Business Development And Strategy – Understand business development to understand what the BD department does and how to best utilize their expertise.
Anyone who works in business development knows that it can be difficult to define. If someone asks you what you do for a living and you say, “Business development” or “biz dev,” you’ll probably get a weird reaction.
Business Development And Strategy
So if you don’t quite understand what business development is, don’t worry – you’re not alone. The best way to understand biz dev is to break it down into clear parts.
What Is A Market Development Strategy
Read on to explore all aspects of business development, including how to create a business development strategy.
Business Development (BD) is a strategy used to find new leads and nurture them to grow a business.
, business development “is creating lasting value for the organization from customers, markets and relationships.” It’s a simple definition, and it still has the challenge of trying to take on the many roles that go into BD. Every effort involved in business development is an activity that helps to grow the business. But one could argue that that definition covers all the actions of every employee.
The easiest way to understand BD is to look at it as a springboard that works to improve all other areas. Even if BD is not sold, it helps to promote the product; It is not advertising, but it promotes advertising.
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When it comes to sales development, there is a strong focus on prospecting and identifying leads and pushing them through the sales process to close the deal.
Business development involves finding new ways to grow and creating partnerships that can help open new doors and opportunities.
New business development means that an existing company develops a plan to introduce a new product or service based on a new business model to an unknown market. He is involved in business development as he seeks to expand and generate more revenue for the company. It has its own title because it can be a harsh and dangerous process.
Unlike traditional business development, new business development takes a company outside of its comfort zone and tries tactics that the company has never tried before.
What’s Your Strategic Approach?
Example: A sit-down restaurant that serves diners only offers new business growth when it starts offering products or partners with a food delivery service like Grubhub.
BDRs work closely with your department as they explore and implement new strategies, goals, vision, and strategies for your company. Because BDR works with so many people and has so many different skills, they need to come to the table with their own experience and qualities.
Given the variety of responsibilities, it is impossible to list all the activities that go into a business. That said, here are the key tasks your BD team can focus on:
Learn about the most pressing issues facing sales organizations today, what a conversation starter CRM means for your technology, and how you can go out strong.
A Game Changing Business Development Strategy To Achieve Consistent Growth
Every BD strategy starts with a plan and a goal – start developing your own business development strategy by following these steps:
You need a short 30 second slot for any program, including the BD program. Want to go the extra mile? Create multiple sales pitches and see which ones work best. You will be able to talk while simultaneously doing market research.
An elevator pitch summarizes what your business does, who you serve, and how your business differs from competitors. The purpose of your elevator pitch is to open a conversation about how you can serve your customers. When creating your site, here are some best practices to follow:
The SMART system is a great tool for business development goals. SMART goals are specific, measurable, achievable, relevant and timely. For example, a good SMART goal for a business development project might be:
Four Ways To Target The Right Prospects
He said, “I will try to improve the initial response time to customer inquiries and increase the number of service personnel from 10 to 15 people in the next three quarters.
By following the SMART system, you will keep your goals relevant to other areas and make sure they are achievable with your current resources.
A SWOT analysis defines strengths, weaknesses, opportunities and threats. It’s a great business development tool because it helps you show where you’re growing. The best way to use SWOT is to choose a specific aspect of your business to analyze. When doing a SWOT analysis, keep these questions in mind:
Example: If you want to launch a new product, you can look at what your company is doing well, what it is doing wrong, where it may miss opportunities, and other companies that could do better.
The Secret To Successful Business Development
Next, define your target audience – this can help you determine who you want to attract as new customers. When you want to know exactly who to choose, avoid being so specific that you miss out on opportunities. You can do this at:
Do research to find out who your competitors are and what your customers want and need. You need to know your customers’ problems and how you can solve them.
You can gain valuable insight into your audience’s needs through customer research. Eighty percent of companies experiencing year-over-year growth use surveys to collect customer experience data. Here are some research tips:
In order to evaluate the success of your program, you need to know the measurement points of the data that you can pass a good (or bad) post. You can do this by using key performance indicators (KPIs).
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Depending on what you’re evaluating, these KPIs can range from revenue conversions to leads and cost comparisons. It is important to choose specific KPIs to complete your plan. Some biz dev KPIs include:
Perhaps the most important element in your plan is your budget. Your company must be able to pay for your plan before they can approve it and start implementing it.
Stick to a budget, but don’t be afraid to push. After all, if your plan works, you should be able to get that money back. Be sure to include these items in your budget:
Good customer service should come first – it can be the difference between a customer choosing you over a competitor.
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Maintain good customer support with existing customers as well, to ensure you build a lasting relationship with them. Plus, if they consistently have a positive experience with your team, they may refer other accounts to your business.
A business development strategy is incomplete without a sales plan. A sales plan helps define sales strategies and includes:
Although this is focused on the sales team, it can provide the biz div team with valuable insights.
Once you have a solid plan, implementation is best a matter of responsibility and control. The implementation steps will vary depending on the parameters of your plan, but here are a few things to keep in mind as you get started:
Strategic Business Development
Business development is all about facilitating communication between departments to achieve new business goals. The best way to align your company with the same vision is through CRM.
With CRM as simple as sales, communication between the business development team and all other departments becomes dynamic. The plan can move and change in real time in response to everything from product clicks to sales. (If you’re new to the world of CRM, we’re happy to walk you through this CRM software tutorial.)
Your BD team already has a thousand things to coordinate every day, so why make their lives so difficult? Request a Sell Today demo to keep the biz dev team—and your business—ahead of the competition. Lana Manganiello DEI is committed to facilitating business development programs for attorneys that promote collaboration, networking and relationship building | Workforce Growth Partner | Professional Engagement Specialist | BD trainer and coach
Not all jobs are created equal and staying busy doesn’t mean you’re doing what you need to do to achieve your bigger goals. Implementing ADAPTS will help you focus on your professional development activities.
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The legal profession made gains in 2021 and all signs point to a continued trend in 2022. Now that many practitioners are busier than ever, with many trying to meet the demands of clients, now is a good time for lawyers to think about and implement business development strategies.
Being busy at work gives you the opportunity to think about what you want to do and what you want your practice to be in the future. You have the advantage of being able to say no to a job that doesn’t align with your long-term goals. And given that many firms struggle to attract and retain legal talent, and you’ll only have 24 hours in a billing day, growing a voice practice isn’t the best way to grow for many practitioners.
In today’s legal market, setting up a good system is the best way to promote yourself and spend your money. In his book
, David Baker says that Enterprise Experts “will succeed as we move the needle on behalf of our valued clients who are aligned with our mission, willing to pay premium prices for our high-yield, unparalleled expertise, helping us lead the way as experts who have found the best way to make a difference, everyone.”