You know how we love to break down some good ‘ole industry jargon. So what better way than to tackle the world of Business Development with an expert? Today, we’re talking to Melissa from Waverly Ave.
What we loved about this episode was Melissa’s simple and fun ways to incorporate business development strategies into your business, from scavenger hunts to bingo. Bet you didn’t think we’d say that!
Who said growing our business had to be boring? Let’s bring some of the fun back, and let’s start with this episode right here!
What you’ll hear in this episode
- What problems do your clients first come to you with? Can you share some examples?
- Do you see a difference in how women approach this topic compared to men?
- Is there an ideal stage in a business’s growth journey where bringing in a fractional partner is particularly beneficial?
- How do you measure success in your overall business development goals beyond simply revenue growth?
- Is business development and growth a long game? Or are there short-term opportunities we should be paying attention to as well?
- What are some fun ways to gamify business development?
What is Business Development?
Time to breakdown the jargon!
At its core, business development is like setting up a coffee date for your business. It’s all about forging connections, sparking collaborations, and discovering opportunities that’ll help your business flourish. For us small businesses and aspiring entrepreneurs, it’s not just about selling more. It’s about finding new ways for our brand to grow and shine. Whether it’s partnering with the boutique next door for a joint event, offering a workshop, or simply expanding our services, business development is our map to growth. Think of it as planting seeds today, so we reap the rewards tomorrow!
How Can We Focus On Business Development As Entrepreneurs?
Instead of looking at it from a corporate perspective, Melissa explains in this episode how she views business development as an entrepreneur. Business development is about building strategic relationships that fuel your business. This can be:
- Prospective clients
Growth Tips for Agency Owners
To truly thrive in business development, think of it as constructing a sturdy building; the foundation is crucial. This foundational groundwork includes:
- Agency Positioning: Clearly defining your agency’s stance and values in the marketplace.
- Tailored Website: Your online presence should mirror the essence of your brand and resonate with the audience you aim to captivate.
- Company Image: A cohesive and authentic brand image can differentiate you in a crowded marketplace.
- Services and Pricing Alignment: Your offerings and their respective pricing should mirror the desires and capacities of your ideal clientele.
Without these core elements anchored, the path to business development becomes an uphill battle, especially for agencies. It’s essential to understand that business development isn’t just a one-time task or a challenge you face; it’s a continuous endeavor. For agency owners, embracing business development as a consistent part of the journey is not only necessary but instrumental for sustained growth.
As we wrap up this chat with Melissa on business development, it’s clear that we need a business development strategy. Whether you’re an established agency or a budding entrepreneur, the foundations you lay and the relationships you nurture will chart the course of your growth. Remember, the entrepreneurial journey is as much about evolving and learning as it is about achieving. Let’s take the insights from today, especially from experts like Melissa, and continuously refine our strategies. Keep growing, keep connecting, and most importantly, keep thriving.
Meet Melissa Lohrer from Waverly Ave Co.
Before Waverly Ave, I was an agency-side Business Growth and Development leader for 13 years. I started at a global advertising network and ended at an independent branding agency. Through every role, I saw myself as an intrapreneur building a business within the business. I was never confined by my titles or held back by a lack of resources and time. I learned to trust my intuition and embrace constraints. After many years of sprinting towards new mile markers I set for myself, I was left feeling burnt out and unfulfilled. I created Waverly Ave to get the balance back in my life, do the work I enjoy most on my terms, and help agency founders and leaders recover from and avoid the endless burnout of new business.
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Abbey Oslin and Courtney Petersen are Minnesota-based marketing experts, educators, and co-founders of boutique marketing agency Duo Collective, which specializes in SEO, social media strategy, and branding for small business owners and creative entrepreneurs. To learn more about Duo Collective, or to inquire about working with our team, head over to www.duocollective.com.
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