Business Development – The Pursuit of Strategic Opportunities for an Organization.

Question 1.

What is business development? 

Organization leadership creates strategies for operations based on analysis of markets and available resources.  The processes used to create the strategies and implement operations are the foundation of business development. 

Question 2. 

What does a business developer do? Are there any other titles used for business developers?

Business Development at differing levels will do:   Strategic planning, Marketing & Sales, & Organization Partnerships

Titles include:

• Director of Business Development

• Business Development Manager, Associate, Assistant, Representative, Specialist, Coordinator

• All Sales Titles

• All Account Management Titles

Role

The Director, Business Planning is a key role that leads critical planning activities to support the CMO and the entire marketing function. This is a highly visible position working closely with senior executives. The position requires an individual who understands how to get things done through influence and collaboration, and takes ownership for all aspects of business planning work in Marketing, from strategizing to execution.

Responsibilities

• End to End Business Planning.

• Manage marketing strategy in partnership with sales, customer success, products, and finance.

• Run the annual and quarterly planning cycles.

• Coordinate with Sales, Product, Product Marketing, Finance, HR to develop an integrated business plan.

• Create and execute robust business plans to drive high performance across the marketing function.

• Own and manage the Company processes.

• Develop marketing roadmaps to align with product and sales and own the integrated marketing calendar.

• Formulate a holistic view on marketing data and identify key metrics.

• Assist running the cadence with CoS.

• Assist the Chief of Staff running the business cadence for marketing, including Quarterly/Monthly/Weekly reviews.

• Assist the CMO with e-staff cadence including Quarterly/Monthly/weekly reviews.

• Align agendas in marketing and ensure consistency in information cascading.

What is the work of a business development manager?

What is the work of a Business Development Associate?

What is the role of the Business Development Manager?

What does business development title mean?

For the most part – it means “create sales for the company.”

Question 3.

What are the skills required for business development?

There are Acumen and Upskills required for business development success.

Competencies:

Marketing and Sales

Also known as B2B sales, when starting as an entry-level Business Development employee you’ll spend time prospecting for potential partners and clients.

Key Skills: Public relations, research, presentation confidence, persuasion for convincing conversions and sales planning.

Business partnerships

Once you’ve secured a partnership you need to build and manage a relationship around it. You’ll need to oversee the process of contract drafting, deal closing and term agreements between the client and your company.

Key Skills: Negotiation, project management, financial management, human resource duties, expectation management and client retention.

Strategic planning 

Often referred to as corporate development, these are more commonly found at large companies with a main priority to diversify and grow their business and brand within a specific territory.

Key Skills: Leadership, analytical thinking and top-level strategy for acquisitions, investments, integrations and global stakeholders.

Upskills recommended for Business Development Career Growth

Accounting

Knowledge in this area gives you a great understanding of the inner workings of a business and the pathway to making profit. It’ll really help in your price negotiations along with understanding your customer’s financial problems and offering solutions.

Business process and practice

Make yourself an indispensable resource for future businesses by learning to develop innovative action plans for sustainable, technology-driven business practices.

Sales or Management Courses

Gaining insight in this area will give you the strategic advantage when developing best-practice sales techniques. People management knowledge will confirm your ability to lead, organize, motivate, and measure the performance of a sales team.

Marketing

A basic understanding of marketing will always add value to your relationship with your customer. Being able to offer advice to your customer on selling on your product or working with them to build their brand elevates you from being salesperson/order taker to a trusted adviser which will ultimately build a great sustainable long-term relationship with your customer. If a customer is selling on your product they are selling your brand through their eyes. The way you present your brand is the way they will sell theirs.

Question 4.

Why would someone pursue a career in business development? Who would make a good candidate?

Indeed, this week shows 33,450 different jobs under “Business Development.”

Requirements: Entry Level

• Bachelor’s degree.

• 0-2 years full time work experience or strong recent internship experience. Prior sales experience preferred.

• Excellent written, verbal, and storytelling skills.

• Eager to try new tactics and adopt sales development best practices.

• Bonus points if you love to write, have knowledge of or interest in CRM systems and/or HubSpot.

• Resilient, friendly, humble, empathetic, and scrappy.

Requirements: Experienced

• 10+ years of experience in high growth tech company, management consulting firm, investment banking, leading data-driven strategy formulation and execution.

• 5+ years working on annual planning or business planning, demonstrated ability and prior experience in leveraging data to create GTM strategy, marketing strategy preferred.

• Proficient at telling stories in a narrative format is preferred.

• Strong interpersonal skills with demonstrated track record for building collaborative relationships across all levels of the organization.

• Very comfortable rolling up their sleeves and get things done without supervision.

• MBA preferred, but not required.

Requirements: Government

Director of Business Development Required Skills and Qualifications:

• Applicants selected may be subject to a U.S. Government security investigation.

• A senior-level understanding of the federal-civilian marketplace for program support and technology services with 10 years of experience.

• Experience marketing IT services and products.

• A consistent track record of identifying, capturing, and winning new federal-civilian business for mature small businesses.

• Executive references with demonstrable success from past employment.

• Understanding and experience with federal procurement vehicles and federal regulations.

• Experience supporting all facets of bid and proposal efforts.

Director of Business Development Duties:

• Responsible for the management of all strategic and operational business development activities.

• Propose potential business deals through identification of opportunities and contacts with potential partners.

• Qualify potential business deals by analyzing market strategies, deal requirements, financials, and evaluating options.

• Close new business deals by coordinating requirements, developing and negotiating contracts, and integrating new contracts into business operations.

• Provide industry feedback to executive leadership regarding competitive offerings, prospect needs, and generate business development ideas.

• Drive revenue and profit to achieve upward growth.

• Plan and coordinate the implementation of business plans and the penetration of new markets.

• Collaborate with Business Operations leadership to provide marketing advice, strategy, and general support.

• Assist or produce feasibility studies/business plans for new product development.

• Assist in planning events that highlight corporate services.

Experience and understanding of these core service areas:

Federal Civilian agency experience required with deep understanding of some Proven Small Business win experience.

Longevity at recent positions (3-5 years)

Agile Development (DevOps)

Research and Analysis

Data Analytics

Technology Infrastructure

Project Management Office

Business Acumen

Knowledge, insight, and understanding of business concepts, tools, and processes that are needed for making sound decisions in the context of the company's business; ability to apply this knowledge appropriately to diverse situations.

Customer Experience Management.

Implements the strategies and techniques used to ensure that customers have a positive experience with the organization and its products and services at every touch point.

Decision Making and Critical Thinking

Understanding of the issues related to the decision-making process; ability to analyze situations fully and accurately and reach productive decisions.

Effective Communications

Understanding of effective communication concepts, tools and techniques; ability to effectively transmit, receive, and accurately interpret ideas, information, and needs through the application of appropriate communication behaviors.

Financial Services Industry

Knowledge of financial services industry trends, directions, major issues, regulatory considerations and trendsetters; ability to provide specific financial knowledge and experience to help organizational development.

Managing Multiple Priorities

Ability to manage multiple concurrent objectives, projects, groups, or activities, making effective judgments as to prioritizing and time allocation.

Sales Function

Knowledge of and the ability to conduct daily and strategic activities in an organization's sales function.

Selling

Applies knowledge of banking products and services to meet customer needs and enable them to achieve their financial goals. Identifies prospecting approaches to identify potential customers and create opportunities to sell financial solutions and ideas to customers.

Work Experience

Roles at this level typically require a university / college degree. Higher level education such as a Master degree, PhD, or certifications is desirable. Industry relevant experience is typically 8+ years. Specific certifications are often required. In lieu of a degree, a comparable combination of education and experience (including military service) may be considered.

Question 5. 

What does the future look like for business development and developers? (See Images below)

Technology advances for information access and potential for more IOT AI – the foundation of information for the Business Development will continue to grow. 

The more difficult part of extrapolating pertinent information, integrating with resources for organizational use, while at the same time matching market wants, needs, and demands – will be the area where cognitive learning is necessary.