There are many more than 10 reasons as to why you should fall in love with business development, we’ll be honest.
What is Business Development? What does it mean?
Business Development is certainly a wide umbrella. In one sense, it’s about creating opportunities, contributing to growth, and generating value for a company where each and every unit of a company has a part to play.
So, we’ve handpicked some of our top reasons as to why business development is both important to us and why it should be to your business.
1. You can’t ignore it
If there is a need for sales in your company, there’s a need for a business development process. Ignoring it or not implementing a form of business development structure, could leave your company very short of hot leads or new clients.
2. It’s important to focus on the pipeline
A focus on your business development process allows you to focus on the company sales pipeline. Asking questions such as, where do our prospects sit? How can we develop them? What do we need to do to push them closer to a sale?
3. You don’t want to lose focus on the clients
If you’re busy focusing on your product (which of course is important) or service, you may lose focus on the client need.
Working hard on your business development process allows you to fully understand what a customer is looking for, rather than pushing the product.
4. A little every day goes a long way
Practicing your business development every day means that you are constantly nurturing, attracting, managing and developing new prospects.
Don’t lose sight of the long term objective, but at the same time understand that developing your pipeline takes time and needs to be constant.
5. Find great people
If you’re setting up a business development team or developing a team that’s already part of your company, chances are you will be defining which individuals are best for your sales process.
You’ll also learn from hiring individuals, about best techniques for creating business opportunities.
6. Get to know your competition
When you’re looking to grow the business, and generate further opportunities, you’ll naturally learn more about the companies in your industry space.
Business Development Managers and Executives must be aware of both the company and how it generates opportunities as well as taking into consideration the actions of top competitors in the market.
7. Get feedback
Prospect feedback is a powerful tool to develop your products and services. Whilst generating new opportunities, you’ll discover any objections that arise, or push backs and the reasons as to why someone isn’t buying in to what you’re selling.
Use this feedback, it is extremely valuable!
8. It’s never too early to start
If you’re in the very early stages of a new company or a part of a growing startup, it’s never too early to start figuring out the best methods for your business development.
Effective business development includes adding value where possible to your offering and building trust. The earlier you start learning about the best business development methods for your product, the earlier you can understand what works best for you.
9. Learn about the source of your sales
Any well-versed Business Development Manager will understand the primary source of revenue, new opportunities and options for new business expansion.
10. Build and nurture relationships
Looking for business opportunities and generating sales for business growth means better relationship nurturing with both customers and prospective clients.
‘Business relationship management’ therefore becomes a part of the business development process, as customers are nurtured in each area of the sales pipeline.
Here in Exeter, we practice what we preach every single day. At Air Marketing, we take on a variety of sales and business development processes in order to generate more revenue, leads and a healthy pipeline for companies globally.