Should you ask a group of folks the actual think business development is, you would most likely get a few different answers. There exists even a chance that your own view of business development and sales can also be used interchangeably. Nordheimer has a video
Business development involves more of a strategic approach such as strategy, marketing, customer management, and partnerships; these activities encompass about 75%-80% of the approach, and sales about 20%-25%.
Once i get asked the question, will business development have linked with sales? Yes, it does. Could it be related to business growth? Most definitely it does. Does it have everything to do with business strategy? Generally there is a good chance it will.
Business development is a culmination of these different activities but most importantly, it’s exactly about moving to the point of view of the customer. This will likely provide you with that new perspective and will have you balance your time and energy across these key activities that you and your consumer will both need and address. Whenever you execute your business development initiatives make sure you take those point of view from the client’s point of view and try to develop a further understanding of what their is actually. Realize that the client only likes you one thing and gowns their own group or company’s survival and the challenge that they are facing. The client is merely enthusiastic about you if they identify a need/problem or pain point that you can solve and provide a solution for it. Really the sort of value that you provides them that will permit them to consider your firm for the project.
In case your firm’s strategy is strictly from a sales perspective, generally, the economy of scale is to grow as large as you can. The strategy is to sell your service or product with a clear price and value directly to an familiar individual client.
From an enterprise development perspective, the overall economy of scale is much smaller because the strategy to your service is more strategic with the intent to create a partnership. It entails creating a relationship with the client and provide something that could be more cyclical by working through existing partner infrastructures.
In my 14+ many years of professional experience in management asking, business development has recently been stretched to encompass a greater variety of activities with the intent to stay smaller in size. In the most traditional definition it is all about developing partnerships, which regularly includes some sales. Although, strictly sales are more transaction oriented where scalability is the differentiator.
Ernest is a Director for Bradson Consulting. The organization with an unique model, combines client relationships from Fortune 100 and five-hundred companies like Nike, T mobile, AT&T, Microsoft, and Expedia etc. with a profound network of the region’s top consulting talent. This kind of approach provides companies with senior consultants with the specific expertise and industry experience that is relevant and applicable to their needs. Companies engage all of us for both leadership and execution within critical business initiatives.