Most business leaders believe in the philosophy that their risks should lead to the reward. Often organizations become complacent with their business development strategies. They don’t search for new ways of working. The reason is simple – if a process is working, it’s best to keep it. But going forward the business world will expand in various ways, and it is essential to say yes to new business approaches.

JPMorgan Chase and its use of Artificial Intelligence as a business strategy

Today, JPMorgan Chase is the biggest bank in the United States and manages more than $2 trillion in overall assets. As a leading brand, JPMorgan Chase has used Artificial Intelligence (AI) as a business development strategy. Today, the bank says that it leverages 6 AI tools. And for implementing this initiative, the brand needed a seamless process for incorporating AI software all through the tech stack. And it can be possible to resort to a cloud-oriented system that gets used for treasury management. The AI initiatives that the brand applies are:

• Intelligent pricing
• Virtual assistants
• Smart documents
• Anomaly detection
• Quantitative client intelligence
• News analytics

These initiatives have enabled the brand to better its business ways and ensure improved progress on the business front. However, JPMorgan Chase is not the only brand that branched out to adopt innovative business strategies. There are other organizations as well that took the same move. Here are some of the overlooked business strategies leading organizations and businesses can opt-in for:

1. Opting in for a good turn

It is essential to stick to the famous slogan “Do a good turn daily.” Even though successful entrepreneurs possess a reliable and extensive network, it’s necessary to expand the network and ensure that it stays relevant. The ideal way for getting this done is to move out and provide value and not expect anything as a return. It’s essential to think about who or how you can be of help today to your clients. And this will result in better business benefits.

2. Always keep learning

Successful business leaders have a chance to get complacent. They might have come up with a certain kind of intellectual property, might speak on panels, and many more. However, there comes a time when they forget to innovate, which makes them lose out on new trends and information. And that makes them get surpassed by other business leaders. Hence, it is essential to celebrate and count on success and also stay motivated to keep learning more.

3. Discovering customer value

It is essential to prototype a brand-new configuration or scenario where a business development partnership can result in consumer value. For instance, if you wish to embed the new product in a certain market provided from a separate supplier and you wish that it happens, it is essential to see whether you can conceive and then develop a prototype prior to the meeting. It ensures that the proposition is real, highlights the buyer value, and also helps to bring down the frequency of pointless PowerPoint slides.

4. Making use of business plans

You can ensure that your business moves forward when you have a business plan for 10 or 15 years. It’s essential to revisit your objectives daily. And if there isn’t any direction, you will not head anywhere. Hence, it’s necessary to have an aim and work for it.

5. Making the most of referrals

Usually, the sales strategies that worked back in the past lose the verve. It becomes essential to make the most of the referral network. It is a fundamental business development strategy to implement. For instance, some organizations move beyond the cold calling tactics and then find a positive impact on the top line and the return on investment.

6. Using content marketing

Even when businesses become popular, the content market still gets overlooked. Not every organization considers this as an essential business strategy. The salespeople and entrepreneurs who use the conventional tool kit for getting in the deals can miss out on the scope to get a new business that can happen by developing valuable and relevant content. And when you utilize your business wisdom, you can grab the attention and interest of your potential consumers.

7. Opting in for a win-loss assessment

There is always a scope for improvement. And when you apply this principle in your business, it becomes a win and loss assessment. And even when business leaders think that they have arrived at the golden key of sales, an accurate win and loss analysis helps demonstrate new approaches that can keep the business running.

8. It is essential to understand the bias

One essential thing that most business leaders should do is keep track of business growth using favorable tools and expert methodologies. You can check out some of the tools at RemoteDBA.com for better information. It’s easy to say that a process worked correctly or consistently and it’s the data that has the proof. Having a clear understanding of the statistics can help unravel scopes for a diverse business development strategy. Hence it is necessary to keep monitoring.

9. Making the most of the company website

If your website is stagnant, you can miss out on leads and opportunities. Your website can act as a 24/7 sales tool and work favor your business. You can add a video to enable the consumers to develop a personal association with your brand. It will always result in better sales and business development.

10. Gathering information from the contradicting industries and learning

If you look at Uber, you will see that the brand has used two contradicting industry verticals: a mobile-app self-service and tax service. It is essential for business leaders to explore the already existing industries and check all that they can learn and deploy in their business.

These are some of the overlooked business strategies that can help your business to advance manifold.