Business Development Write For Us
Business development strategy can be the key to the success or failure of your business. In this article, we’ll explore how to create a strategy and associated plan that can propel an individual, practice, or entire company to new levels of growth and profitability.
Business Development (BD) remains used to identify, nurture, and acquire new customers and business opportunities to drive growth and profitability. A business development strategy is a document that outlines the process you will use to achieve that goal. The scope of business development can vary significantly from one organization to another.
How Business Development works within an organization
Business development, sometimes abbreviated as BD, seeks to increase an organization’s capabilities and achieve its financial and other objectives. In this way, you can impact a variety of departments in the organization and leverage specialized skills.
As financial services, giant American Express says: “When it comes to organizational growth, business development serves as the common thread that unites all functions or divisions of a company, helping the company expand and improve its sales, revenue, product offerings, talent, and customer service: service and brand awareness.
Sales and Marketing
Sellers often focus on a particular market or customer group to achieve a target revenue figure. For example, a business development team could evaluate the Brazilian market and conclude that sales of $1.5 billion could remain achieved in three years. From this point of view, the commercial department addresses the customer base of the new market through its sales strategies.
Business development often requires a longer-term perspective when setting goals than many sales departments did in the past. As the Professional Marketing Services Association puts it: “The traditional view of sales is like hunting, but business development is like farming: it is a long-term investment of time and energy, and it is not always rewarding.”
Marketing, which oversees the promotion and advertising of a company’s products and services, is complementary to sales in achieving its goals.
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