What is business development? Business development is the business function and process of identifying potential good-fit customers and building a relationship between a company and a solution for the sales team to eventually pitch and close. The purpose of business development (in the context of a sales team—NOT in terms of product validation) is to research, prospect and create a pipeline of targeted potential customers to pass off to sales for further vetting and closing.
Lastly, the value of business development services is discussed from the perspective of small and medium sized enterprises (SMEs). This requires business development and legal counsel to assess the business opportunity versus the business risk and explain the trade-offs to management.
The Massachusetts Office of Business Development (MOBD) helps businesses relocating to Massachusetts and businesses wishing to expand their current operations here. Having a clear and focused strategy that is grounded in the science allows the Janssen Business Development team to shape better deals and achieve in-market impact faster by understanding where each partner can add value.
An effective business development strategy begins by identifying a need that is present in your business. The salesman has to be able to find the value proposition in the product or service that most suits the potential customer on the other side. If you succeed in making your clients satisfied, they will be offering you repeat business as well as new business opportunities.
This professional development idea is pretty common with well known eateries, restaurants, residential maid services etc. Almost daily, I run into the misconception that the function of sales and business development are interchangeable, from co-workers to industry peers.