Defining Business Development - dummies

By Anna Kennedy

Part of Business Development For Dummies Cheat Sheet

People often equate business development with sales. Although business development certainly includes selling, it involves much more than that. When you’re practicing business development, you’re doing some of these things:

  • Keeping an eye on the market. Is there enough market for what you offer?

  • Watching what’s happening in your space. Is anything changing? If so, you may need to change too.

  • Monitoring competitors, who they are, how you’re different, how to outmaneuver them.

  • Defining who your customer really is – what size of business, what industry, which departments and people buy what you offer?

  • Maintaining a really consistent message about who you are – no matter who you’re talking to.

  • Finding out where your customers swarm. Do they go to certain conferences? Read specific blogs or periodicals? Belong to specific LinkedIn groups? You need to be where they are.

  • Tracking the journey of typical buyers. What do they want to know along the way? When will they be ready to talk to you?

  • Thinking about customer satisfaction – how can you ensure that your customers are happy throughout your relationship with them?

  • Using customers to get new business – with them, with their network.

  • Using partners to extend your reach way beyond what you can do alone.

  • Moving to a position of ‘best in breed’, and so becoming the go-to company for what you do.