Definition of Business Development

Definition of Business Development

A New Look at Biz Dev

Let’s look at some new, enlivening and actionable definitions  of Biz Dev. Defining creates a solid foundation for everything you’re about to do as an entrepreneur.

I’m excited to bring you this new definition; views, insights, and news about this new profession. There’s a growing number of people claiming to be business development professionals, but there’s not much agreement on a definition of this field. And some are just trying to hijack the name as another sales term. That’s not nice.

What is Business Development?

A Definition from Business development is the creation of long-term value for an organization from customers, markets and relationships.  

A VP of business development helps discover and refine a company’s vision and mission statement along with the unique value proposition and how the whole company participates in fulfilling those. He or she is responsible for discovering ways to produce value for customers and then make it happen. He or she is a market researcher, intrapreneur, content producer, strategist, communicator, evangelist, integrator and harmonizer of business activities which focus on delivering value to customers.

I like marketing, but I’m not as enthusiastic about sales, yet I’m very interested in creating new business.  With my own company previously, I dabbled in this new approach to creating business. I had an idea I needed to do pre sales, but I wasn’t aware that it was called biz dev and that I wasn’t doing it well.

I’m sure you’ll learn as much as me if you tune in regularly. So bookmark this blog and add it your blog roll. You might as well tweet the heck out of it too!

There’s a scarcity of books and material on this topic. So why do we have business development now? I’m not sure, but I would suggest that due to how virtual our lives are becoming that sales is dying as a marketing tool. Sales just lacks lustre and people have stopped trusting it.

That’s not to say that the interpersonal contact with customers isn’t important. It is essential, particularly with B2B but the old school sales techniques that I’m sure you’re more than familiar with, customers find repulsive. Whoever your salespeople are, they have  to communicate well their understanding of the client’s business and needs, build trust, and encourage the client to follow their vision. Every customer needs a little encouragement to sign the deal. Sales people are part cheerleaders too.

However, salespeople can’t sell something that isn’t there. The can only sell the value your business can generate.There’s nothing worse than launching a relationship with customers and being focused on sales, instead of discovering the customer’s true needs.

Business development takes the accent off of sales and onto the relationship between buyer and seller.“But that’s not fair, our job is to make money and sell them something.” No, your job is to uncover their real need and reveal your interest in resolving it. If you’ve done your initial prospect research and your networking, then you’re spending your time with the right prospect. Your caring, non-greedy approach will impress them. Why would they choose anyone else?The better you plan and conduct your new business development, the less selling you’ll have to do.

The 9 Elements of New business Discovery

New Business Discovery Process

  1. Market Research (where is the pool of prospective customers and what is their need)
  2. Unique Value Proposition (describe what your UVP is, and how vital that value is to your prospects)
  3. Brand Image (what is your brand image statement based on your UVP)
  4. Product/service Components (how do pieces assemble to create the whole
  5. Content Strategy (what do you offer for free that entices them and how does your content communicate your business as the right match)
  6. Content Development (who will create the product/service, and what is the gap between what they need and what you can deliver)
  7. Marketing Communications (what is the ideal way to reach your target prospect and what will you say in each media that makes them commit to you)
  8. Sustainability (how will continue to add unbeatable value)
  9. Profit (how do you maximize revenue/expense to generate the maximum value from customers

Now, that you understand why it’s needed, it’s time to get into the basics of business development strategy.

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