Business development coaching is a service which offers business leaders a chance to analyse and reflect upon their own business practices and to set targets and take action to achieve success as a result of the findings made. There are three main components that business experts generally agree form the base of business development: markets, customers, and relationships. You will be left with a balance – i.e. “20% of my business next year will come from new opportunities” – therefore you can then begin to allocate your selling time accordingly.
While business development and sales roles serve different purposes, they share a few similar tasks and responsibilities. It is their job to work with the internal team, marketing staff, and other managers to increase sales opportunities and thereby maximize revenue for their organization.
Plan – Once new business opportunities have been identified you will need to decide how you can best reach those new customers and markets. Business development is concerned with the strategic planning of a business, including its marketing- and sales-plans for (new) markets.
Marketing – Your marketing strategy will have a direct impact on your success. It’s an all-encompassing role,â€ says Sajeel Qureshi, VP of business development at Computan, a marketing support organization with offices in Canada and the United States. Responsibilities include designing & executing global recruiting strategies, participating in strategic headcount planning & management, analyzing business goals, and organizing recruitment events.
In recent times, there is a new job profile of Business Development Executive whose function has evolved as the business world has transformed into the global economy. Sales development roles can include business development rep (BDR) or sales development rep (SDR) roles.