When you launch into a new business development relationship, you don't know if it's going to be important or not. Some team members might end up with more important roles than others. How do you manage the distinction between the person who built the relationship and the luck of the draw? And if one of these partnerships becomes really important and big for the company, does it stay in business development?
- In this video, we'll examine the five steps…that need to happen in any successful…business development partnership.…They are sourcing a new strategic relationship,…exploring win-win opportunities,…drafting and signing initial agreement,…implementing relationship,…and determining broader potential of such relationships.…If you're starting from scratch,…your initial focus, as a business development associate,…is to identify new strategic relationships…in your area of responsibility.…
Your boss might have given you a list…of potential partners to reach out to.…Otherwise, finding a company that is interested…in talking with you and exploring possibilities…might take a while.…Early on in your role, much of your time might be spent…networking, learning about the companies in your domain…who might make good partners,…and learning about their activities.…Your days might be full of conferences,…coffee dates, and reading of research reports.…You're looking for companies who can benefit…from something you have.…
There are lots of ways to think about this.…
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.