So many professional service firms we meet bemoan the track record of most of their folk in developing new work and new clients in attractive niches. In most cases, companies were able to capture the targeted area and achieve growth due to the efforts of specialist business development. Learn more about the services we offer for businesses like yours. But you’ll more than likely be looking to identify new markets, new partnerships, new ways to reach existing markets, or new product or service offerings to better meet the needs of existing markets.
The degree of separation between business development and sales will vary from organization to organization. Ultimately, the goal of both marketing and business development professionals is to grow the business, although the methods for doing so may differ. Business development is the identification of long-term methods to increase value through the development of relationships, markets and customers.
The function of sales is to sell products or services directly to the end user or client. Closing is no easy feat, and it doesn’t make sense to have your top sales reps spend time researching companies and hunting for leads if they’re best at selling. The slight slide towards sales is simply because of the tactics business development employs to achieve those goals.
Business development and risk management are addressed by focusing on what the customer wants and needs. You must have the ability to work with cross-functional teams, analyzing market opportunities, shaping account strategies and identifying product needs. Manage business development activities to support the sales process.
These can include communications, technology, software, accounting, human resources, sales and marketing, strategy, etc. Prospect for potential new clients and turn this into increased business. Our graduates are empowered business owners offering products and services across the spectrum of industries and specialties—representing an infusion of innovation that benefit their local communities and our nation’s economy.