The Ultimate Guide To Business Development And How It Can Help Your Company Grow business development

Business developers are more focused on forming partnerships rather than marketing new products to customers. Both the marketing department and the business development teams have the same goal of growing the business; however, the approaches may be different. Business developers are also required to work closely with the sales department to encourage more qualified sales as a way of increasing the number of successful deals. The sales team will present the product to the customer and negotiate for the best deal. Depending on the type of business development goals you set for the team, you may determine you need to set a budget. Consider your resources, the cost of any previous business development strategies you’ve developed, and other important operational line items (what you need, who’s involved, etc.).

  • As mentioned above, part of any role in business development is to stay up-to-date on market and industry trends and understand your competition.
  • Such knowledge is very crucial in ensuring that the business stays updated with the relevant statistics about market trends.
  • Good collaboration skills enable people to build relationships, solve conflicts, influence others and overcome office politics to get things done.
  • If someone asks you what you do for a living and you say, “Business development,” you’re usually met with a quizzical look.
  • The important thing is that you choose specific KPIs to complement your plan.

Here is a list of the top skills that every business development expert should have. SWOT analysis allows you to identify the ways your company can create opportunities to grow and expand. Set SMART goals for your strategy — meaning, make sure your targets are specific, measurable, attainable, relevant, and timely. By creating SMART goals for your business development plan, you’ll be able to ensure these goals are aligned with those of your entire company. You can simplify any initial communication with prospects by having an elevator pitch ready to go.

Business Development Course

But that wide range of applications doesn’t undermine its utility for BDRs and their managers. If you’re looking for a solution that addresses almost every component of successful business development, consider investing in HubSpot Sales Hub. You’ve just completed your business development plan — with your strategy and ideas, your business will be growing in no time.

Once you have come up with your business development plan, you’ll need to convince people that your suggestions have merit. Market development is a growth strategy for identifying new places to sell existing products. Business development processes can help firms come up with a strategy to enter a market.

Professional Development

Abbreviated in BD or BDR, it is the most entry-level position and that’s where most of us will probably start. However, generally speaking, this function is mainly related to either acquisition of potential clients or opening up new channels. Usually, as business developers, we come up with new ideas, test them, and then if they work, we scale them with other departments. My career in business development started quite…unconsciously, I would say. Every business development person must be in a position to set their own expectations and come up with plans to meet them.

Those words resonate with me as I found myself in the position of leading the business development of a tech startup. The success of companies like Google also depended on their business development capabilities. While this may work for AEs, it forces BDRs to focus solely on their number. As a result, they’re likely to develop lower quality leads — pushing leads regardless of quality, resulting in lower conversions and sales at the end of the pipeline. Organize something similar so your team can develop a deeper understanding of what’s needed to be successful. So I would take on the role of my account executive and the AE would take on my role.