A well-planned and executed strategy for business development helps increase revenue and also ensures longevity. It includes market research, relationship building, growth strategies, and brand enhancement. If you’re a Sales Manager or an Executive every person is involved in this process, but BD professionals are usually the keystones to strategy execution. They scour networking events, social media watering holes and industry conferences to find significant connections that could turn into opportunities to showcase the organization’s unique value proposition.
As the name implies, business development is a continuous process that seeks new ways to grow and diversify the company’s revenue stream. A business development professional who is successful will help the leadership of their company develop and implement a revenue strategy that supports both long-term and short-term goals.
The creation of a clear and concise business development strategy requires a thorough evaluation of the current situation which can be done with a SWOT analysis–evaluating strengths, weaknesses, opportunities, and threats. It is also crucial to keep abreast of current trends in the field and be aware of competition. This information is essential to developing a competitive edge and identifying your ideal customers.
After a clear strategy has been put in place, it’s vital to identify and utilize internal resources efficiently. Delegating tasks that don’t require a top level position, such as writing proposals and following up with leads–can allow time to focus on relationship building and strategic initiatives. Furthermore, collaborating with marketing or other teams can help deliver important messages that be a hit with potential customers.