Business development is generally defined as the use of markets, relationships, and customers to create long-term value for an organization. Other definition of business development is the set of processes and tasks used to create and sustain business growth and long-term value.
Commonly recognized goals by a Best Digital Marketing Agency In USA of business development are as follows-
- Create and maintain long-term value
- Establish strategic partnerships
- Expand markets and open up new outlets Making
- decisions strategies
A good business development plan encompasses everything from project management to product development initiatives. In fact, business development influences virtually every aspect of a company’s operations, processes and procedures.
The complementary relationships between sales, business development and marketing are well known in the business world. However, owners of small businesses and new businesses may not be certain of the details of these relationships as well as the potential for long-term value they hold.
Project management to product development activities are all part of a strong business development plan. An experienced business development team should be able to identify the best way to allocate marketing budget to achieve optimal results.
For example, while a small business budget may only allow for limited social media advertising, business development professionals can optimize advertising exposure levels. For larger budgets, the marketing department may recommend cold calling or in-person demonstrations.
A business developer can also bring exciting new opportunities to the marketing department with respect to branding initiatives. The focus on branding initiatives makes sense, because today more than ever before, a company’s brand defines its ability to successfully enter a new market.
The business development team can work in conjunction with the sales team to find sales process optimizations. For example, a business development manager might help identify a method to shorten the sales funnel that the sales team might have initially overlooked.
The development team can also help the
- effectively enter a new market
- Establish strategic partnerships
- Presentation of a new product
- Explore new opportunities
- Identify new customers and new markets
WHAT IS BUSINESS DEVELOPMENT?
Business development is a multidisciplinary process that promotes the implementation of strategies within a company in order to promote its growth and increase its revenues.
It includes all areas that contribute to the achievement of business objectives such as marketing, sales, innovation, technology and others. Through business development, organizations build capacity and promote the effective management of resources in ways that contribute to sustainable business growth .
Companies implement business development practices in order to improve their processes, keep up to date with changes in the market, follow what their competition is doing and learn how to attract their target audience more effectively.
WHAT IS A BUSINESS DEVELOPMENT PLAN?
A business development plan is an action plan that identifies, describes and analyzes a business opportunity with the aim of examining its technical, economic and financial viability.
It is a strategy that allows the development of all the necessary procedures in order to achieve the objectives related to the growth of the company. Sales managers are usually responsible for creating this plan.
For companies that are already established, a well-designed business development plan is useful to reorient certain commercial, organizational, productive or financial aspects.
THE BENEFITS OF A BUSINESS DEVELOPMENT PLAN
- It clarifies the objectives of the company
- It reduces external risks (competition, technological changes, etc.)
- It coordinates the various factors of a business that are necessary for its growth and success.
- It allows you to generate more sales and develop new markets
- It is a very useful tool to get buy-in from key elements of the business: investors, suppliers, management team, etc.
- It puts more money back into your business
- It allows the coordination and execution of tasks according to an established schedule.
- It allows you to work with flexibility in the organization and to adapt when certain business factors experience variations.
- It is a control instrument that makes it possible to detect deviations from the original plan and to evaluate the progress of the project and adjust the plan according to the results.
- It is a point of reference for future plans of new projects that appear as the company evolves.
HOW TO CREATE A BUSINESS DEVELOPMENT PLAN
Create an elevator pitch
An elevator pitch is a very short speech that is used to introduce a business or a business idea. It should explain the organization’s mission and how its service or product meets the needs of its target audience.
The objective is to arouse the interest of the investors and the target audiences of the company so that they want to know more about the company and achieve the objective that has been decided: financing, sale, etc.
WHAT IS THE DIFFERENCE?
We must see business development as all the activities and strategies that a company implements to carve out its place in its respective industry in order to increase its sales volume. Development includes finding strategic partners while selling is the action of selling to a customer (closing a sale), but that is not the only difference. All of this goes into business development. You always have to see to your business development, you always have to do it.
Selling is a subcategory of business development. There are two types of sales:
When a client or prospect contacts you directly through a referral, following an advertisement or following an internet search. The customer comes to you through different methods such as:
- Traditional or online advertising (Inbound Marketing)
- An incoming call
- An incoming email
- Research on the Internet
When a company engages in canvassing and business development activities to communicate with potential customers in order to make themselves known and solicit them to buy. These activities include:
- Cold Call or other solicitation activities
- Active search for leads and prospects
- Use of social networks (social selling)
- Trade shows and corporate events
- Establishment of partnerships
A solid marketing strategy by Web Design & Development Services In USA takes into account the sales and business development department in order to understand the reality on the ground. A TOO frequent error in companies, even in the largest ones, is not to consult the representatives and the sales department when it comes time to establish the marketing strategy or the new advertising/promotion to come. This practice can be detrimental to company profits. It very often happens that marketing does not have a global vision of the company, but rather a tunnel vision which excludes important data (KPIs).
However, it is recognized that a good inbound marketing strategy is highly effective for business development. Generating leads through a robust marketing strategy will make the biggest difference in growing your business.
Establishing an (inbound) marketing strategy requires an analysis of the target markets and a reflection on the channels to use.
While there are several types of sellers (hunters vs farmers), not all sellers are necessarily good business developers. Development requires a finesse and tenacity that few people have. It is often said that it is reserved for a rare species found in the profile of the hunter. You have to have a vision and show courage, because often the goal to be reached does not include instructions on how to reach it. You have to be creative, flexible, fast and resilient. You have to know how to use your intuition and instincts to be in the right place at the right time, make decisions quickly and know how to start a two-way conversation.
Doing business development means being told no most of the time. You have to learn to bounce back quickly, easily and keep going. Everything happens in the execution and the process. It is said that 80% of sales happen between 5th and 10th follow-up. Don’t underestimate the investment of money, time and resources!