There are a lot of web 2.0 social websites that claim to assist in sales. Some examples are LinkedIn, Twitter, Facebook, and Myspace to name a few. But do they actually live up to this claim for the telecommunications industry? I am conducting a study that examines the effects of Web 2.0 Social Networking sites in the Telecommunications Industry. The purpose of this blog is to request your participation in the survey. This survey is for telecommunications executives, business owners, engineers, and other practitioners within the industry. The goal is to analyze the specific networks that have the most influence in our industry. Please visit the following link to participate in this quick survey. At the conclusion of the survey, I will share the results to those that request a follow-up.
Thank you in advance for participating in the survey.
One of the most important gauges of success for any business is the ability to convert potential customers into clients. In a highly fragmented industry such as telecommunications, achieving even 1% of the market share requires sound business development support to shorten sales cycles. The purpose of this blog is to demonstrate the need for business development services for small telecommunications companies.
Definition of Business Development Business development (BD) is not sales. Contrary to popular belief, business development has a different role than sales activity. BD usually involves the process of identifying potential customers. This may include an internal qualification process of identifying client’s. In providing telecommunications products and services, the process requires a great deal of research analyzing the client’s technical requirements, budgets, and timeframe for installation.
Many new telecommunications companies assume that “if you build it, they will come.” The assumption is that clients will purchase new technology. However, these assumptions are wrong. Clients are more prone to buy based on relationships through a consultancy approach. This is where business development professionals are crucial as an asset to supporting sales.
Here are more reasons for justifying business development personnel: • Gathering market demographics • Performing SWOT analysis • Getting your foot in the door • Provide feedback on realistic sale projections • Developing strategic relationships that influence your clients’ purchasing behavior
The job of BD is not to close the sale but to schedule a sales meeting. If done correctly, BD professionals are vital for helping the sales professional close the sale quickly and efficiently. Therefore, do not overlook the value of this value added service for your sales department. If you require the need of a business development person, please contact me toll free at 1-877-593-2085 or email at info@nashawnbranch.com
Every entrepreneur is familiar with a business plan. It has become as common term as a “must have” for successful new business ventures. However, for new start-ups in the telecommunications industry, a feasibility study is just as important. As the name implies, a feasibility study is an analysis of the viability of an idea. The feasibility study focuses on helping answer the essential question of “should we proceed with the proposed project idea?” I would like to demonstrate how a feasibility study answers that question and just makes good business sense before composing a business plan.
Feasibility Study vs. Business Plan
According to Don Hofstrand and Mary Holz-Clause, Co-Directors of Ag Marketing Resource Center at Iowa State University, "A feasibility study is not a business plan. The feasibility study provides an investigating function. It addresses the question of “Is this a viable business venture?” The business plan provides a planning function. The business plan outlines the actions needed to take the proposal from “idea” to “reality.”
Some common elements of a feasibility study for a telecommunications business are: • Identification of Regulatory Issues, • Cultural Differences (i.e. workplace restrictions, geographic differences and local customs) • Technology Requirements (i.e. bandwidth, hardware and software) • Competitive Landscapes • Market Assessments
Conducting a feasibility study is a good business practice for assessing if one should proceed with the business before wasting valuable time and money. If you examine successful businesses, you will find that they did not go into a new business venture without first thoroughly examining all of the issues and assessing the probability of business success.
Below are other reasons to conduct a feasibility study: • Gives focus to the project and outline alternatives. • Narrows business alternatives • Identifies new opportunities through the investigative process. • Identifies reasons not to proceed. • Enhances the probability of success by addressing and mitigating factors early on that could affect the project. • Provides quality information for decision making. • Provides documentation that the business venture was thoroughly investigated. • Helps in securing funding from lending institutions and other monetary sources. • Helps to attract equity investment.
The feasibility study is a critical step in the initial business assessment process. If properly conducted, it may be the best investment you ever made. If you are considering a feasibility study for a new market for telecommunication services, please contact me toll free at 877-593-2085 or email: info@nashawnbranch.com for a consultation.
