Business Development and Mobile Communication
Business development is a driving aspect of growth for companies. Any company can make a quick buck here and there, but striving for long-term value is the best way to consistently grow a business.
So, what does business development (Biz Dev, BD) mean exactly?
Managing business development involves having specific people creating, implementing, and monitoring growth opportunities with customers, markets, and relationships. With a business development team, your business takes a smarter approach to developing a plan that allows for substantial long-term success.
Customers are the life source of your business. Without them, you won't have a business to develop. However, biz dev is often mistaken for sales. Unlike a sales team whose function is to sell directly to the end user, BD researches the connections between marketing, customers, and potential business partnersThere is no direct contact with the end user or consumer. Attracting customers, or end users, is a nice byproduct of striving for bigger opportunities and staying true to your BD strategy. Therefore BD is not sales.
BD sells indirectly; sales sells directly. But both play a significant role in the success of your business. In a start-up, business development is a great way to be creative, have fun, take calculated risks, and, of course, produce results. In an established company, spending time and money on long-term strategies that will move your business forward will be time well spent.
How can Biz Dev be used to promote growth inside your company?
Let’s say you’re an international fitness brand selling top quality running gear. Your market is fairly specific, defined by lifestyle choices and a particular buying mindset. Based on your business development work, you learn that most people listen to music while running, regardless of whether they own top quality running gear, and thus there might be opportunities to grow by expanding into the music market. A Business Development manager reaches out to partner with a reputable electronics brand and collaborates on a piece of fitness apparel that can hold all your customers' favorite songs.
If the relationship between sales and business development isn’t already complicated enough, throw a marketing team into the mix for brand control and public relations. Sales, Marketing and Biz Dev teams each hold valuable information for future growth and success. With collaboration, these teams can form an unbeatable knowledge base full of vital information about competitors, customers, and the business market.
How do you align Biz Dev, Marketing, and Sales so that they are working in harmony to drive business growth?
Marketing, BD, and Sales have endless opportunities for collaboration. Company strategy, planning, hosting events, following up leads, or evaluating customer feedback can be made smarter and more effective using these team’s combined smorgasbord of information.
When Business Development is managed properly, Sales and Marketing complement each other’s knowledge and skills and they are then able to produce an accurate analysis of customer needs. Information will filter into on-point web content, blogs and advertisements while allowing BD to tap into bigger partnership opportunities that will successfully interest customer needs.
Working smarter increases productivity and, in turn, produces results.
What’s the best way for fast-paced corporate teams to collaborate?
Kast is a forward thinking mobile-based communication app designed for the security demands of a corporate environment. With its mobile nature, Kast opens up a robust flow of communication within your entire company and allows co-workers who don’t usually cross paths to share information, anywhere at anytime.
With the ability to share content via groups or with simple hashtags, Marketing, BD and Sales can rapidly send and receive relevant information through a mobile app, allowing the entire team to be aware of feedback in real time. All forward thinking companies need to realize the value of investing in not just marketing and sales, but business development too. This will enable long-term and sustainable growth.
Allow your company to have the people and tools it needs to be as successful as possible.