Today we are going to dive into some fresh perspectives on how we see the business development world. Business development is many things, to many people. We have been blessed with the chance to work inside and have many successes stories inside small, medium and large sized corporations and businesses across various industries and niches.
We are gracious for the lessons we’ve accumulated, and we want to share them with you here today. We’ll also show you some quick wins you can implement immediately and pass off to your business development team.
I’m excited to see the results this brings you, and if you have any questions or inquires feel free to email us at this email below. firstname.lastname@example.org
What is the role of business development?
Business development is responsible for increasing revenue, creating idea’s and optimizing the companies performance from an outside expertise and perspective. Plus, helping their client understand their market and marketing strategy deeper. Most of the time the business development manager, business developer or company in charge of business development should bring back a large return on investment to the company in either short term monetary value or long term monetary value.
Business development professionals help companies reduce risk, discover hidden gaps and hidden opportunities and ultimately maximizing long-term value of the company and business.
A business developer is also responsible for easing the burden of marketing and sales and finding high level insights that deliver long-term value and quick wins. Someone that is removed from the companies day to day operations yet still studying, researching and having the companies best interest in mind at all times. When they are fully removed yet still vested in the companies best interest it allows a brand new perspectives, ideas and creativity to bubble to the surface.
Business development also helps the sales and sales team’s fine tune communication and helps them notice and locate higher quality opportunities and leads that they can capitalize on.
What are the skills required for business development?
Someone that is involved in business development will need to poses quite a few valuable skills. Over time you will notice what skills you gravitate towards and are naturally gifted in. Some skills you will use more than others. The reason you will want to have a broad skillset and understanding is because everything eventually is interconnected.
You don’t necessarily need to be an expert in every single category or skill, yet having understanding makes you competent when you get into conversations with business leaders. You will be able to create high level strategies easier the more you tighten up those skills. Later I will also be listing out the top 3 money making skills. However, I am going to cover a few REALLY important skills first. These skills are mixed into primary skills, and secondary skills.
They all intertwine and have cross connections along the way.
Business Development Skills
- Marketing and Advertising know how, online and offline mediums.
- Copywriting and expertise into funnels, systems and direct response.
- Email marketing and understanding how to write, communicate and use list building software.
- Coaching, mindset and leadership skills as you potentially will be leading teams and people.
- Branding and brand positioning expertise.
- Strategic partnerships training and expertise.
- Sales skills and sales training is a huge asset.
- Graphic design is a bonus, as it makes life easier.
- Community management and the ability to connect and network strategically.
- Web development & SEO skills are an asset.
- Basic writing skills are an asset, as it also makes life and writing proposals easier.
- Being an expert in industry specific knowledge can also help you tremendously.
- Public speaking skills are also an asset you might want to acquire.
What are top 3 skills for business development executive?
In the above question I listed out some skills that a business development manager, business development professional or business development executive should poses. It is my belief that understanding Strategic Partnerships, Marketing & Copywriting are some of the top skills that will move the needle forward and bring added value to any business. It is usually where we find quick win opportunities for companies that we work with.
Most business development people that I meet rarely focus on Strategic Partnerships and I think it is an area that can make them different from everyone else. It’s “new” and not really talked about. Being the person that can facilitate high level connections is extremely valuable.
As you build these partnerships, you can leverage them in your marketing efforts too. You might even get direct referrals lined up because of the partnerships. If you know copywriting you will also generally understand direct response marketing and brand marketing so you can get QUICK wins for clients.
A quick Strategic Partnerships tip:Find industries and businesses that are congruent with your business, that offer services that are not in competition with yours, but compliment what you offer. For example, I ran a construction company before and we would install and finish interiors. Drywall, Taping and Painting…
House framers, supply companies, and electricians were our BEST strategic partners…WHY?
They were always “first on the scene” so they can give you new intel on up and coming customers and projects that you can capitalize on. Now do you see how strategic partners are so powerful in business development?
Every good business owner and individual responsible for business development should also study copywriting and storytelling. Study the principles of direct response marketing and brand marketing. This will be an ongoing and ever-evolving effort that will continue for the rest of your life. There is many layers of persuasion and new technology nuances that you will need to learn along the way.
These are area’s I personally have went DEEP into in the business development arena.
If you get your new clients quick wins, you will always have a healthy bank account and steady repeat clients banging at your door. It’s a good problem to have.
How is sales different from business development?
One big way that I see sales being different than business development is that business development enables sales teams. It makes sales easier for the salesman. Another one would be is that it helps make the delivery of what the salesman just sold to the customer or client smoother. In turn will increases referrals and repeat business for the company.
Everything that happens BEFORE & AFTER the sale. A manager of business development or a business development team would touch and be responsible for improving those BEFORE & AFTER processes.
The business development professional is interested in the customer success, and finding new opportunities for sales to capitalize on. They get to know the market, and the customer better than almost anyone inside the company. They are able eagle eye pinpoint new sales opportunities, and create new sales angles and ideas easily. Essentially reducing strain for sales and connecting with the customer and market deeper.
Business development has a heavy backend business focus also, sales is a very front end activity. Sales does drive the company, business development keeps a pulse on the market and ensures the company can keep running.
Business development is exploring new market opportunities that sales will eventually be able to capitalize on. It involves research and keeping the company on track and not divergent from their main source of opportunities.
To sum all of this up…
Business development is MANY things to MANY people and it sits inside a very grey area. However, it is critical for business’s to hire development professionals along the way when they face growth hurdles and challenges.
One thing, when hiring someone inside this industry, is I would always look at their track record. Take a look at their case studies, and talk to their past clients and customers. You will be very enlightened to see that many people struggle to create successful companies in this arena.
The biggest reason, is they try and focus on features like websites and fancy bells and whistles, instead of results.
One of the most important things in business is MOMENTUM. When you can help a business achieve their goals faster, and tap into their utmost potential you will become a sought after go-to trusted source in your industry.
It is very rare to find professionals that are strong in the business development felid, if you want to stand out, deliver the BEST possible results you can.
REMEMBER! A cardinal rule of business is always under promise, and always over deliver. It will ensure your business thrives no matter what industry you are in.
This way, when you deliver above and beyond what you promised, your clients will be pleased, happy and excited. We all want to do business with people we know like and trust, and when you’re honest about expectations and results you give yourself a chance to build rock-solid relationships built on strong foundations.