What is it?

In the simplest terms, business development can be summarized as the ideas, initia-tives and activities aimed towards making a business better. This usually means more revenue, growth, and increased profitability.

In practice, “biz dev” is a moniker applied to a variety of facets of the business ecosystem – sales, stra-tegic initiatives, business partnerships, market development, business expansion, and marketing – simply because it really encompasses them all.

At Pug&Peach™ we believe that business development involves high level decision-making based on a realistic assessment of all potential changes in your organisation and their impact.

We help you create long-term value for your business through your customers, markets, and relationships.

Customers “live” in markets that are defined by their demographics, lifestyles, and buying mindset. Through our digital interconnectedness we help ou identify opportunities to reach new customers by entering into new markets. This is one important gateway to unlocking long-term value as opposed to purely short term monetary gain.

Building, managing, and leveraging relationships with partners, customers, employees and the media that are based on trust, respect, and a mutual appreciation of each other’s value is fundamental to en-abling the flow of value for the long-term. This is critical to the success of any business development effort.

Imitation is not the path to success, especially in the overcrowded industries most companies today confront.

At Pug&Peach™ we endorse the Blue Ocean Strategy recommended by Harvard Professors W. Chan Kim and Renee Mauborgne. In “Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant,” they suggests companies are better off searching for ways to gain “uncon-tested market space” in preference to competing with similar companies.

These new spaces are described as “Blue Oceans,” compared to the struggle for survival in bloody “Red Oceans” swarming with vicious competition. The Blue Ocean Strategy represents the simultaneous pur-suit of high product differentiation and low cost, thereby making competition irrelevant.

Blue ocean strategy is particularly needed when supply exceeds demand in a market. This is a reality faced by many businesses especially in a small island economy where they often end up mirror opera-tions of each other.

Our business development task starts by asking you to allow us to take a snapshot of organisation so that we can run a “health check.”

  • The current state of your business in terms of SWOT analysis – its strengths and weaknesses, and the opportunities and threats it is facing.
  • The current state of your overall industry sector and its growth projections
  • Competitor developments
  • Your primary sources of revenue
  • Newer trends of buyer behaviour
  • New products or sectors eligible for business expansion, which may complement the existing business
  • The long-term view, especially with regards to the initiatives being proposed
  • The cost areas and the possible options of cost-savings

Together we draw up a vision statement for your business and design a business development plan.

In it we identify your demand generation channels, and help you create a consistent sales process for each channel. We develop Ideal Customer Profiles and Buyer Personas to help you identify your best opportunities and understand their customers’ “pain” points.

Together we set up SMART goals and dashboards to evaluate progress against your goals and make adjustments to your plan that reflect market realities.

For us, it’s most often a Pareto Principle effect: 80% of your business comes from 20% of your customers!