Business development is one of the functions that every company, from inception to exit, performs at one time or another. There is a bit of a chicken and egg problem here: start-ups don’t feel like they can afford a business development person until they sell product and they can’t figure out how to sell a product without business development. Business development teams, on the other hand, are typically very small, maintaining their small size by working through existing partner infrastructures.
The key skills involved here is collaborative work with the product and engineering teams. While a business development expert can always play the role as sales person the opposite is not always true. Businesses and the markets in which they operate are constantly changing.
If you’re interested in pursuing a career in business development, identifying and building the necessary skills can help you succeed. Business Development Managers work with mid and senior level management, marketing, and technical staff. Therefore, you need to be on top of it. The way you support the client once she has acquired your product or service determines how much your business can be trusted.
Hiring a consultant or consulting firm to act as a business development team for you company is a great route for many small businesses. As a business development manager you’ll be concerned with improving and growing a business, by fostering and developing relationships with customers, suppliers and other partners.
Help drive the marketing strategy fo the procure to play application suite, develop and own product positioning, and assist in guiding market and competitive analysis. For instance, a business that sells products needs to be able to effectively generate leads.