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PG 07
BUSINESS DEVELOPMENT TRENDS TO WATCH FOR THE NEXT TEN YEARS
BY ASHWIN DEWAN
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Most of us who have been in any form of business over the last two decades will agree that "The one thing that stays the same in business is – nothing stays the same,” and this statement has never been more valid for the business development function of your enterprise than today. But before we explore the aspects of change and trends in it, let's understand what business development truly means.
Some would define business development vaguely as building partnerships; a start-up business might categorize it ambiguously as hustling, and the majority of us identify it as sales. I was never satisfied with the simplicity of these definitions and believed there is more to it than just this. So after much deliberation, I have defined business development as “The function of a truly responsible business that focuses on building long-term value and growth, using its clients and the market."
With this definition in mind, we are now at the cusp of a new decade where we, and our businesses, will encounter new challenges and opportunities like none other. Here are some of the most significant business development trends that we should watch for.
ARTIFICIAL INTELLIGENCE
Artificial Intelligence (AI) historically was viewed as a futuristic technology from science fiction novels and space films, but now it is moving from fiction to reality. This innovative technology that many hail as the wave of the future has the potential to influence all areas of our lives and business.
AI is already making a significant impact on improving the marketing, sales forecasting, selling, and after-sales service of the business development cycle with the use of technologies like automated chatbots on a website, and intelligent and predictive
analytics in customer relationship management solutions, among others.
With companies like Google, Facebook, Apple, and Amazon increasingly using AI in their voice assistant solutions, future sales decisions could likely be made just by interacting with a voice assistant. Imagine how beneficial it would be to have your company suggested when someone says, "Alexa, suggest an image consultant."
CLIMATE CHANGE
Climate change is no longer a debate, it's now a reality. It is not just an environmental problem but is indivisibly connected to everything we do as a society. It will have an impact on many areas of business, including a change in client behavior.
Owing to the increasing awareness of climate change, we are already witnessing a slow shift in the client's outlook towards fashion. If your core service offering focuses on styling and personal shopping, your business development strategy should factor in the
possibility or even likelihood of a client’s preference for recycled fashion. Very soon, sustainable sourcing might be the actual decision-maker instead of price. Image management professionals who preach sustainability as a philosophy in every element of their offering will have much to gain in this changing environment.
COLLABORATION VS. COMPETITION
The notion of a business in the past ten years has changed so much that it's difficult to imagine what the next ten years will look like. But one trend that has been continuously gaining steam is the strategy of collaboration over competition.
Traditionally, businesses would spend a considerable amount of capital and time on building a competitive edge in their market, but this strategy is rapidly changing as companies now prefer to develop collaborations and find synergy to create a more significant impact at a lower cost.
To benefit from this growing trend, you must understand that collaboration is all about sharing content, expertise, and network to achieve a goal. As a professional in the image management industry, our enterprise has no borders; hence we must look at collaboration as a future strategy for business development and growth. By keeping a watchful eye on these macro trends, you can build massive value and make a significant impact on the achievement of your business development goals, and the good news is that it is great for business and even humanity.
In conclusion, to avoid being left behind, I believe for the next ten years, image consulting businesses need to focus on Adaptability, Connectivity and Teamwork, which are critical success drivers for the future of business development.
ASHWIN DEWAN is the Co-Founder & Managing Partner of the Indian School of Image Management, a premier Image Management and Soft Skills institute that focuses on providing international standard and high-quality education in India & Internationally. With a dynamic experience of over 15 years, his pioneering growth objectives in well-established organizations, as well as focus on entrepreneurial and innovative approach towards business strategy, marketing & business development, are noteworthy in competitive markets such as India, Australia, South East Asia & Middle East.
He is a qualified & experienced keynote speaker & trainer in the domain of Soft Skills, Digital Marketing & Business Development. Ashwin is a passionate philanthropist working on building quality education infrastructure such as schools & classrooms for children in the underprivileged areas of India.
www.indianschoolofimage.com
M a i n t a i n p h y s i c a l d i s t a n c i n g S O U R C E : WO R L D H E AL T H O R G AN I Z AT I O N PREVENTION The Association of Image Consultants International | 11
