From research, there isn’t a universal definition of business development, which is why it is constantly been confused with other terms. Business Development is an enthralling field. After all, it’s all about finding the best way to be more creative and employ winning strategies in other to grow your business.
However, before we get all creative and employ processes and strategies in other to explore development opportunities, here are some important things to know about business development.
1. Business Development is not Sales
Many a time, Sales is often misused to mean business development. But you should know that business development is NOT sales. Business development supports sales in achieving its goals. And this can be done by identifying opportunities, generating leads, assessing their needs, and taking necessary business risks, while sales duty is to go along with prospects and generate revenue.
2. Business Development is not Marketing
Marketing has often been misused to mean business development many times owing to the big overlaps in key areas, i.e. new brand awareness. While marketing is the activity & process for creating, communicating, delivering, & exchanging aids that have value for clients, business development is the process of pursuing strategic opportunities by developing new products, entering into new markets, and forming business partnerships with other companies. Ultimately, the relationship between marketing and business development is of mutual support meant to amplify the potential of the success of both sides. A successful business developer thinks like a marketer but acts like a salesman.
3. What Drives Business Development
Knowing the difference between sales, marketing & business development isn’t enough, you should equally know what drives business development to achieve success in business. Owing to the large scope of business development and activities, there is no standard practice nor principle for business development. From exploring new opportunities in external markets to introducing efficiencies in internal business operations, everything can fit under the business development umbrella.
Those involved in business development need to come up with creative ideas, but their proposals may prove to be unfeasible or unrealistic. It’s important to be flexible. Employees charged with business development should try to seek out and take constructive criticism, and remember that it’s a process.
Why does business development matter?
Good business development allows for business growth, flexibility, and profits. It’s also a great way for business owners to be creative and mission-oriented.
Zikzara Business Development Services
Our network of trusted global partners provides business development & market access services and solutions to companies wanting to expand into new territories. We assist firms that intend to enter or launch products into markets throughout Africa.
We offer a range of business development services such as research, feasibility studies, market analysis, market entry strategy, lead generation, partner search, brand development, and public relations support services. We also take care of major financial responsibilities such as budgeting, contract negotiation, and even help the overall development of the brand. Contact us now and experience new heights -the African Reality!