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How the Discipline of Business Development Adds Zeros 

Monte Wyatt & Brad Sugars, Nov 12, 2019

The Discipline of Business Development can add zeros by measuring how your marketing is working and how your customers are satisfied.

The point is to satisfy your five constituents groups: the company, the customer, the team member, the stakeholder and the community. It doesn't matter how big or small your company is you can add zeros by improving what can be measured.

It's important to measure because, as we've said often, when you measure something you improve it. If you don't measure progress in this Discipline of Business Development, chances are the only thing you’re measuring is profit, with all efforts going into improving that number, and only that number. But true business sustainability comes from success, not simply profits.

The Discipline of Business Development adds zeros through customer acquisition and retention.

Business development is about attracting the right client, servicing the right client, and having high client retention through great customer satisfaction and loyalty. Successful businesses don’t want everyone to be their customer, so they target the specific people who are the best match for the business. This makes it easier to satisfy those customers and makes it likely that they’ll be willing to recommend the company to their friends.Â

Let’s say you’re losing 20% of your customers every year, and you want to grow your customer base by 10% every year. You’ll have to grow 30% every year to reach that 10% growth. But imagine that, instead of losing 20% of your customers every year, you still had every customer you'd ever had since the first day you started business. Now all you have to do to grow 10% is get 10% more customers.

Attracting the right customer is marketing, and keeping them is customer service.

Here is how you can measure how you add zeros in the Discipline of Business Development:

  • You can measure marketing and sales by number of new customers you gain
  • You can measure customer loyalty by the number of sales to returning customers.

To recap, the Discipline of Business Development adds zeros through customer acquisition and retention. It's about attracting the right client, servicing the right client, and having high client retention through great customer satisfaction and loyalty.

We'd love to hear from you. How do you measure your marketing and sales? Thank you for sharing.

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Business development is about attracting and serving the right client. Successful businesses don’t want everyone to be their customer, so they target the specific people who are the best match for the business. This makes it easier to satisfy those customers and makes it likely that they’ll be willing to recommend the company to their friends.