Business Development Defined
It may seem like a silly question to ask, but businesses have widely different visions for their business development team. Small companies and start-ups may see the term as interchangeable with “sales.”
A business development executive needs to employ all the tools of a great sales person. The process of establishing a new account - especially with an enterprise client - is certainly a sales process.
However, there is a key and important difference. Business development involves getting other organisations to promote your product. It involves a convincing the business partner to commit valuable resources that may require critical changes in they way they do business. This requires the business development executive first understand the partner’s corporate objectives intimately and be capable of installing trust between the organisations.
A single effective business development executive will often out-perform an entire sales team. They can do this by leveraging outside teams that may vastly outnumber the in-house sales force in size and resources. If they understand how to motivate the partner - if their product is used by the partner to close more business - a single business development executive can dramatically impact the value of a business. From this perspective comparing sales to business development isn’t even fair.
The challenge is in the cycle. When we need to get another business committed to selling our product we will typically need more time. The contracting is different. The buy-in is different. It may require strategic changes to the partner’s product roadmap. You will need to also anticipate the impacts on brand, marketing and sales training.
Through my experience with early-stage technology companies in building both sales and business development teams, I learned the hard way the importance of working with the CEO to create a sales and business development roadmap that mirrors product and marketing. Creating a shared vision for business development is a critical outcome of that process.
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