What Is Business Development?

Business development definition

Business development professionals need to stay knowledgeable about the current market in order to effectively target opportunities for growth. This means having expert knowledge of your target audience and engaging with (yes, this means cold-calling) prospects in order to generate new business. Every business needs to acquire n

Measuring the impact of business development efforts

Sales metrics for a business development team are going to vary based on what a company’s sales cycle looks like. Since the primary function of the role is to generate new opportunities to sell, one of the easiest ways to quantify this data is by looking at BDR-influenced sales pipeline, or the number of potential deals created as a result of business development efforts.

How business development representatives qualify leads

Budget

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Authority

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Needs

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Timeline

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Where does marketing fit in?

While it may not seem like there’s much alignment between marketing and business development, it’s important that both teams are in sync and working together in order to achieve the common goal: growing the business. Marketing’s main responsibility is to promote the brand and establish market presence. This is accomplished through various communication strategies (content marketing, advertising, public relations, etc.) and measured in a variety of different ways. The key marketing metric that ties in business development is lead generation.

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