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If you have wondered what is Business Development (BD) is and how it works, you probably are not alone. You hear this phrase more than anytime in meetings, job descriptions and company strategies. But the interpretation has some minor variations based on the industry you are servicing.
In layman terms: Business Development = Identifying opportunities to grow and nurturing relationships that help move the company forward. It is not sales, it is not marketing, and it is not partnerships—it is all three in unison.
Let’s take this step by step.
In its simplest terms, Business Development (BD) is about creating long-term value for a company rather than dealing with part-to-part negotiations of individual productsreferencingAppel, B. C., et.
Now imagine this in the form of a bridge between the goals of a company and the availability present outside it — and you have BD! This is about being a visionary—having an understanding of where the company stands today, and where it can be headed the next day.
There is no such thing as business development — it is a piece-meal approach to research, strategy, and execution. Here’s how it typically works:
In order for a company to grow, it has to know its target audience, competition and market trends. BD teams frequently use data analysis, surveys, and market gap analysis to discover new opportunities.
So much of business dev is all about partnerships. As an example, a tech company may partner with a payment gateway provider to facilitate making transactions. In esports this could mean that a gaming brand would work with a streaming platform to connect to additional fans.
Sales are different from BD, BD helps sales. Business development people warm up leads, schedule meetings, and grow relationships that the sales team will eventually turn into dough.
Understanding how a company can grow into new territories and markets is vital in business development. A local cafe provision could look into offering corporate events and an e-commerce store shipping internationally.
BD is about creating long-term value, as opposed to quick sales wins. Part 3 — This is creating the foundation for continued growth — through returns, loyal clients, or long-term industries.
Egsample: Esports & Gaming Business Development
Take the example of the esports industry. It is one of the top developing markets globally and business development has a key part to play in this development.
That is simply the reality of business development—discovering new opportunities and relationships to drive growth.
Development is essential for all businesses, irrespective of their size, nature, or age. Here’s why it matters:
Expansion must start generating revenue: new partners and opportunities add more revenue.
Enter business development — but what is business develop descriptively? It is, in essence, the skill of opportunity discovery, relationship management and value creation. More Than Just Increasing Sales — A Blueprint for Sustainable Growth
In traditional industries such as retail, finance, and hospitality, as well as in highly-growth industries like esports and gaming, business development drives companies to grow, adapt and find success.
So for you that wants to expand a business or even your own career learning the basics of BD can truly make a whole different bet.
The main role of business development is to identify growth opportunities, build partnerships, and create long-term value for a company.
No, business development is not the same as sales. While sales focus on closing deals, business development focuses on creating opportunities and building relationships that support sales.
Key skills include communication, networking, market research, negotiation, strategic thinking, and problem-solving.
For small businesses, business development opens new markets, builds strong partnerships, and creates strategies to increase revenue and visibility.
Almost every industry needs business development, including technology, healthcare, finance, retail, esports, and gaming.
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Written by
Satyam Gupta
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