Business Development Requires a Multitude of Skills

Business development is one of the functions that every company, from inception to exit, performs at one time or another. It’s also one of the most “unbounded” roles within a company. For some companies, business development means acquiring new customers. Others, it means raising capital. And, for yet another set of people, it means to build alliances and partnerships.

Whatever the term ultimately means to anyone, it is a function that clearly requires a multitude of skills. Let’s take for example, raising money. A business development person in a small startup company would be responsible for building relationships to raise venture capital and/or general financing for startup operations. Oftentimes, the reason this function falls under business development is because the business developer is building strategic partner relationships. Some of these strategic partners deem the relationship critical to grow new business opportunities. In that respect, the strategic partner will then invest money in return for an equity stake in the startup company.

In the case of building and managing partnerships, the business development team is often called Alliances. In this example, business development or Alliance is responsible for recruiting, managing, and supporting partner companies. In addition to this, the Alliances organization would also have a responsibility for driving a certain amount of revenue through the partners, as well. This alliance function essentially builds a core ecosystem around the host company. The ecosystem effectively allows the host company to be in more markets, capture certain geographic territories, or even drive more revenue than it could on its own.

Building joint ventures is also a form of business development activity. There are times when a company needs to work together on a specific business opportunity. The opportunity could be related to driving new business in a specific country or perhaps in a particular industry. The two companies would develop an operating agreement under which they will work together. Shared revenue and expenses, team alignment and sales targets are examples of agreements created as part of this joint venture relationship.

Driving sales is another function where business development is often categorized. This is especially true when a company is first starting off in business. Many small companies categorize their sales efforts as business development rather than sales. One of the reasons for this is because the territory is new or perhaps the product line is untested with customers. The business development group is responsible then for selling new business in an uncharted environment.

Corporate development is another function often interrelated with business development. In general, though, a corporate development function handles aspects of mergers and acquisitions for a company. Their role is to identify companies that have synergistic business models and would complement the host company. In many aspects, a corporate development officer for a company has similar skill sets and experience as all of the above organizational roles.

As one can ascertain, business development is a “catch-all” term that can encompass many different roles within an organization. That said, the skill set and experience for a business development executive is fairly broad. He/she must be versed in areas, such as building partnerships, strategy, technology, geographic markets, sales, and, of course, finance. In addition, understanding the specific industry in which the company operates is icing on the proverbial cake.

The business development executive is a key contributor to the success of a company. This individual, if used properly, can help create the very foundation on which a company operates.

Would You Aim for a Business Development Manager’s Role?

The presence of an efficient business development manager is crucial to a business’ existence. It is one of the key roles of this age, that every business seeks to fill in, hiring a strategic planner, who can grow with the company. Those employed as the business development managers look after his/her team’s collective effort, looks for potential clients in the market, defines the target audience, and if needed, even redefines the company’s objectives.

These are top-level executives, who remain I contact with the management. Their ultimate goal is to create new business opportunities and ensure the company’s long- term growth. The term ‘business development’ can be described as an amalgamation of strategic planning, sales and marketing. Those holding more than 5 years of experience in sales can also be considered for this position. Besides, many leading firms consider MBAs to be hired as business development managers. Most commonly, those hailing from sales are seen heading for these career options. However, business development has a lot more than just sales, but the sales professionals are found suitable to fit in these jobs.

Job Description

  • Defining target audience and looking for potential clients
  • Preparing strategies to pitch the products to clients
  • Marking team’s collective efforts and keeping a checking on the lead generation
  • Representing the organization in the corporate events
  • Preparing monthly reports and analyzing the same
  • Providing essential data to the management
  • Taking essential steps for corporate associations
  • Identifying new sales opportunities
  • Working in coordination with other departments such as sales & marketing

Key elements for a business development manager’s role

For every business development manager, the following elements are of great significance.

Business Acumen

A business development manager can explore job opportunities in numerous sectors, including FMCG (Fast Moving Consume Goods), IT (Information Technology), Finance, Manufacturing, Consulting, and others. In any of these sectors, an understanding of the industry and the business is needed for the professional to possess. It will not just help him conveniently take on the role, but will also take the right decisions with an understanding of the business.

Management & Research

He plans as well as manages to take the business the next level. A professional serving as business development manager has to lead the team and direct it to the right path. For this, leadership and management are of great essence. Besides, research too is a major element for these professionals. They need to research well about the market, the prevailing trends, the customer’s requirements, and so on.

Strategic Planning

The business development managers are also involved in planning the campaigns to target the potential clients. They may even look for marketing and sales related data for the same.

Customer Service

Another major element remains the customer service. They need to ensure whether the customer their team is dealing with, is entirely satisfied with the services. They also need to constantly check on a crucial deal that has not been closed.

The Other Essential Details

In the recent years, the need to hire these professionals has been realized by most of the brands. They can explore the job offers from varied sectors as per their preferences and knowledge. However, some of the leading organizations they can aim to work with include Infosys, Deloitte, KPMG, Ernst & Young, Wipro Technologies, Cognizant, and many others. Further, these professionals can expect to earn Rs 578,392 per year in India.

Commercial Agents – How to Turn Your Listing Processes Into a Cash Cow

When you work in commercial real estate sales or leasing, your listings and commissions are the keys to success as a salesperson. You need plenty of both. Your listings can be your cash cow if you set the right rules and implement them.

To make the most of your time in the real estate business you want your listings to convert to closed contracts and leases as effectively as possible. Here are some ideas to help you do that:

  1. Dominate your territory on a location by location basis. For this means that street by street you should penetrate the market with your property signage and property promotions. Street by street marketing is far more effective in territory domination; over a period of time you can be seen as the property specialist over a larger area.
  2. Every property enquiry that comes to you should be qualified given the property type and the attributes of the local area. One key question to add to the process in all conversations is that of the property referral, or the person’s awareness of property needs with the other people that they know. The simple question will open many doors of future listing opportunity.
  3. Get to know the local businesses within each area or precinct, and the proprietors of those businesses. They will have property needs from time to time and on that basis you should be well known to them. The way to achieve this is through constant ongoing contact with relevant property and territory information.
  4. Every property that has been successfully sold or leased by your office should be subjected to a successful letter campaign through the adjacent and nearby businesses. This type of letter is more inclined to reach the right people and decision makers related to property locally.
  5. Every property that is released for sale or lease in the local area should be directly promoted to the local businesses and property owners. The best way to do this is via direct telephone calls, property flyers, and direct letters.
  6. When a particular property is put on the market and the signboard is placed on the property, take a few hours to walk around the area and meet with the property owners and business proprietors immediately surrounding the listing. This becomes a source of local property market intelligence.
  7. Given the high value process in item five above, you can adopt the same strategy with the listings of other agents in your area. It is remarkable how other agents do not canvass the local area comprehensively around their own listings. You can use their signage as the opportunity to find nearby listings and compete with their activity.
  8. The most successful real estate agents and salespeople develop a high profile for the office and themselves through well-structured quality marketing campaigns. Local property owners and business proprietors observe the quality of the marketing that you adopt on all your listings, and are therefore more likely to return to you when they have a property need in the future.

All of these factors are aligned to the listing opportunity in your local area. They are stages and points of focus that produce momentum and future leads; they can make your listing process a ‘cash cow’.

The best way to tap into this ‘cash cow’ market intelligence is through the use of a comprehensive database that is exclusively yours and totally up to date.

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