial first step is to determine whether is it interesting and viable to launch a new product, go into a new market or to spend time and energy on development a customer segment. For companies in the process of deciding or verifying a market approach, we have in the past helped a number of companies evaluate and specify if and how the approach should be done in order to create significant value.Sometimes this is complemented with a business case calculation to illustrate the financial potentials of a market opportunity.