Business development teams identify areas of opportunity: new products, new markets, new partnerships, and new distribution channels. It's critical to start with clear objectives. Are you using business development (BD) as a marketing tool, a sales channel, a source of innovation, or a corporate development hub? Management consultant Robbie Kellman Baxter shows you how the best BD professionals identify and build momentum for new initiatives. She also gives you the insight you need to launch a BD function in your organization, explains how to manage a BD team, and shares how to scale the BD function as your opportunities grow.
- Define business development.
- Explain the purpose of business development.
- Distinguish business development from other functions.
- Identify the skills and personality requirements for a business development role.
- Measure business development performance.
- List options for organizing a business development team.
- Describe how to make business development relevant at the C-level.
Skill Level Intermediate
- What do you do if a business opportunity pops up that feels right for your organization, but doesn't fit neatly into business as usual? Something really strategic and with long-term potential where you see the hazy outline of possibility but the road map isn't clear. In general, sales sells specific products and services to customers. Marketing determines which customer segments to target. And product management develops offerings for those segments, so that sales has something to sell.
But when the owner and opportunity aren't clear, and it feels like there's huge potential, if only someone can figure it out, that's when business development steps in. Business development is the functional area of a company responsible for identifying and flushing out new areas of business. These new opportunities often require a combination of new products and new markets and new distribution channels. Generally partnerships are involved and these partnerships are unlike any other relationship the organization has had up to that point.
Business development can make the difference between your company becoming a powerhouse across multiple industries and customer segments, like Facebook, Amazon and Marriott. In this course, we'll look at what business development is and why it matters. We'll also dig into what it takes to be successful, whether as an individual contributor, a team leader or as a CEO trying to capitalize on a really big vision. I'm Robbie Kellman Baxter, the author of The Membership Economy and an expert on business model innovation.
I've worked with companies like Netflix, Oracle and Yahoo identifying new opportunities for long-term growth. In this course, I'll give you an insider perspective on how business development really works. By the end of this course, you'll know what a business development professional does, how they're measured and how to be successful in the role. So if you're ready to learn about one of the most exciting careers in today's global markets and want to be a strategic dealmaker responsible for the long-term growth of your company, let's get started.