Top Business Development Trends to Watch Out for in 2022

2020 was a difficult year for businesses, as many had to reorganise their operations and adapt to remote product and service delivery. Other companies failed to learn from the pandemic and thus lost the game. The truth is that each new challenge brings a unique opportunity, and it is up to us to recognise it when it presents itself. Business development and specific Key Performance Indicators (KPIs) are important goals for any company looking to stay in the game and grow over time.

My experience working in a bespoke software development company has taught me that growth is essential for any business to remain competitive. Innovative technological solutions provide business value and propel progress in our highly saturated globalised market. Therefore, consider your business development strategy a long-term growth strategy with specific objectives. With each new strategic partnership, you broaden your network and increase your chances of finding new clients and collaborating with new partners.

Let’s have a closer look at the top five business development trends for the year 2022:

1. Become a Customer-Centered Organisation

It is getting increasingly hard to stand out and attract new customers in today’s ever-changing business environment and increased digital consumption. One of the best approaches to take if you want your company to grow is to build it around the concept of customer-centric products and services. You must conduct adequate research to identify current market demands and clients’ pain points and how your company can meet those.

Is there an unmet demand? How can you ensure that it is covered? It is no secret that businesses exist to solve problems. As time passes and we evolve as beings, our problems take on new dimensions. To provide highly demanded solutions, you must first understand your customers’ current problems. One of the most important practises here is to prioritise relationships because customers are more than just numbers. They are real people with real needs. Work on developing long-term relationships with them and constantly improving quality.

2. Apply Design Thinking

Design is all around us, even if we don’t realise it. Every business component, from product packaging or a landing page to entire product delivery processes and work methodology, can be influenced by design. How David Butler and Linda Tischler explain it in their book on Coca-business Cola’s strategy is an intriguing example of how design can solve business problems. For example, keeping track of their global brand’s visual identity was a major concern.

In other words, what beverages are currently in their expanding array of soft drinks and juices, different brand names across areas, and which liquids are no longer produced? So they created a visual identification system (VIS) based on a modular structure. This strategy saved them money on operational costs while also creating a centralised platform for employees worldwide. Your present business situation may be different, but consider designing a potent problem-solver the next time you face it.

3. Instead of working more hours, work smarter.

It may sound cliche to not overwork oneself, but being a person comes with physiological and mental limitations. According to a recent study, overworking can be fatal since it drains your energy and leaves you weary and anxious, causing your health to deteriorate. Instead of working long hours, consider working smarter. A high-quality level of thinking is often the result of a well-performing company strategy or product. This is distinct from expanding working hours to enhance production and product quality.

The golden rule, in this case, is to automate as many operations as possible since this will save you a lot of time and creative capacity in the long run. You can buy Customer Relationship Management (CRM) software to keep track of contacts, interactions, marketing efforts, etc. To increase sales involvement, use powerful tools like LinkedIn Sales Navigator. Encourage your marketing team to organise events to raise brand awareness, generate leads, and boost overall credibility.

4. Experiment with the Remote-First Approach

If your company survived the Covid-19 business crisis, you most likely reorganised working conditions. Before the coronavirus outbreak, it was usual to work from Monday through Friday in your office. However, businesses are increasingly adopting a remote-first approach these days. Most companies continue to function in a physical facility, at least in part, but allow workers to work remotely if they so desire.

Remote-first strategies have long-term benefits in addition to short-term benefits like infection prevention. Among the benefits of working from home are the long-term flexibility, business continuity regardless of the employees’ location, and cost savings. Employers may also improve their talent acquisition by including flexible working modes or a remote-first firm policy in their job descriptions. Employee retention rates may also rise if employees’ well-being and work-life balance improve.

5. Use the Scientific Method.

Implementing the scientific approach is one of the finest ways to future-proof your business offerings. It encourages long-term and agile business development and scalability, and data-driven goals. The scientific method is a process used by scientists to handle any given subject in their professions, whether mathematics, physics, or psychology. Begin with a question relevant to your business, such as how to acquire five more clients by the end of the year.

Then, do some research to determine the average number of cold calls your company receives each month and what percentage of these products lead. Third, establish a hypothesis based on how things might improve, such as employing a new business developer or implementing new software. After that, it’s time to put your idea to the test – spend some time experimenting with options, such as purchasing software or hiring an interim, for example. The outcomes will then be measured and sorted based on their effectiveness. Finally, draw conclusions based on the facts acquired and create customised company goals for the year.