Introduction
Having a successful business development strategy is essential to any business looking to grow and expand. However, determining which strategy to implement can be a daunting task, especially when the stakes are high. In this article, we will explore five real-life examples of successful business development strategies that can serve as inspiration for businesses looking to take their company to the next level.
Diversification
One business development strategy that has proved successful is diversifying your product or service offerings. Take the example of Procter & Gamble; the multinational corporation has been around for over 180 years and is well-known for its consumer goods products such as Tide, Crest, and Pampers. However, in recent years, Procter & Gamble has diversified its offerings by acquiring Gillette for $57 billion in 2005 and Duracell for $4.7 billion in 2014. By branching out into new markets, Procter & Gamble has been able to maintain its dominance in the consumer goods industry.
Strategic Partnerships
Another successful business development strategy is forming strategic partnerships. A standout example is the partnership between Spotify and Uber. In 2014, Spotify teamed up with Uber to give passengers the ability to control the music played during their rides. This partnership not only added value to the Uber experience but also introduced Spotify to new potential customers. Today, the two companies continue to collaborate, offering exclusive promotions to their customers.
Acquisitions
Acquiring another company is another business development strategy that can bring significant benefits to a business. The acquisition of WhatsApp by Facebook is a prime example of how this strategy can succeed. In 2014, Facebook acquired WhatsApp for $19 billion, giving them access to the app’s massive user base. By integrating WhatsApp with Facebook, the social media giant has been able to reach new audiences and grow its user base even further.
Market Penetration
Market penetration is a business development strategy that involves increasing market share in an existing market. An excellent example of this is the way McDonald’s continues to grow its business. In recent years, the fast-food giant has invested heavily in remodelling and upgrading its restaurants worldwide. By doing so, they have been able to attract new customers while also retaining their existing ones, resulting in a boost in sales and profits.
Innovation
Finally, innovation is a crucial business development strategy that can drive success. Apple’s innovation strategy is the envy of the tech industry. They continue to redefine what is possible with their products, such as the iPhone, iPad, and more recently, the Apple Watch. By staying at the cutting edge of technology, Apple has been able to maintain its dominance in the tech world, even in the face of fierce competition.
Conclusion
There are many strategies businesses can use to grow and succeed. The examples listed above illustrate just how crucial it is to have a well-thought-out business development strategy. Each of these businesses succeeded by taking risks and innovating, whether through diversification, strategic partnerships, acquisitions, market penetration or innovation. By studying these real-life examples of successful strategies, businesses can learn valuable lessons that can help them to achieve their goals.
