Strategic business development uses robust data and analysis to systematically map the network of your business ecosystem to create valuation metrics for each relationship in that system (accounts) in order to segment and define the best accounts to focus on revenue and growth. A well executed strategic business development plan aligns marketing initiatives to support detailed digital strategies that nurture and monitor each account’s product and service interests, progress through the sales cycle which eventually triggers a member of the business development team to engage with the account at the right time with the right message. Although closely aligned with sales goals, strategic business development is focused more on long-term revenue streams (“before, during and after deals”) and work much closer with, and often oversees the marketing agency/department. Strategic business development has a pulse on market opportunities, as well as the details of all of your referral source and competition’s pain points.The business development team is wired into your business community and are executive management’s resource for getting in front of anyone externally related to your business for new business opportunities.
Some businesses may simply relegate the business development responsibility to a company branded, attractive, extrovert(s) within the company whose job is to shake as many hands and kiss as many babies as possible in hope of driving more business. That could obviously be an advantage, but there’s so much more to the function to realize the full potential of the opportunities BD brings to the table. A good strategic development plan steers and measures the activity of the company’s overall growth strategy.