Understanding the Basics of Business Development

There are many ideas about the definition of Business Development in our industry. Many people believe it to be a form of sales. Others may be inclined to call it “relationship development”. And others might see it as simply building new partnerships.

Yes, it can be all of those things. But at the very core, we understand Business Development to be the discovery of new business opportunities. And to do this successfully, takes knowledge and foresight of the market. It’s much more than just making new contacts and increasing sales. It’s about looking ahead into the future with an analytical approach, advising on best practice for long term success.

Some key areas of Business Development include:

Entering New Markets

If your product / service is successful in one geographical location but not another, a Business Development team can help you penetrate that market. This can include an advisory service for everything from market analysis and strategy development to selecting new market entry routes and developing your product / service.

Channel Partner Onboarding

Onboarding is the most important step in a channel partner relationship and Business Development is an area that can help to overcome some of the barriers that partners face down the line. A good strategy ensures that you can overcome any barriers between channel partners and their customers when selling your product. This is to continually drive the success of your product and includes relevant product training, managing channel conflict, and providing a support network.

Pipeline Development

Developing a sales pipeline is essential when targeting new opportunities. A pipeline helps to track and monitor the different phases of business development, and can also help to focus your strategy in terms of long-term positioning. Being able to establish phase milestones will also encourage teams to work to the planned timescale, keeping everything on target.

Strategic Initiatives or Partnerships

A Business Development specialist doesn’t just build partnerships for short term gain. They will have a pragmatic approach and weight up the pros and cons of all available options, deciding on the best route forward for your brand. They will work on strategic initiatives and relationship building to position your product or service in the market.

Other important aspects of Business Development are solution development, bid and tender support, operational reviews, transition support, contract management as well as account management. These are all expert areas that can help your business or brand grow.

To find out more about our Business Development service, see the details online or get in touch with Brite Advice today. Call +44(0) 207 030 3146 or email info@briteadvice.co.uk and a member of our team will be happy to help.