Business development is a broad term applied to the process of strengthening ties with existing clients as well as cultivating customers in other sectors of the consumer market.In order to accomplish this goal,business development normally crosses the traditional barriers between sales,marketing,customer care,operations and management in order to promote this process of expansion on more than one level for the company.This means the business development specialist must exhibit a degree of competence in many different areas in order to identify and capitalize on growth opportunities.
Business development is a must for every company – The process of business development can incorporate many different departments within a company.All businesses need to focus attention on the creation of marketing and business expansion.While there are people who devote their professional lives to stand alone business development tactics for other companies,some businesses prefer to do the work themselves.Small businesses need at least one person devoted to the development of the business,even if they have other responsibilities.An employee who works closely with the marketing and sales team as well as the product development team will do very well in their job duties.
Work profile of a business development professional – A business development professional’s main focus is to identify opportunities for the business, but also they need to stay up-to-date on current industry trends. Knowing what business competitors are working on is helpful to keep your business strong. Noticing when there is a new market sector or specific new client’s means your company can work to improve or change up your advertising campaign. Most business development experts recommend that new opportunities in the company’s industry be identified as often as possible in order to expand current markets and bring in more money. If your company cannot afford to have its own business development team, often you can have the advertising, sales, and/or marketing department handle the business development responsibilities.
The key to successful business development – It isn’t about simply hearing the word “yes”.It’s hearing it fast.You need to know,quickly,whether someone you’re in discussions with is serious about doing business or not.If they’re not,you need to move on.One of the foundational aspects of business development is to assess the current assets of the company as they relate to the maintenance and expansion of the business.To this end,the business development specialist will work closely with sales and marketing professionals to identify the degree of penetration already enjoyed by the company in various sectors of the consumer base.
Business development is all about three things – relationships, value and timing.
