What is Business Development?

What is Business Development?

What is business development? Business development is building relationships and opening doors for companies and people to create opportunities and generate revenue. Business development involves structuring, negotiating and closing channel partnerships, strategic alliances and other agreements to create breadth, depth and value. Once agreements are in place, business development involves managing and nurturing relationships for long-term success. Below are five ideas to enhance your business development thinking and efforts.

1 – Business development is both art and science. Art is arranging to bump into someone on purpose. Science is having quarterly account planning sessions. Art often drives science.

2 – Business development means creating “surround sound.” Are the partner’s engineering, sales and support organizations all talking about you? Do they all know what you do? Do they all know when to contact you?

3 – Business development means not being too rhythmic. It is not about meeting every week just to meet or doing lunch every time you get together. It means building a genuine relationship with someone where both parties benefit.

4 – Business development means reciprocating without just “taking.” The more insight and opportunities you give to a partner, the more leads they will give to you. You are on the right track when you get leads without asking for them.

5 – Business development means taking a genuine interest in the other person. If you have appointments before and after your business development meeting, you will not be fully engaged.  People are not transactions.

All contents copyright © 2013, Josh Lowry. All rights reserved.

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