How to Create Money with Business Development
The Business Developer -who works in charge of the Business Development Department – is a professional, who is able to create and engage with contacts aimed at increasing the profitability of a company.
The Business Developer is usually a marketing expert, with a great capacity for analysis, in order to be able to interpret market trends and anticipate the possible moves of competitors, both in the short term and long term.
This is neither a 100% marketing professional nor 100% commercial figure.
The person in chief of the Business Development department plays a key role in the company as strategist, who works as a team with the marketing manager and sales manager.
The Business Development Manager is responsible to identify and obtain business opportunities from existing customers and potential new customers.
As a Business Development Manager you should research and plan of all activities and marketing campaigns, online or offline, that can generate customers, qualified business contacts and visibility to the company.
This is a function that provides various stages, from research partners to the organization of such campaigns, through commercial negotiation, budgeting, and the statistical analysis of the results, especially in relation to the costs incurred.
Business Development Focusing Points
Having a expert Business Development background, in your activities you should include:
• Preparation of feasibility studies and market research
• Study of the legal structure in a more efficient way to make the investment
• Sharing of the business model and the formulation of the budget forecast
• Identification of the value chain and formulation of marketing strategies
• Identification of possible partners to involve in commercial and industrial
• Identification of the best location to establish new productive basis
• Protection of any trademark, patent or other intellectual property rights
• Evaluation of joint ventures with companies in order to foster synergies or useful additions
activity of the client
Business Development for Sustainable Growth
Successful companies are aware that a sustainable growth can not be generated only with acquisitions or efficient programs.
The company’s growth comes rather from the development of new business and creative evolution of existing activities.
There are indeed some Business Development critical success factors.
The success of new business can not be imposed by force or planned in all the details. But it can be prepared professionally.
For example, with the early assessment of possible future situations, with the development of new products or new business ideas, with the right choice of cooperation and with a good presentation on the market.
A successful Business Development leader improves the long-term business of a company.