Climb higher with a strategic approach.
Business Development has many definitions and causes lots of confusion. For example, it is typically confused with sales. In brief, our usage refers to the identifying of strategic sales opportunities with organizations outside of a company and developing the relationships needed to achieve these sales. It is not sales, in that sales are a more tactical function within a company, which are driven by market analysis and marketing communications. Business development also refers in this context to the development of potential partnerships. Business development requires not only having an expansive network to help you facilitate relationships and partnerships, but also in having skills in building and maintaining new relationships to leverage them when needed.
When dealing with larger enterprises in a Business to Business context, business development fundamentally involves the recognition that a sale can only be achieved by understanding the contributors and stakeholders involved in a sales decision, the internal champions that might be targeted, and ultimately, the actual corporate decision makers who will need to be convinced before a sale can occur. This is commonly referred to a “complex sale,” and business development acumen is critical in achieving success in such large enterprise sales.