Business Development is the process of creating long-term value for a company’s profits by managing markets, customers, and business relationships. Someone who is in a Business Development position plays a role in creating potential opportunities for the company to continue to grow.
There are still those who consider Business Development the same as sales who are responsible for sales. The fact is not so because the person in that position must also be able to think of strategies and tactics that are long-term.
Elements in Business Development
There are three vital elements associated with Business Development, namely the market, customers, and business relations. Here’s the explanation.
Markets
The market or target market must be determined since starting the business. The goal is that the company can prepare the right products and needed by the market. Interestingly, the target market will continue to grow according to the economic situation. In this case, Business Development is the person who makes sure the product is still relevant to the new market.
Customer
Customers are no less important element in a company. Without loyal customers, the business will not develop well. Therefore, a Business Development must be able to know the needs of customers and meet them through the products sold.
Business Relations
Business Development must also build good relationships with customers or clients. The business relationship is built on trust and mutual respect for mutual interests. Supported by good business relations, the company can be more developed.
Responsibilities For Business Development
The responsibilities of the Business Development team in a company are outlined in the following points.
Monitor Market Developments
Business Development must be keen to monitor market developments as well as ongoing competition. From these observations, he can get a prospective gap, both to find new customers, create new partnerships, and develop new product ideas.
Doing Target Market Research
Another task of Business Development is to conduct research to determine the target market. The research methods used can be quantitative or qualitative. The conclusions obtained from the research results are then used as relevant considerations.
Get To Know The Company’s Products
Business Development must be familiar with the products made by the company. The introduction is not just from the outside, but in depth starting from the raw material until it has become a finished product. That way, Business Development can convey product excellence to potential long-term customers.
Develop Business Development Strategy
The next responsibility is to develop a business development strategy within the company. The strategy must be based on current conditions so that the results are more effective. Related to this responsibility, Business Development must also have Presentation and negotiation skills.
Skills that Business Development must have
In carrying out its responsibilities, a Business Development must have a number of skills. Here are some of them:
Management
One of the skills that must be owned by Business Development is to manage the resources owned by the company so that it can generate optimal profits.
Communication
In delivering messages to customers and clients who will be working together, effective communication is key. How communication affects the effectiveness of message delivery. The better and more positive the impression is seen, the greater the chance that the message will be received.
Persuasion
The ability to persuade others is very necessary for Business Development. Persuasion is influencing, encouraging, or convincing someone to do something. In this case, Business Development encourages customers or clients to cooperate.
Negotiations
Before reaching an agreement, the two parties will usually conduct business negotiations. If the negotiations go well, the end result is sure to benefit both parties. Negotiation skills are related to the ability to listen while providing solutions to other people’s problems.
Analysis
The data collected in the field must be managed and analyzed so as to produce appropriate conclusions. These analytical skills also involve critical and open thinking so as to achieve valid and relevant final results.
So, the role of Business Development in a company should not be ignored. Reliable Business Development will support the company towards a better direction.
