While it may sound simple, business development is a topic that is often confused by many professionals. Several different definitions and approaches are used to explain business development; however, in most cases, it refers to a goal set by an organization to increase the company’s long-term value. How that goal is accomplished is dependent on the company and the creative ideas they bring to achieving growth. That being said, there are three important components for establishing efficient business development.
In short, business development aims to increase the value of an organization through its customers, relationships, and markets.
Customers
An organization is supported by its clients or customers. Without them, your products or services wouldn’t be necessary, and there would be no reason to develop your business. Many different departments contribute to the overall success of client satisfaction. Sales and marketing are two important teams that contribute to customer satisfaction and ultimately the growth of a business. While sales focus on revenue goals and reaching target audiences, marketing teams focus on the promotion and advertisement of the businesses services or product. Assessing the budget of a business will provide direction to whether or not a more aggressive sales and marketing strategy can be implemented for developing the company’s brand.
Relationships
What your customers, investors, employees, and partners say about your business is vital for long-term success. Maintaining strong relationships are the building blocks towards business development. Additionally, incorporating strategic partnerships is a viable option for business development. Partners are able to evaluate and offer valuable insight to options presented and offer advice to what action would best serve the development of the business.
Markets
When, what, and how customers choose to buy a product or service can depend on the market they live in. Understanding the market for your clients and identifying ways to increase your territory can contribute to long-term success. Although it varies depending on the industry, market research is an essential solution to keeping up to date on trends within your target audience. Examining trends in consumer behavior is a great way to stay ahead of the competition and increase your customer base.