Overall we define and scope business area, elicit requirements, analyse and document requirements, communicate requirements, identify solution, verify solution and meet the requirements.
1. Researching new types of business/products/services with an emphasis on identifying gaps (existing and/or expected) in the mitigation of needs of potential clients (existing and/or new ones).
2. Attracting new customers.
3. Penetrating existing markets.
Techniques used include:
intelligence gathering on customers and competitors
generating leads for possible sales
advising on, drafting and enforcing sales policies and processes
follow-up sales activity
formal proposal and presentation management and writing
pitch and presentation rehearsals
business model design
account planning and performance monitoring system
proposition development and campaign development
Business development is often related to growth although sometimes the optimal marketing strategy and objectives could be about downsizing the activity in an existing market or decreasing the sales volume of a selected line of products or services. Business-development roles may have one of two modes:
A Sales-oriented (client-facing); or
B An operational function to support sales.