Business Development 101

Business Development 101

  • 02 Nov 2020
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Business Development 101

“Business development is sales,” some will say, concisely.
“Business development is partnerships,” others will say, vaguely.
Let’s see what Dictionary says, it is “the activity of pursuing strategic opportunities for a particular business or organization, for example by cultivating partnerships or other commercial relationships, or identifying new markets for its products or services.”
What business development is all about, I would perhaps say “ Business development is the building of long-term value for an organization from customers, markets, and relationships.”
Business Development subsists of following stages:
Market Research
Strategy
Sales(On-boarding)
Operations and Execution
Market Research:
“Ah! it’s boring” first thought in your mind but this is the most important and crucial point on which very fewer people generally focus. A detailed knowledge of the competitors, market size, and market players helps you to make strategy, build your pipeline, you will build an insight of what your target audience wants. By proper research, you get one step ahead of your competitors. You have an advantage over your competitors.