Business development is the process of identifying, attracting, and acquiring new customers to grow a company’s revenue. It might involve getting certain companies to invest in your company or product or it could be about signing up individual people for your service or product. Business development, also known as “BD” or “BDCM”, is the term used to describe a company’s strategic business planning and management. The process involves developing and implementing a viable strategy for the growth of the company. The term “business development” was first coined in 1956. It came about as a result of discussions held by members of Harvard Business School’s MBA Advisory Council who were trying to identify the gap between what businesses wanted and what they were actually achieving.
Business development is a process of creating, developing and maintaining the relationships which underpin the success of an organisation. It is a process of creating, developing and maintaining the relationships which underpin the success of an organisation. These relationships are critical to gaining access to new opportunities and capital. Some organisations recruit or appoint someone specifically for this role while others might share responsibility for business development with other roles such as marketing or sales. Business development is not just about selling goods and services: it can also mean securing new clients, new suppliers and new investors. Business developers help organisations grow by identifying and building mutually beneficial partnerships with other organisations who share their values, vision, objectives or interests.
Business development includes four components:
Market research – evaluating the market, competitors, industry trends, and identifying potential new opportunities.
Product/service development – designing new products or services based on market research.
Marketing strategy – deciding how to promote new products or services to target markets; often involves pricing strategies.
Relationship management – maintaining good relationships with suppliers; negotiating long-term contracts.
Business development is a part of the larger process of strategic management, which can be defined as “the process of planning and implementing the long-term growth strategy of an organization hop over to here. According to Harvard Business Review, it is “the art and science of creating value for customers and building strong customer relationships in order to capture value from customers in return.