Is it sales? Does it bring long-term value, build market share? Is it a marketing function or a sales function, or is it both? Marketing should be the first thing that comes to mind when you think about business development. Although business development requires a few soft sales skills such as qualification and negotiation, it is a marketing function.
Simply stated, the function of sales is to sell directly to the end customer. The function of business development is to work through partners to sell to the end customer. Sales is very much an equation of capacity, which is why sales teams tend to grow so large. On the other hand, business development teams are typically very small, maintaining their small size by working through existing partner infrastructures. The art of business development comes in identifying partners that fit that description while finding a way to provide value to the partner’s end customer and business.
Business development is critical for any business and is responsible for developing and maintaining essential partnerships and helping organizations obtain better brand recognition and revenue growth. This includes working with executive leaders, reviewing current market trends, and strategizing new ideas to drive revenue.
Some of the responsibilities of business development include:
- Identify and research potential clients
- Develop and maintain client relationships
- Coordinate with sales teams to develop mutually beneficial proposals
- Negotiate contract terms with clients and communicate with stakeholders
- Monitor project teams to ensure contracts are executed as agreed
- Gather helpful information from customer and competitor data
- Make and give presentations to prospective clients and internal executives
Bringing in a Business Development consultant can provide your company with an outside perspective that can bridge what worked in the past with your clients to current buying behaviors that maximize your business development effectiveness today.
A Business Development consultant can devise strategies that guide businesses through growth-focused operations, people strategy, marketing, partnerships, and increased efficiencies. There is a multitude of strategic approaches that a company can choose to gain a competitive advantage. They can help you figure out what is best for your business.
If you consider outsourcing a Business Development consultant, here are a few ideas to get you started.
Did you know?
- Business Development can prospect and qualify target accounts
- Business Development can present and close new business
- Business Development can develop a business development strategy
- Business Development can identify markets you should pursue
- Business Development can create SMART goals and dashboards to measure progress
At the end of the day, people buy from people. Your goal is to build trust and create a resource for your partners while encouraging a relationship with you and your team. This effort starts with each member of the business development team. Your human approach and ability to have a good conversation will impact and make a difference, increasing your probability of success.
At Biz Advisory Consulting, we are an extension of your team. We have the innovative mindset to help you develop the best structure for your business development, help you to generate more qualified leads, and identify key focus areas and KPI’s that will define your business development success.