Business development professionals are often ambitious, with expectations for compensation, bonuses, and promotions. In this video, walk through some of the typical metrics used in business development, how to help team members achieve those metrics, and how to recognize and support high-potential team members.
- Business development professionals are often ambitious…with expectations for compensation, bonuses, and promotions.…And yet, it can be hard to measure performance…in an objective way.…The further you get away from sales,…the harder it is to define short-term metrics.…The real value of business development is in the long term.…So, you start by measuring inputs…until enough time has passed…for you to have outputs to measure.…Initial metrics might be the number of companies…that you've reached out to…or the number of meetings you've had.…
These are input goals.…That is, they're about how much effort you put into the role…rather than the results or output of that effort.…A bank I know asks new business development professionals…to have at least 100 meetings…with possible partners in the first year.…They don't have explicit expectations…regarding the results of those meetings,…but they want the business development person…to dive into outreach…and start building all kinds of relationships.…The bank knows that the best way to get good results…
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.