From the course: Business Development Foundations: Researching Market and Customer Needs

What is business development?

From the course: Business Development Foundations: Researching Market and Customer Needs

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What is business development?

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- What is business development? For most organizations, business development is the team of people, who, well, develop the business. It can include inside sales, outside sales, people who handle the early part of the process or the entire process. Anyone whose role it is to develop additional business. But the bigger question is whose business are you developing? It's easy to think of business development as an organizational function whose sole purpose is to bring in new revenue for your company. Now, driving revenue for your organization is crucial but the way you do it is by thinking of yourself as someone whose role is to help your customers develop their business. Seeking out and building business for your company keeps the wheels of commerce spinning and that is a noble endeavor. If your company has customers, you've proven your solutions add value to their lives and businesses or they wouldn't be buying it. The more effective you are in your prospecting and your customer conversations, the more good you can do for more people. So, think of your primary function as to help your organization help more customers. In some organization, business development reps are responsible for the first part of the sales process. They find the leads, the qualify 'em, and they have those early exploratory conversations. Then they pass off to a sales rep or an account executive. This process is pretty common for larger ticket items and a longer sales process. In other organizations, business development reps are responsible for the entire sales process, from lead to close. In either case, your ability to find prospects, uncover their needs, and articulate value is imperative for your business development success. As we move through this course, remember, your success is always dependent on the success of your customers. Their lives and their business are what your role, business development, is all about.

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