18 Key Factors For Business Development Teams To Drive Product Growth

Achieving immediate product growth is a top priority for companies looking to gain a competitive edge. Business development teams play a crucial role in driving this growth by identifying and implementing strategies that maximize market penetration and customer acquisition.

Below, 18 Forbes Business Development Council members share key factors that business development teams can implement to enhance immediate product growth. Leveraging these strategies can help business development teams unlock new opportunities and propel their organizations toward rapid and sustainable growth.

1. Reinvest In Growth Marketing And Sales Outreach

Make sure that you’re reinvesting in growth marketing and sales outreach. Developing a business isn’t always a top-to-bottom approach. I am in the SaaS industry, and from time to time you can see unequal spending between segments. It’s important to remember that for every $1 you spend developing your business, you’ll want to invest the same amount into marketing. – Brandon Batchelor, ReadyCloud Suite

2. Implement Horizontal Acquisition

The horizontal field of companies would be a great alliance to make an acquisition for inorganic growth for product growth. Once one deeply understands the mergers and acquisitions market culture, the right quarterback should be assigned to the team to lead the acquisition project with reasonable value. In particular, professional firms’ support would be needed for fast execution. – Gyehyon Andrea Jo, MVLASF

3. Utilize ChatGPT To Shorten Your Writing

ChatGPT is something every one of our team members has started using in the sales area. Why? Salespeople are chatty, as am I, and oftentimes talk too much or in this case, write too much. Write your long-winded email and then plug it into ChatGPT and say, “Keep the key points, but make it more concise,” and your five-paragraph email will get the point across in a few sentences instead. Short and sweet. – David Strausser, SEIDOR USA

4. Provide A Free Trial Of The Product Or Service

A free trial of the product or service will lead to immediate growth. If you have a prospect that is willing to put energy into implementing your product or services, then a “free pilot” is the way to go. – Tyler Trimbath, Trimbath Advisory Group

5. Identify And Target The Right Customer Segments

One factor that business development teams can implement to enhance rapid product growth is identifying and targeting the right customer segments. By understanding different customer groups’ specific needs, pain points and behaviors, business development teams can tailor their product messaging and marketing efforts to resonate more effectively within those segments. – Lomit Patel, Tynker


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6. Craft A First Response Initiative

It is important to craft a First Response Initiative for the business development team. This involves detailed plans for contacting new leads and following up with warm prospects. Along with market research, this framework empowers the sales teams to drive an increase in numbers. The wave of new customers will usher in a period of immediate product growth and hopefully herald long-term success for the company. – Bryce Welker, Crush The LSAT

7. Leverage Strategic Partnerships

Leverage strategic partnerships. By collaborating with complementary businesses, organizations can access new markets, enhance their product offerings and share resources. This can lead to increased visibility, credibility and customer acquisition, which can contribute to rapid product growth and long-term success. – Tomer Warschauer Nuni, Pink Moon Studio Ltd

8. Test Products Early With A Selected Group Of Existing Customers

Early product testing with a carefully selected group of existing customers will yield vital feedback and give useful insights into how the product really performs under pressure in the real world. With that, you can apply final improvements before the official launch. The added benefit is that your customers can get used to the product and make the most of its innovative features for their needs. – Anna Jankowska, RTB House

9. Clean Your Sales Pipeline

Clean your sales pipeline by qualifying the opportunities on measurable criteria. When your sales team stops wasting time on losing deals, they will have more time and enthusiasm to pursue the deals they have the best chance of winning. Discuss as a team: Who makes it into your funnel and what key indicators lead to a high likelihood of success? – David Mattson, Sandler

10. Implement A Balanced Approach To Growth, Including Marketing, Sales And Customer Service

Often overlooked is the importance of a collective approach to solving for growth. A balanced approach to growth would include marketing, sales and customer service all working toward the same outcome rather than each department pulling in its own direction. Collectively the outcome is better, the branding is stronger and clients have a better and more holistic experience from start to finish. – Peter Schravemade, REACH ASEA

11. Strategize Ways For Retaining New And Existing Customers

Businesses can experience rapid product growth by effective new customer acquisition and implementing strategies for retaining existing ones. While focusing on customer acquisition and retention is important, it’s essential to have a holistic approach that considers other elements such as product quality, competitive analysis, market trends, and effective sales strategies. – Marek Niedzwiedz, aeXea Group

12. Offer Your Product In Conjunction With A Similar, Not Competing Product From Another Business

I am a fan of partnerships. Anytime I can couple my product with a similar, but not competing, product within my space, I do it. The goal is that I now offer my product in conjunction with theirs (think two for one), and they do the same on their end. We both end up having to take a haircut at the retail price, but we sell more units and increase brand awareness. – Dustin Owen, The Loan Officer Podcast

13. Leverage A Sales Channel Your Competition Doesn’t Use To Send Personalized Messaging

Leverage a sales channel that your competition is not using to send personalized messaging. Most products in a category are fairly undifferentiated from a marketing perspective. The prospect does not know what or who to believe. Taking time to personalize a note through an unconventional channel signals the readiness to make an investment in the prospect. Rarely do salespeople do this. – Manoj Tandon, Dark Rhino Security

14. Ensure A Fast Implementation For Immediate Returns

Immediate product growth happens when a product answers key challenges while also ensuring they are meeting common challenges like time to market and immediate ROI. So ensuring there is a fast implementation for immediate returns while being focused on easy-to-use or consume for the internal and external clients is a key to immediate success. – Donald O’Sullivan, Evonsys

15. Create A Referral Program

Creating a referral program is a low-cost way to increase growth with the best voices speaking on your behalf—your customers. Your existing customers are your best approach to increasing product growth. Create and generate referrals from them and incentivize them with discounts or additional value on what they already have from you for referring others. – Wayne Elsey, The Funds2Orgs Group

16. Focus On The Customer-Specific Use Case

Focus on the customer-specific use case. Your customer is looking to solve a problem, the level of which varies from customer to customer. Once your message delivers on that key problem and users are able to envision the application, the only thing that remains to discuss is pricing, and if you have differentiated the value early on in the process, your customer is actually looking at you to reaffirm their choice. – Mustansir Paliwala, EQUANS

17. Listen And Understand The Customer’s Problems

Sell with your ears. This is a common mistake that most are guilty of. We focus on what we want to say and sell, not taking time to listen to the customers’ asks. Sometimes it’s best to not ask for things directly, but instead, understand the customer’s problems to develop a pitch based on pain points. When we listen, we often position a better solution and form a better relationship. – Jessica McDowell, TD SYNNEX

18. Focus On One Strategy At A Time

Focus on one thing. When immediate growth is needed, identify the origin of what is stopping you from growing and focus 100% on it. Make sure your team knows about this, and once unblocked, shift resources (slowly) to your sustained growth strategy. – David Mahbub, MACH9