Business development plays a key role in many organizations, and can be used as a marketing tool, a sales channel, a source of innovation, and a corporate development hub. Looking at what it can do for the organization is critical for anyone considering a role in the department.
- I've heard it said that marketing's job…is to get customers to the front door,…sales is to get them to the cash register,…and business development's job is to build new buildings.…Anything that is new or different or undefined,…but that will ultimately result in sustainable business,…is probably within the purview of business development.…Let's say that you develop a weight loss application,…and your business model is selling that app to consumers.…Your business development team might be exploring…partnerships with health-care systems…that might offer the app to patients…or with insurance companies that want to mitigate risk…by helping their clients lose weight…or with restaurants and food companies…to get them to make healthy packaged food…that aligns with the weight loss program.…
The idea is to find ways that the app can help…other businesses and be helped by those businesses.…Why do organizations need business development?…Because nearly all the other employees in the organization…are focused on driving today's business.…
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.