Category Archives: business development

Business trends that are on the rise in 2017

Industry reports indicate that more than 3 million bosses are going to retire this year. It’s not surprising then that recognizing that more and more millennials in the workforce is an important trend. They now make up the largest slice of the industry pie, and mentoring them for leadership positions is of prime importance for the future.

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Aside from the increasing number of young faces, there will be an increase in customer engagement for the rest of this year and 2018. As more and more businesses embrace digital-based models, the need to maintain good relationships with customers is more important than ever. Many companies are investing in personalized customer experience, investing in things such as instructional sessions for clients instead of just selling products.

With the rise of the Internet of Things (IoT), collecting data from customers has likewise seen improvement. This allows for higher levels of service and stronger brand-customer relationships. Better data on customers allow companies to now make improved decisions from a wide variety of channels, offering more personalized and real-time involvement and service.

Crowdfunding, once relegated to artisan projects and specialty endeavors, is starting to play a bigger role in validating company products in the market in 2017. It has proven to be a very useful method for engaging customers and gaining insight on products. Crowdfunding actually raised $34.4 billion for businesses in 2015.

Businesses are also seeing the importance of automating things, as evidenced by the inclusion of chatbots in company websites. Voice-based technologies like Siri or Google Assistant are being intertwined with smartphone services, and it won’t take long before even more immersive innovations like holographic computing become the norm and redefine market interaction.

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Steven Rindner is a business and corporate development executive with experience in media, technology, real estate services, and healthcare businesses. He is currently leading a number of corporate development initiatives. For similar reads, drop by thisblog.

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What Are The Elements Of Business Development?

The definition of business development seems to be as elusive to the definition as a catfish in a fast-moving stream. Business development, like many other things, has a lot of different aspects; it’s just that some people take these elements and call each of them “biz dev.” It can have something to do with sales, building relationships, establishing new markets, and streamlining existing processes. It’s just a question of what needs to be done in the present even if that means doing two or more at the same time.

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A new business, for example, needs to take stock of where it wants to go and what it wants to achieve. It needs to concentrate on the nitty-gritty of growing a successful business succeed and allowing it to continue to expand and exceed its triumphs.

This means focusing on some basics: cost savings, capacity building, sales, networking and making strategic partnerships. It also calls for managing crucial elements: product development, supply chains, customer care, and even dealing with vendors.

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All of these should focus on being able to sustain long-term value for a company. This means being able to stay in chosen markets, reaching the right customers, delivering the expected and agreed upon product or service, making sure that necessary support systems and infrastructure are always ready, and, most importantly, ensuring that any opportunity taken advantage of will create even more opportunities over the long-term.

These are the things that Steven Rindner deals with on a daily basis. He’s worked with media, technology, real estate, and health care to make sure these businesses succeed. For more business insights, click here .

Protecting business brands in the digital age

The company’s brand is its symbol, and as such, should be treated with utmost respect and care. A trusted brand makes a company. A brand that is tarnished, however, can spell doom for the business. It is imperative, especially in this digital age, that business owners learn how to protect their brand.

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It wouldn’t take a lot of effort for competitors or disappointed customers to damage the brand of the company, especially over the internet. Business owners should know just how significant domain names and internet addresses are. Choosing, ordering, and registering extensions at the Trademark Clearinghouse can go a long way in protecting the future trademark of a company.

Uniform Rapid Suspension, also known as URS, and Uniform Domain Name Dispute Resolution, or UDRP, may be filed when a brand is being threatened. Company owners should have people dedicated to learning about these complaints for when the worst happens. For example, when brand infringement happens, brand owners can file a URS on the people behind it, or on the domain itself. URS has the power to shut down a website. UDRPs are for more serious offenses, and often include court hearings.

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Online reviews: Their essential role in business development

Nowadays, business development strategies lean toward digital media as online channels have raised buyer engagement. Digital tools that have been overlooked by some businesses are online reviews and ratings.

An industry that has embraced online reviews is the tourism industry. According to studies, more than 90 percent of travelers base their decisions on reviews and other user-created contents.

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Other businesses can also benefit from utilizing online reviews.

For one, these reviews often offer constructive criticisms and suggestions. Comments made by customers provide either a validation of the quality of products and services or information on how the business can improve operations and business practices. During decision making processes, online reviews, whether positive or negative, offer great insights.

Online reviews can also be a free marketing tool as they can create brand awareness and expose the products and services to an even wider audience. There are even instances when online reviews are a more optimal advertisement option than traditional marketing channels.

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Online reviews also influence search engine results, with some experts even claiming that these are strong off-page SEO elements.

By managing online reviews effectively, any organization can create ideas and initiatives with long-term values, while establishing healthy relationships with customers, partners, and the market.

Steven Rindner is a business and corporate development executive, whose range of expertise includes media, technology, real estate services, and healthcare. For more insights about business development, visit this blog.