Business development is a critical aspect of any business. Without market expansion, and increasing revenue, a business cannot survive. The objective of any business development activity is to move your company from an unknown position to a trusted (or favoured) position in the minds of your target investors, clients, partners, government officials or even stakeholder communities. A trusted position means you have established offerings, established services and an established client base.
It means your “story” is known to people in your market.
Marketing – whether it is straightforward branding, press releases or content creation – is part of the business development cycle. The cycle starts with market assessment and ends with a proposal and a sale. A proposal can be anything – a service offering, a response to an RFP, a presentation to investors, or a job offer to a potential employee. It is something that you are SELLING, and that you want someone to BUY. To get them to buy, you need to be known in the marketplace.
It is possible to prove the return on investment of business development and marketing activities. Most measurements of success can be given a monetary value. The monetary value can then be compared to what the marketing activity cost. Marketing activities have to be set up from scratch to deliver the eventual metrics. Such metrics could include:
- unique views,
- unique visitors,
- conversion rate,
- time spent,
- level of engagement,
- sentiment & tone,
- column cm of press,
- client satisfaction levels,
- bids won, and so on.
Metrics depend on what sort of marketing is being done. Planning for metrics on any business development or marketing initiative means that you will be able to see where your expenditure went, whether it is effective and what the quantifiable benefits are.
The most obvious way to prove a return on investment is by comparing the sunk costs of proposal development to the revenue gained by a successful proposal. Red Pennant has more than five years’ experience developing a significant database of proposal proof point materials specifically for Canadian Mining, but we also know the global industry well and can produce accurate contents quickly.
Similarly, due to our high production rate and short turnaround times, our cost of producing proposals compared to the value of the proposal, is only 0.163% on average, whereas if a senior company manager were to produce the same quantity of information, their fees would be an estimated 5.21% of the value of the proposal in sunk costs.
Next benefit to your business: Your communications will be compliant.
More to discover:
- Business Development Services for Mining & Minerals companies
- The benefits of engaging Red Pennant
- Manage the risk of not knowing what you don’t know
- You will be able to put your budgets to better use
- Your communications will be right the first time
- You will be able to combine high utilization with a low hourly rate
- You will be able to pick and choose your media mix
- You will be able to measure the success of your business development expenditure
- Your communications will be compliant
- Tools and templates