What skills are required?
This blog post will help you understand the job market if you are thinking of a career as a business professional. This blog post will discuss business development and what you should know in order to get started with your career.
The field of business development is relatively new and is growing in popularity. Building strong relationships with prospects and customers is a key part of business development. This helps to increase sales of products and services in the target market. These relationships are vital to your business’s continued success.
Business development is a term that is used a lot in business circles. However, it can mean many different things to different people. It is important to understand what the term means and how it fits into the business world.
A few weeks ago, I had a conversation with the director for business development at a French logistics company. He was thrilled to have achieved his goal of 10 qualifying opportunities in five months. He even exceeded his goal with a transaction of EUR350,000.
These were amazing results. These achievements were even more impressive because he was able to do them in a completely new field.
He contacted me several days later, worried that he might lose the job.
It turned out that the CEO was unhappy with the results, as only one transaction had been completed. The CEO had high expectations and it didn’t matter if the business development representative (BDR), achieved them.
This story made me think about what company growth actually entails and how businesses see it.
What is company development exactly? How does it relate to other departments?
This tutorial will show you:
What does business development mean?
Business development can be described as a set of activities and procedures that are aimed at creating and sustaining profitable growth opportunities within and across companies. However, most businesses use the word differently depending on their needs.
Business Development, in a SaaS scaleup for instance, typically involves a lot more cold outreach to potential clients. A large global corporation may also conduct business development. This is done in preparation for new markets or new product lines.
No matter what their differences may be, all business developers have the same goal: to find and implement new growth opportunities.
Business development refers to a set of activities and procedures that are aimed at creating and implementing profitable growth opportunities within and across companies.
This is where the key word is “Growth Opportunities”. Most cases, “new opportunities” is more than “new customers”. It also includes the following:
- Find new collaborators
- Getting into new markets
- New product development
How is this different to marketing? Although it may seem like there is a lot of overlap in company development and marketing, there are still some important distinctions.
What is the difference between business development and marketing?
It can be difficult to distinguish between marketing and business development. This is made more difficult by the fact business development may look very different from one company to the next. Let’s make this clear: Marketing is primarily about acquiring new leads and customers. Business development is about building relationships with companies to open up new opportunities.
Let’s get a little deeper into it.
The marketing department of your company is the one that interacts most with customers. As stated earlier, the main goal is to attract customers. There are three possible ways to achieve this goal:
Create an Idea Customer Profile (ICP).
You must maintain a consistent brand across all platforms (websites, social media, ads, etc.). To stay top-of-mind with your target customers.
Customers are being educated about you and your products.
This is often enough to convince prospects to buy, especially if you have smaller B2C deals. They will either call your sales team or purchase from your website right away.
For B2B customers, marketing is only the first step. This is why business development is so important.