What is business development?
You hear the term 'Biz Dev' or business development frequently on social media, but what exactly does that mean?
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Business development is any activity that benefits from customers, partners, relationships, and other links for the company's long-term value. A person working in this area keeps their eyes open to the ways in which they can help the company grow.
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Depending on your company's business model, the business development role is sometimes combined with the rest of the salesperson's activities, but its distinct role must be with its job description (for example a job description for the business developer). Part of the confusion comes from the fact that business development is a generic term that has other meanings outside the sales department. Some job duties also overlap with marketing strategies or sometimes even customer service. However, your sales team benefits in many ways from focusing on business development.
"If you use the terms business development and sales interchangeably, you do it wrong." - Andrew Dumont, founder of Curious.vc
In this article, we will delve into different types of business development as well as some of the skills business developers need to succeed in driving new business using business development.
Sales versus business development
First, let's talk about the difference between sales and business development.
The main difference between sales and business development is the stage of the buyer's journey in which it operates. Business development occurs early in the sales path (sales funnels vs. sales pipelines). Business development representatives who take advantage of lead generation strategies to discover potential sources of probability. They devote a great deal of their time to exploration and various types of business development described below. Once potential clients are brought in, they also make sure they are qualified. At this point, they send things to the sales team.
