For example, maybe your business has recently partnered with another company that can help you boost brand awareness and attract a much broader base of leads and customers. 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. This is where SWOT analysis comes in handy — SWOT stands for strengths, weaknesses, opportunities, and threats. The key to using SWOT analysis correctly is to have a clear goal in mind first.
On the other hand, if networking is simply one of many tactics, your decision to use it will depend on whether it supports your larger strategy. Strategy, on the other hand, is a considered choice and does not change from day to day or week to week. The key is to have a very appealing offer delivered to a very qualified and responsive list.
That would be Lee, our managing partner, who suits up in a pair of cowboy boots every day and drives strategy and research for our clients. With a Ph.D. in behavioral psychology, Lee is a former researcher and tenured professor at Virginia Tech, where he became a national authority on organizational behavior management and marketing. He left academia to start up and run three high-growth companies, including an $80 million runaway success story.
Yet if you’re missing the best practices, this is an excellent place to start. However, to set it up correctly you need insights from the sales teams. While it is essential to understand the difference between marketing and sales, it is also critical to understand how they work together. Have sales force once understand the product/service and its strength and unicity. However, for any business to be sustainable needs a continuous stream of leads; and in many cases, this implies cold calling or approaching people that never heard of you before.
- If you are just starting, you can apply for entry-level positions so you won’t be rejected based on your experience.
- By contrast, business development is the search for entirely new ways of creating value.
- Newer digital networking techniques can help on the cost and time front.
- This will allow you to more effectively identify ideal prospects.
- You’ll need to come up with an improved sales process, and put in place policies and programs that help the company achieve business growth.
Part of business development is convincing other people to do certain things, such as offering assistance, lowering prices, or making investments. There are negative ways to influence people, but the more ethical and effective option is to learn the subtle art of finding common cause and earning trust. That requires prioritization, understanding, and above all, a tactful and genuine demeanor.
You’ll get the chance to work on many projects involving other departments, and you’ll get the chance to learn new skills beyond your field of expertise. In business development, it is just not possible to get comfortable and this will push you to your limits. You will discover many new qualities and improve the ones you already have.
Whether you want to study for a regulated qualification, or take a Business development course which provides CPD points/hours or qualifications, there are a number of learning options available. Service businesses like yours are ideally placed to build and test new service offerings directly with your customers. It’s also possible to move into a business development manager role from related jobs such as commercial manager, account manager, sales executive, business development executive and sales manager. Another increasingly common route into business development management is through an apprenticeship, combining work with part-time study. Apprenticeships are available at various levels, including degree-level.
How Is Business Development Different To Sales?
This is where business development comes in to help close the gap between sales and marketing. In fact, when companies treat business development as a part of the sales team, it tends to create misunderstandings and frustration — especially when it comes to revenue. You may progress to the role of senior business development manager, perhaps being responsible for a bigger team or department, with higher targets.
And that has a direct negative impact on the way sales and business development work. You see, we’re often the first contact point for potential clients and partners. Which means we’re the perfect people to gather insights directly from the market.