What is the Role of a Business Development Professional?
If you are considering hiring a business development professional for your company, or if you have recently been put in charge of business development, it can be difficult to know exactly what that job entails. If you aren’t sure what the role and responsibilities of a business development professional are, it will be impossible to hire the right person for the job or get the job done yourself.
As with any position, a complete and detailed job description is essential. Coming up with a list of requirements that a business development professional must fill is the best way to ensure that the job gets done right.
Business development involves increasing the exposure of a company while enhancing that company’s public image so that it attracts more business. In order to do this, there are five general areas that a business development professional must concentrate on:
1. Market Research. If you don’t know where your company currently stands and/or where it is headed, you need to—quickly. The first step is finding out exactly what the company’s target audience looks like. This involves gathering specific information about the company’s geographic market, as well as the specific industry and market trends in that area.
2. Competitive Analysis. In order to achieve your desired market position and share, you need to know your competitors. What do they offer clients that you can offer? How can you bring more value to your target audience so that they will chose you over the competition?
Current Client Assessments. Before you can secure new clients, you need to know how you are viewed by current customers. This involves things like warm calling or sending out customer surveys to gage satisfaction with your product and services.
3. Prospective Client Assessments. To assess where you stand with prospective clients, approach these prospects through things like email marketing and cold calls. Further, keep in mind that it may take more than one touch to get the information you require so follow-up is crucial.
4. Networking. New business development involves a lot of networking. Exhibitions, seminars, conferences and tradeshows are great places to show off your company, connect with current customers and meet new ones. If you find yourself spending a majority of your time in the office, you probably aren’t getting the job done.
Business development is a challenging role but its rewards are great. The most successful business development professionals are willing to get out there, get their company noticed and bring in the number and type of clients necessary for success.