What is business development? Ask several business owners the same question and you’ll get a variety of answers.
While most will tell you it’s sales or some form of marketing technique, business development is actually a combination of many things but most importantly, it is how you offer your products and/or services and the relationship you have with your customers because of this.
Customer acquisition – the techniques or strategies you use and the processes you put in place that draw customers to you, should make it easier for your customers to ask questions, receive relevant answers and purchase exactly what they need. This in turn leads to more customers, more loyal customers and from there a solid customer base that grows over time.
The resourcefulness you show in developing your strategies and your ability to negotiate with your clients will show up in your results. Acquiring customers – developing your business – requires discipline and knowledge of what your company offers and what your customers not only want to purchase but need to purchase.
Business owners who excel at business development tend to be persistent, patient and always willing to learn more about who buys their products. From there, they expand their product line because they are willing to go the extra mile and identify what works or doesn’t work for their customers and therefore, for their business.
Creative thinking, organizational skills and knowledge of current industry trends are all important aspects of business development. Knowing how and when to generate new ideas which will lead to new sales is also part of the combination of necessary abilities which provide the whole that is business development.
As you can see there is no one fits all description for the definition of business development. The term is used to describe the multitude of skills that business owners need and the necessary steps they need to take to grow their business. When done to perfection, both the customer and the business owner receive value, which is a win-win situation.
© Chris Draper, DemGen Inc. 2014
