Business development seeks to pursue new business opportunities, identify new prospects, and convert leads to grow your business. It seems simple but is a rather involved process.
Traditionally, companies relied on existing clients, networking at trade events and through referrals to further business growth. Although it can prove beneficial, business development is a far more strategic approach for long-term business viability.
Professional services firms may apply and respond to tender opportunities. If successful, they can often translate into longer-term client relationships. In addition, customised service can be offered to enhance each customer’s experience.
How do business development professionals help?
Professionals in this area focus on helping companies with the following:
- Qualifying leads with a far more targeted approach.
- Identifying prospects and maintaining a relationship with prospects.
- Seeking new business opportunities in new markets and new segments.
- Conducting market research and discovering new market trends and even changes in the market.
- Understanding the competition.
- Reporting their findings to the relevant stakeholders, such as sales and development managers.
- Conducting and promoting loyalty and satisfaction surveys.
- Increasing brand awareness.
Business development and marketing functions
An organisation’s business development and marketing functions and their input are essential to run successful campaigns and achieving sales targets.
At times, a business may not have an in-house marketing team. Therefore, they seek support by outsourcing to handle activities such as:
- Understanding your business needs quickly.
- Conducting in-depth market research.
- Preparing presentations and documents.
- Setting up marketing activities.
- Monitoring and finetuning those activities.
- Producing results.