Business development is a combination of strategic analysis, marketing, and sales. Business development involves identifying new business opportunities, marketing opportunities, partnership opportunities, new markets, after sales follow up as well as generation of orders, sales and leads. Managing relationships is one of the most important duties of the business development department.
Either way, commitment on the client’s side is key to a successful sales call for the business development representative. They must be skilled or experienced in marketing, company law, strategy, finance, proposal management or capture management. My ideal company would place weight on the importance of education and promote it within the company.
For instance, at a car dealership: The Sales Executive might manage the floor sales personnel (deciding commissions policy etc), while also being the person to negotiate a deal with a large business to buy 50 vehicles for use as company cars. You and your staff are running full speed ahead to keep up with the demands of your business.
This depends on the size of a company and its setup, though most business development directors report to a vice president or to the owners. Whether you want to build leadership skills or develop a better process, we know your ideas and interests play a big role in the success of our company. When they choose to be conservative with funding business development, their growth is slow. This can be a seemingly difficult situation, especially, if there are cash flow issues within a company.
For instance, when Amazon decided to add online movies to it’s product offerings: Initially this was a bizdev role because of a brand new area of business – with a new business model, new distribution, etc. A very common business development strategy is to prioritize and undertake tasks based on its size, relevance and importance. This is another of several departures at the California electric-car maker over the last several months, a critical time for the company.