Business development is strategically identifying and deploying opportunities organisation-wide to help your business grow. This may sound like a broad definition, but it is because BD encompasses a wide range of disciplines. <\/p>\n\n\n\n
For instance, depending on a company\u2019s objectives, business development can be associated with business expansion, sales growth, forming strategic partnerships, converting qualified leads, improving customer relationships, increasing brand awareness, or boosting profitability. <\/p>\n\n\n\n
Therefore, BD intertwines with every business department, including HR, sales and marketing, accounting, product development, and vendor management. <\/p>\n\n\n\n
While many companies hire a senior business development manager to spearhead BD strategies, business development is ultimately a company-wide initiative. Everyone has to be aligned and on board for the strategy to achieve its goals.\u00a0<\/p>\n\n\n\n
There\u2019s a common misconception that business development is a fancy word for \u2018making more sales\u2019, but this isn\u2019t the case. Even though BD and sales teams work closely, it\u2019s essential to understand how they differ.<\/p>\n\n\n\n
Business development vs. sales<\/strong><\/h2>\n\n\n\nWhile business development operates within the broader sales team, its function differs from traditional sales activities. <\/p>\n\n\n\n
Sales teams are exclusively focused on selling your products. They want to move leads down your sales pipeline and turn them into customers. <\/p>\n\n\n\n
By contrast, the scope of business development is broader. It involves helping your company find new opportunities to drive growth and increase revenue. <\/p>\n\n\n\n
Of course, selling your products and driving growth aren\u2019t mutually exclusive goals, meaning sales teams and business development representatives (BDRs) typically work together. <\/p>\n\n\n\n
However, the diverse objectives of BD mean that a BDR’s responsibilities are usually more vast than those of traditional sales roles. These can include creating business development plans, using account-based marketing strategies to build relationships, etc.<\/p>\n\n\n\n
To expand on this, let\u2019s take a closer look at the role of business development professionals.\u00a0<\/p>\n\n\n\n
Understanding business development roles<\/strong><\/h2>\n\n\n\nBusiness development isn\u2019t the job of one individual. It\u2019s a company-wide effort facilitated by every team, from HR and finance to marketing and sales.<\/p>\n\n\n\n
That said, it\u2019s essential to have experts dedicated to BD who handle the overarching strategy and ensure every other team member is working towards business objectives. <\/p>\n\n\n\n
In this sense, two distinct roles play complementary yet different functions: business development managers and specialists. <\/p>\n\n\n\n
Business development managers<\/strong> oversee the overall business strategy and direction of BD efforts within an organisation. They set KPIs, create strategies, allocate resources per the company\u2019s objectives, and handle all project management responsibilities. <\/p>\n\n\n\nBusiness development specialists<\/strong> are the front-line employees who execute the tactics outlined by the BD manager. They focus on the day-to-day tasks to help the organisation hit its KPIs, such as guiding customers through the sales process<\/a> or networking with leads.<\/p>\n\n\n\nWhile many other roles play an essential part in the BD process, such as the chief information officer, sales development representative, social media specialist, content marketer, and data analyst, we will focus primarily on these two roles because they are at the core of the BD efforts.<\/p>\n\n\n\n
Business development representative objectives<\/strong><\/h2>\n\n\n\nAlthough a BD team can be large and responsibilities are often distributed across teams, this list provides a basic overview of what a business development representative (BDR) brings. <\/p>\n\n\n\n
Business development isn\u2019t the job of one individual. It\u2019s a company-wide effort facilitated by every team, from HR and finance to marketing and sales.<\/p>\n\n\n\n
That said, it\u2019s essential to have experts dedicated to BD who handle the overarching strategy and ensure every other team member is working towards business objectives. <\/p>\n\n\n\n
In this sense, two distinct roles play complementary yet different functions: business development managers and specialists. <\/p>\n\n\n\n
Business development managers<\/strong> oversee the overall business strategy and direction of BD efforts within an organisation. They set KPIs, create strategies, allocate resources per the company\u2019s objectives, and handle all project management responsibilities. <\/p>\n\n\n\n Business development specialists<\/strong> are the front-line employees who execute the tactics outlined by the BD manager. They focus on the day-to-day tasks to help the organisation hit its KPIs, such as guiding customers through the sales process<\/a> or networking with leads.<\/p>\n\n\n\n While many other roles play an essential part in the BD process, such as the chief information officer, sales development representative, social media specialist, content marketer, and data analyst, we will focus primarily on these two roles because they are at the core of the BD efforts.<\/p>\n\n\n\n Although a BD team can be large and responsibilities are often distributed across teams, this list provides a basic overview of what a business development representative (BDR) brings. <\/p>\n\n\n\nBusiness development representative objectives<\/strong><\/h2>\n\n\n\n
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