What Is Business Development

A business development strategy focuses on growing and expanding an organization. It encompasses both internal and external-facing activities, such as lead generation, sales forecasting, market research, sales and marketing alignment, and strategic partnerships. Companies can also conduct a SWOT analysis to identify their strengths, weaknesses, opportunities, and threats, which will guide their strategy. Streamline communication and ensure data access with clear objectives and goals, using tools like lead management software or sales force automation (SFA). Ultimately, the business development plan is a blueprint that guides the company to reach its growth targets.

The role of the business development team is to seek out new prospects and convert them into customers. To do so, they need to understand the buyers’ journey and how their products fit into it. This will help them find opportunities to reach customers through various channels, such as events, social media, cold calling, or direct mail.

They will also identify and qualify leads to pass onto the sales team. This involves using marketing assessments and discovery meetings to find out if the prospect is an ideal customer for their product. It also means researching the competition and keeping up to date on industry and market trends.

Business development leaders must set appropriate budgets, depending on their opportunity targets. A larger budget will allow them to be more aggressive with their tactics, such as cold calling or roadshows, while a smaller one may mean more passive strategies like online and print ads.