Business development is the process of implementing strategies and opportunities throughout the organization to drive growth and increase revenues. It is based on the idea that professional service purchasing decisions are based on relationships, and the best way to create new relationships is by establishing face-to-face networks. When you offer your customers something unique, there is a high chance that they will do business with you. The employees who work for your business development department are called business development representatives, or BDRs.
As mentioned, business development relies on a great sales team, but it plays a different role than the usual sales tasks and responsibilities. You can't just let potential customers know who you are, but they must trust you if you ever want to win their business. Strategic business development is the alignment of business development processes and procedures with your company's strategic business objectives. Business development involves finding new ways to grow and form partnerships that can help open doors to new markets and opportunities. Collaborate with the rest of the team to determine how much you need to invest in business development to start the process in your company.
10 Strategies for Business Development1.Networking: Networking is probably the most widely used business development strategy.
It is based on the theory that professional service purchasing decisions are based on relationships, and the best way to develop new relationships is by creating face-to-face networks.2.Invest in Sales Hubs: HubSpot Sales Hub includes a set of resources that allow for more focused and effective business development.3.Set Goals: You determine that this goal is achievable due to the fact that you increased your number of qualified leads last quarter by 3%.4.Create a Strategy: Strategic business development is the alignment of business development processes and procedures with your company's strategic business objectives.5.Invest in Resources: Depending on the type of business development goals you set for your team, you may determine that you need to set a budget.6.Develop Brand Promises: The function of strategic business development is to acquire the ideal customers for your highest priority services using brand promises that you can keep.7.Focus on Quality: As we've seen before, an important component of business development is finding new prospects and potential customers.8.Utilize Test Drills: Explore more than 1000 varieties of test drills See more.9.Develop Technical Skills: Business development skills require a wide range of technical skills, but there are some that make a difference.10. Assign Responsibilities: BDRs often take on this responsibility and, for many people, it's the aspect of the process most closely associated with the term business development.