Business Development: Definition, Role, Elements, and Duties

Do you have good communication skills? Are you interested in the business world? Do you also enjoy meeting new people? Maybe Business Development (BD) is the right job for you. What exactly is business development? Come on, see the explanation below. 

Definition of Business Development

Business development is the process of creating long-term business value connecting customers, markets and relationships. BD plays its own role in creating opportunities for companies to continue growing by optimizing three factors:

Customers, Markets and Relationships.

The value created can be in the form of revenue, corporate image, brand awareness or any business objective. The challenge is that BD must be able to identify opportunities and make breakthroughs that will benefit the company in the long term. 

The Role of Business Development in the Company

The position of business development is very important for the continuity of the company's business in the long term. Companies must be able to adapt to market demands through further business development.

Business development includes market research, improving and maintaining relationships with new potential customers, and identifying and creating potential business opportunities. Therefore, BD must be able to develop business strategies. 

Important Elements in Business Development

1. Customer

Companies cannot develop without customers. However, these products or services may not be suitable for everyone. How do you make your product or service accessible to as many people as possible? Well, this strategy must be completed in business development. 

2. Happen

When building a business, the target market must be considered from the start. This is useful for businesses to know what products or services to sell. However, this target market can continue to grow and not stop at one point. BD usually thinks about and adapts its products to appeal to new markets. 

3. Business Relations

The company will definitely develop relationships with customers, sponsors or clients. Without a good relationship, the company will not last long. So what is the task of BD? BD works closely with his team to build good relationships based on trust, respect and mutual respect. The goal is for the relationship to last a long time. 

Tasks Performed A Business Development

How? Do you understand more about business development? Now it's time to discuss the role of BD in the company.

1. Monitor Market Developments

BD is responsible for monitoring developments and existing market competition. So he recognized opportunities for product development strategy, new customers and partnerships.

2. Research to Determine the Target Market

BD is also responsible for clearly defining the new target market before adapting it to the product to be developed. The goal is that the resulting product is proven correct and becomes a solution to customer problems.

3. Understanding Company Products

The BD must also understand all the company's product/product information, benefits, features and raw materials in the process carried out.

4. Coordinate with Other Departments to Develop Products

Of course, BD also needs other divisions to support its performance. Starting from sales, marketing to customer management.

5. Developing and Presenting Business Development Strategy

BD is also responsible for planning various strategies related to business development. For example strategies to increase customer retention, acquire new customers, partnership strategy, sales to track performance indicators. Therefore, BD must be able to make contracts related to presentations, sales and strategies implemented.

If you are interested in BD, you will also need the ability to think creatively, solve problems, and be open to new ideas and constructive criticism. You will learn a lot and make contacts to further develop your career. Hopefully the above summary is useful for you.