Marketing Campaigns > Business Development
Marketing Business development
Establish New Strategic Alliances and Distribution Channels
Testimonials“Direct Objective quickly established important industry alliances that were essential to our company’s success, with their business development strategy, practical advice, and hands-on approach.&rdquo
Maggy Apollon, EDO Traveler Suites
Marketing business development has been around for centuries. More than two thousand years ago, the Greek mathematician Archimedes said, “If you give me a lever and a place to stand, I can move the world”. That is, in a nutshell, the essence of marketing business development. If you are able to establish alliances with the prominent players in your industry and have the right marketing tools, you would be able to reach your target market.
In fact, reaching your target market for certain specific industries is not a question of intensive marketing campaigns, but more a factor of how many strategic alliances and industry partnerships you manage to form. To penetrate a particular international market, you need to perform the proper international business development, which includes setting distribution channels to give you direct access to your target market.
Marketing Campaigns vs. Marketing Business Development
How does local and international business development differ from standard marketing? How can new distribution channels, strategic alliances and industry partnerships boost your company’s standing in the market?
Marketing business development is complementary to inbound marketing campaigns. Let’s look closely at the definition of these terms:
- Marketing is an integrated process to help companies understand client needs and create value for clients. Building strong customer relationships with marketing boosts a company’s standing and profitability in the marketplace.
- Marketing Business development is the process of developing a working relationship between two or more independent entities for the sake of advancing commercially. Different forms of collaboration include strategic alliances, distribution channels, or industry partnerships.
Steps of Local/International Business development:
To launch marketing business development and establish a collaborative relationship between independent entities, you must perform the following steps:
- Develop your marketing strategy – In this phase, you define your strategic goals and determine how you will achieve them.
- Assess potential partners and strategic alliances – Based on your strategic goals, you assess your best matches for strategic alliances, distribution channels, and industry partnerships.
- Negotiate and sign an agreement – Develop a legally binding document that clearly lays out the nature of the relationship, as well as the expectations and commitments of the involved entities.
- Enforce the agreement – Ensure top management is committed to the collaborative process by allocating the appropriate budget and resources, as well as measuring performance results of the collaborative process.
Advantages of Marketing Business development
When the marketing business development process is complete and new industry partnerships or strategic alliances have been formed, you can expect the following advantages:
- Each entity will be able to focus on activities matched to their strengths, thus enhancing results and productivity
- Industry partnerships will enable each entity to learn from partners and develop competencies that may be more widely exploited in another geographical region or industry
- You will be able to leverage the reputation of high-profile partners for added credibility