Business development means a set of processes and activities to develop, expand the business market and create long-term value for customers.
In addition, this includes finding new business opportunities and building your brand’s reputation in the marketplace. It makes your business more sustainable.
Key business development actions
Given the wide range of responsibilities, it is impossible to list all the activities included in the BD. However, there are vital tasks that your BD team will most likely focus on.
- Study. It may cove market/industry trends, company history, competitors, leads/prospects/clients/. Someone at BD should have access to this information and ensure it is thorough and kept up to date.
- Stakeholder mapping. Once you understand your place in the market, the business developer’s job is to keep it up by matching stakeholders and relationships. Your BD team should compile a list of significant individuals and companies that may bring you closer to your target audience and then work to create relationships with those people.
- Identification of development opportunities. The BD department exists to expand your organization. One of the primary paths to this is identifying and seizing growth opportunities. By studying trends in emerging markets, your business developers can suggest growth and market reach opportunities.
- Brainstorm. It seems a given, but we don’t mean to sit and think about ideas. When we say brainstorming, we suggest a structured idea generation process. Business developers work together to analyze growth opportunities and develop strategies to make the most of them while staying true to the company.
- Lead generation and qualification. They are not just for the sales development team. Sales development does a lot to attract and qualify leads, but they are customer-focused first and foremost. Business Development works with incoming and outgoing leaders to develop potential relationships and partnerships.
Most BD plans cover multiple departments. As a result, business developers must be ready to manage these departments to work together to achieve results. BD requires a deft hand in accurate communication, documentation, and conflict resolution.