“It’s about pursuing opportunities so as to attain a long term growth from markets, customers and relationships. It sounds simple but, has anyone ever described what a business-development person practically does? Why is it so important for a company to have Business Development strategy?
What I believe is that Business Development is necessary to grow the profits of a company through attracting new customers and also by increasing the spending for existing customers.
An individual can look at different strategies to help grow his/her business through product distribution, strategic partnerships, data collaboration, content licensing, monetization and acquisitions.
Why is Business Development important for companies? Well, as you are thinking about growing your small business, it is an excellent way to test what your product does for all other businesses in the market. Basically, you are going to partner with any other company for some reason, or you are going to do a deal.
Business development focuses primarily on
- Reviewing emerging markets
- Building fresh market ideas and thrusts
- Identifying new hubs of prospective business
- Evaluating business opportunities for new ventures
- The Fundamental Business Driver
A business development personnel’s job is to boost business for his/her company. It is an important responsibility of a business development professional to foster relationships with potential clients and key decision makers in the market. To spur the company’s market prospects, the business development personnel has to create and implement promotional drives.
How to know which path is best? It’s not that because there is an opportunity in front of you means it is a good one. In order to make wise decisions for long-term value, it is critical to understand the fundamental drivers of your business and also the business of your competitors, customers and partners. Project coordination involves the process of managing the project thoroughly from the time it is taken until the time it gets delivered to the client. The project needs to be co-ordinated between the business personnel and his team working on it.
Difference between Business Development and Marketing
It is important to know how both these terms differ and where they overlap.
Business Development is all about making connections. Basically, it is about building upon your established brand through marketing efforts so as to connect your audience to your products and services.
Marketing is all about identifying your key differentiators, producing your message and establishing a position within your markets. Advertising, website content, event promotion, building thought leadership highly through public relations, etc. falls under marketing strategies.
The marketing may include the sharing of branded content and other opportunities through event marketing as well as social media outreach. Whereas, the business development plans includes follow-up phone calls, personal emails, one-on-one meetings, etc.
Building a company requires a lot of things to go well, and it’s hard. It needs to have a great product and team. VowelWeb is a web development company located in Nagpur, India having the expert business development heads helping it to grow. If you think you possess the required skills and capabilities for the Business Development post and want to join us, you can mail us at[email protected].”