AN EFFECTIVE BUSINESS DEVELOPMENT PROCESS
Why it is important for your company?
- 08/05/2024
- Know-how
Building an effective business development process is crucial for each company that wants to grow in fast and measurable way. But business development is not only finding sales opportunities, well crafted process can help you control and manage long term development direction, keep things on track, meet KPIs and goals, understand and monitor market situation and team performance and improve you products or services value. Also, when things go wrong, it can help to identify problems and bottlenecks and implement rescue plan. In other words your development process will be more clear for and will go with much more trust which will help to achieve success.
What the business development process is?
In common business parlance, business development refers to strategic sales activities where a business developer or a team of developers is responsible for identifying new sales and growth opportunities and executing them. However, there is much more happening behind the scenes.
Everything starts with understanding the market situation and monitoring competitor moves. That’s why well-defined and organized information gathering is crucial. Then, an organization needs to clarify the value it delivers and how it stands out from the competition. This understanding allows the development of an effective marketing and sales strategy.
Key elements such as building a buyer persona, identifying the right channels, and targeting the appropriate audience will significantly enhance your performance. Finally, in collaboration with the sales department and sometimes other departments within the company, a comprehensive long-term strategy can be crafted. This strategy includes insights on the company’s products or services to facilitate continuous improvement.
- Market Research and Business Intelligence
Activities and solutions that allows team to gather information and understand situation on the market. - Product or Service Development
In the business development meaning, it is a process that allows to understand clients needs and current market fit. In result, company can shape and improve the value of their products or services. - Marketing and Sales Strategy
Once we understand the market situation and we know what value we deliver on the market, we can finally build with awareness our buyer persona and decide how we will market and sell our goods. - General Business Strategy
Business development activities can help owners or top management staff to build , identifying growth opportunities and shaping better strategy - Other activities
Tools, communication, resources mgmt. These are equally important as other strategic things in process.
What it means to implement biz. dev.
Process of your company development can vary between organization and depends on multiple factors.
Data gathering and processing – what kind of data, how and for what
Development of your product and service –
Sales and marketing processes and strategies – how to build it, how to used gathered data, processes what they look like, strategy what to consider
Strategy building –
Tools implementation –
Communication –
Resources management –
Impact on your business
The main goal of building the business development process in your company is to achieve coherent, predictable and workflow, which
There will be following effects when you build and implement it. Better understanding of the situation thanks to better information and data selection. More confidence in management process thanks to well developed growth plan with precisely set goals and milestones.
So lets brake down what exactly will happen when your business development strategy and process will be done:
- Better market awareness and competition identification
One of the fundamental change - Better organization performance and value building
text - More efficient and accurate marketing and sales business activities
text - Better recognition of the new business opportunities and strategy
text - Other improvements like communication
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Who will be involved and benefit from it
Different departments can be affected on variety of different company departments and areas. Well established also can influence on work of different people
- Board & Top management
The insights provided by business development department and people working there - Line managers
Business development can help managers to make better decision. - Employees
Of course business development affects the most on regular employees in the departments like sales, marketing, product, service development or project management. It helps them to improve they daily basis working performance, better understand what clients expect thanks to information sharing and be more precise in their
Where to start with business development
A good starting point is to assess the current place that your company is at
So you should consider following steps in order to build a
- Current state and future development direction
text - Resources, know-how and
text - Market situation and competition
text - Your strategy and goals
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More about it you can read in our other publications.
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