Any business development concept, irrespective of the nature of the business, demands an extensive thinking process towards defining the prospects, i.e., establishing a realistic vision along with a clear recital of what it takes to realize the chartered vision. In short, they are not typically just people that mastered the sales process; they are more like renaissance men and quick learners. However, understanding business development involves looking at how the company can grow effectively. Good and innovative ideas do not usually occur by chance and most successful companies have well designed processes, structures and tools to motivate and manage idea production.
Strongly dedicated to our Principals’ business, I work on developing new contracts throughout the whole sales process. Take a look at the growth of the business over time. The typical wage of a business development professional will depend on the industry, position level, and the scale of the company.
Anything that helps build up a solid distribution strategy falls into the business development processes. In identifying new business opportunities, part of the job is to collect and compare pertinent data on the target market, from which recommendations and proposals can be drawn.
If your product or service solves a problem that doesn’t exist in your lead’s industry, it’s not a good idea to pass that lead along to a sales rep. This strategy works well because it creates an internal comparison among your products and customers choose the cheaper ones, thinking that they are getting a good deal.
With repeat customers, you’re doubling the number of products the repeat client is importing. Business development is concerned with the strategic planning of a business, including its marketing- and sales-plans for (new) markets. The Tennessee Small Business Development Center provides a myriad of services for entrepreneurs to take advantage of like free confidential counseling as well as training seminars, both public and private, on many business related topics.