Strategic Steps: Business Development

Departments Mixed with Business Development and Their Differences

Business development should be the department in control of determining what the company's goals are and making sure they are met. However, in many companies, this department is confused with sales and marketing. Let's look at these departments and see what makes them different from business development.

1)Marketing

The term "marketing" refers to the method by which certain goods and services are selected, priced, and marketed to target clients. In addition to this procedure, it also examines how to position and promote the firm and its offerings in the competitive market. All of this effort should pay off in the form of a higher number of eligible leads and prospects, as well as a higher profile of the company among its intended demographic.

As seen in the figure above, which Gülderen Somar referenced in her presentation titled Strategic Marketing 5.0, marketing plays a significant role in the processes that accompany a product's arrival at the consumer:

• Pricing,
• Determining the market,
• Production,
• The preparation of promotions and advertisements takes place at the 'management stage of marketing'.

The process before marketing is business development (the parts called diagnosis and strategy can be examined in the visual). The business development process for a newly released product starts with market research and continues by developing strategies by determining the targets (market entry, place to be in the market, increase in income, etc.). On the other hand, the development of a strategy is always continuing in order to reach new markets, increase sales and reduce the costs of the product that is still sold.

2)Sales

The sales team is the group that sells the product and aims to gain new customers. Sales teams can make sales by calling random phone numbers from the phone book, sending emails, or talking to other people. The sales team's performance can be judged by how well they negotiate and how much they sell.

Although customer acquisition is a frequent objective, business development is a broader word that incorporates a variety of tasks outside of the sales function. For example, business growth plans are created so that the return on the product to be sold exceeds its cost.

5 Necessary Abilities for a Business Developer

There are many sectors to work in business development. However, some of the basic skills that must be possessed if one is to be successful in this field are as follows:

1)Fast Learning Ability

If you want to be a successful business developer, you have to make decisions that will increase profits and assist the company in expanding. To do this, you need to understand quickly how a business works. Sujan Patel, a successful business owner, says that being able to quickly analyze information and make decisions is an important part of being successful in business. As a result, early comprehension is extremely helpful in changing the outcome, even if bad actions are taken.

2)Analytical Thinking

It is also the responsibility of this sector to consider difficulties encountered outside of business development and to produce practical solutions. Analytical abilities are required to complete this task in the most effective way. Imagine you were employed by a struggling business that has lost fifty percent of its sales. What ought you to do? The answer is simple and clear: you must determine the source of this sales decline and create a business development strategy to increase revenues. In order to decide the necessary measures, you must evaluate a large amount of information and consider your competitive edge. In other words, an effective plan can only be developed after analytical thought and examination.

3)Think Outside the Box

As a business developer, it is vital to build efficient answers to any potential problems. For instance, in addition to obtaining and retaining new consumers, it is essential to prepare for any issues that may occur with them. In order to build a more efficient sales process and prevent the organization from capital loss, it is essential to think and forecast creatively.

4)Be Organized & Make Organized

It is required to act with a plan, to take on multiple tasks, to develop a strategy, and to effectively implement the strategy. As a result, planning and organizing skills are required in this area. Furthermore, someone with a plan can simply form teams, clarify goals, and guarantee that everyone is working toward a similar corporate development goal.

5)Communication

Regardless of the size of the business, we work with many stakeholders. In this situation, it is very important for business development to be a person who can communicate well with others, listen to their opinions and get suggestions. These skills, which have a very valuable place in the field of communication, will help to be at the forefront in the field of business development, as they will bring persuasion and confidence.

In conclusion, business development seeks to enhance organizational effectiveness while maximizing earnings and clientele. The activity in this subject is combined with that of the sales and marketing departments. However, unlike marketing, business development does not have a role in product promotion and pricing. In addition, business development specialists do not attend the meeting with the consumer of the product for which the sales team is accountable. Business development is a vastly more extensive field. To be successful in the field of business development, specialists must be able to learn rapidly, have analytical thinking power, a planned and disciplined work capacity, and excellent communication skills.