A well-planned business development strategy supports revenue growth and ensures long-term sustainability. It includes market research, relationship building, strategies for growth, and branding enhancement. Whether you’re a Sales Manager or an Executive everyone is involved in this process, however BD professionals are typically the keystones of strategy execution. They seek out networking events, social media hotspots, and industry conferences to find important connections that could lead into opportunities for the company to promote its unique value offering.
Business development is a constant process that seeks out new ways to increase and diversify the revenue streams of an organization. A skilled business development professional can assist the company’s top executives create, implement and implement a strategy that supports both short-term and long-term revenue goals.
Creating a clear and concise business development strategy requires a thorough assessment of the current state of affairs, which can be achieved by SWOT analysis – analyzing strengths of the company, weaknesses, opportunities and threats. It is also crucial to keep abreast of trends in the market and the competition. This is essential for building a competitive advantage as well as identifying potential customers.
Once a strategy has been put in place, it’s vital to find and utilize internal resources effectively. Delegating tasks that don’t require a top level position, such as writing proposals and following up with leads–can free up time to concentrate on building relationships and strategic activities. Partnering with marketing or other team can help to deliver key messages to prospects.
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