Business Development and Why Your Business Needs It
A business development team plays an important role at a company as they work to manage and grow the important relationships businesses have with customers.
What is business development?
Business development is the process of implementing strategies and identifying valuable opportunities to promote growth and boost revenue.
Sales is the most important aspect of any business because it is how revenue is generated, but business development representatives (BDRs) have a much wider focus area. Sales professionals aim to convert prospective leads into paying customers, BDRs, however, engage the audience consisting of prospects, competitors, potential strategic partners, affiliates, and sometimes the non-prospective market of a particular business as well.
BDRs identify opportunities to expand existing revenue streams and establish new additional revenue streams to promote a business’ growth and increase revenue.
What do BDRs do?
BDRs use their network to get new customers and facilitate new deals. They also identify possible channels in which they can discover new markets with new prospective customers. They establish partnerships with other businesses who, in some cases, will never become a customer, but who may bring prospects who can be converted into paying customers.
So, while BDRs are doing their jobs, their strategic partners are having conversations with prospective customers and potentially converting those prospects to paying customers for the BDR. BDRs end up generating revenue by leveraging partnerships.
BDRs research extensively and are always working to understand the relationship between their business and the market at any given time. They are also responsible for drafting a business expansion plan with clear goals involving almost every aspect of the business.
The understanding of a business development team’s market and target personas, or ideal customers, are imperative to their success. Sales teams can more effectively engage with new leads when BDRs can communicate what they have learnt about their customers, the marketing team can now enhance their digital content to speak to new audiences, thereby attracting new potential customers to generate revenue.
Why is business development important?
Not only can business development enable a business to scale its operations and generate revenue, but it can also create jobs, therefore, having a positive contribution to the economy. If you want to expand your business and focus your business efforts on growth, you might want to consider a business development team.
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