In a nutshell, business development is the process of boosting the number of sales and revenue using several techniques and elements to gain new customers and target new markets that might benefit from the products and services that are being offered. It may also be that because of changes or new developments things like staffing and company procedures may need reviewing in-line with policies and processes for getting thing done. Ultimately, all team members are to externally “transfer this knowledge” to clients, suppliers, prospective customers, community, and, of course, to their families.
This is another smart professional development plan that many businesses employ, because the high demand of the product will sustain the company’s financial, management and production needs. In this example, business development or Alliance is responsible for recruiting, managing, and supporting partner companies.
View marketing and selling not as independent activities but rather as an integrated process in which marketing and business development have defined, complementary but different, roles. However, your sales team benefits in many ways from having a dedicated business development focus.
An event management team can be retained for any type of business meeting. Business development involves more of a strategic approach such as strategy, marketing, customer management, and partnerships; these activities encompass about 75%-80% of the approach, and sales about 20%-25%.
Find a business development professional who can tell the difference between an exciting new opportunity and a waste of time. When you’re providing outstanding support not only you’re retaining valuable customers, but you also have those people refer your business to others.