The specialist area of business development is the development of a commercially oriented organization. So there are special techniques being comprised within business development such as the assessment of marketing opportunities and target markets, business analysis of customers and competitors, the preparation of future business models, and the development of business plans for the establishment of new companies. Strictly speaking business development includes various special techniques as well as responsibilities which are aimed at attracting new customers, opening new markets and penetrating existing ones.
Further techniques used include:
• design of concrete business models
• follow-up sales activity
• generating possible sales leads
• analyzing business data of customers and competitors
• writing business proposals
• general presentation management
• drafting and enforcing sales policies as well as sales processes
• development of a sales presentation strategy.
At this point it has to be stressed that specific business development activities usually start with the evaluation of an existing business idea. So the business idea has to be carefully analyzed. Consequently it will be possible to realize its full potential and consult information in the areas of marketing, sales and service. In order to develop such a business idea it is important to have an ideal workplace. A so-called ideal workplace strictly speaking should be provided with a computer, an ergonomic chair, pleasant curtains, and the required office supplies.
Example: You are the owner of a poetry archive like PoemsAndLovePoems.com. In order to market this site successfully you will have to develop a business idea which is rich in potential. You are asked to analyze marketing opportunities and choose a specific target market. This means that you will have to decide which target group you want to focus: Should the poetry archive contain poems, sayings and quotes for adults or children? Which categories are you going to plan? The first step, however, consists in designing a concrete business model as well as in developping a clear and possible strategy. Analyze your competitors and check out their stratgies. Use the competitors’ weaknesses and turn them into strenghts for your own poetry archive.
Fact is that there are many small and medium-sized companies which do not have any structures or processes for business development. They rather focus the general care of existing customer contacts. However, larger companies the specialist area of business development is indeed recognized, but in spite of all often limited to the maintenance of strategic partnerships and alliances. In that case the involved parties usually use the expertise, technology or the intellectual property of the respective partner in order to extend the repertoire of own products and services without building internal resources within this purpose.
In the everyday business, however, business development should not be seen as a specific action, but rather as a continuous process that enables to resist the pressure of the competitors.