Business development often means different things to different people. That's why it is appropiate to clarify the
term, since to some it simply means 'finding new clients' , while to others it can mean developing a new product, introducing a new technology, or developing the asset-mix of the business.
Definition.
Business development is essentially about bringing discontinuity to the normal operations of an organization. It's more about 'doing the right things', and less about 'doing things right'. It is about evolving either the products, or markets of a company...or both.
Product extension development.
At the product level business development means developing a new product or technology. The level of development can be either disruptive in nature, or incremental in nature. Disruptive developments are typically whole new products are solutions developed from scratch, while incremental developments are those which expand or extend the the functionality of an existing platform or technology.
Market extension development.
In its simpliest form business development at the commercial level simply means prospecting. It means hunting new customers in new segments or markets, mostly leveraging existing clients and solutions. The work requires a highly driven psychologically strong individual capable of handling lots of turn downs. It's certainly not suited for the faint of heart.
Sales channel development.
The channel or sales organization can consist of partners, like agents, distributors, licensees, franchisees, ..., or your own national or international branches. In most cases these are resellers, value added resellers, or dealers, The key is orchestrating the mix to maxiimize sales and profitability, ensure that incentives match company goals, and avoiding channel conflicts. A whole and complete product offering is generally composed of multiple technologies in order to make it come alive. Those technologies are generally not developed by one firm but sourced from others, so partnerships are key!
Organizational development.
When organizations have to decide whether to make or to buy certain organizational competencies we enter the realm of corporate business development. The focus is not at the product nor the commercial level but the business, financial and legal level. This level of business development is about mergers & acquisitions (M&A), joint ventures (JV), direct equity
investment (DEI) and strategic alliances. It deals with business portfolio analysis, corporate finance, contract law, fiscal law, social law , anti-trust law, change management, culture management...
SERVICES - Business Development
Role of The Actionable Intelligence Group.
Successful business development often requires a multi-disciplinary approach beyond just "a sale to a customer." A detailed strategy for growing the business in desirable ways is frequently necessary, which may involve financial, legal and advertising skills. Creativity in meeting new and unforeseen challenges is necessary to keep an enterprise on a path of sustainable growth. We can help companies build sound Business Development capabilities.
