Gone are the days when business development meant mere how to sell more to customers, or finding new customers to whom companies can sell their products and services. The meaning has changed with the new and improved business climate and demand is now of more dynamic professionals. Here is a walkthrough of the business development team as a whole in an organizational and what all skills can be imparted to the team so that they perform exactly in tandem with the customers’ requirement.
Within an organization, any department doesn’t possess the quality of working on its own or in an individual working environment; there is a flow of information that works through a department and that information is utilized by some other department.
In this way a big corporate body, functioning under any sector operates successfully. There are departments in an organization that operates on the basis of information that it fetches from not just one but from different departments. One such working body within an organization is the Business Development team, which handles data that it receives from different departments.
Business Development: A Walk Through
Business Development in real essence is everything about tracking opportunities that can lead to long-term growth from customers, markets, and relationships. These entities, customers, markets, and relationships look simple; however, it is imperative to understand the how the team works by taking into consideration, all these factors.
The department is headed by experienced Business Development managers or BDMs, who help the team in tapping the right pitch for the customers and impart skills to the team, periodically.
Key responsibilities of a Biz Dev team are:
- There are other significant duties that a BDE or a Biz Dev as a whole performs:
- Identifying a new customer segment that is related to any upcoming or existing project
- Creation of Sales Management Information (MI) for the higher management
- Quality of service/product remains excellent for maximum customer delight, which is achieved by coordinating with other teams that are directly or indirectly linked with the project
Apart from this, a business development team remains deeply involved in the analytical preparation of growth opportunities for the higher management executives and also works towards monitoring of the implementation of devised strategies.
What is the Main Focus Point?
If light is thrown on the focus that the Biz Dev team works on; one could fetch out the aim of this one department is to identify profitable opportunities for the business. Another important focus of the entire business development squad is to keep a tab on their competitors and what key areas they are working on. This analysis is done so that the former remains strong in all aspects.
So much the team does for contributing towards company’s progress and wealth generation; these executives are actually engaging themselves in long term revenue growth procedures and assure sustained relationships with the customers.
In order to make sure that the performance of the business development team remains consistent and the company witness highs in the revenue; business development managers may come into action. The plan of action is towards hiring efficient business development executives or BDEs who can fit right into the team or sometimes there is a requirement of recruiting sales managers and marketing executives who can collaborate with each other and get the work done.
Training Skills That Should be Imparted: A Grave Requirement
There is just one fundamental idea that runs through the nerves of the corporate body, ”Get the work done”. As per a survey published on public sector media online portal, in order to achieve the notion and garnering utmost client delight, a BDM should step forward and constantly provide following skills to his team so that the latter remains abreast of the dynamic market scenarios.
1. Establish New & Learned Business Development Thinking Environment
The business development manager should train the team on expanding their horizon when it comes to thinking about generating business. These days, the business climate is such that change is easily accepted and in such cases new ideas will always be welcome.
2. Skills to Engage Clients on Any Level
No matter what the current situation of the company or the project is, the Biz Dev team should be able to track and work upon engaging clients at any level.
3. Skill Set to Jot Down Intelligent Decisions Concerning Viable Business Prospects:
The team should be skilled enough, to able to chalk down important decision making points while opportunity tracking and identification.
4. An Innovative Approach
The Biz Dev managers should train the team in all aspects of the organization structure and working models so that the latter can act as a catalyst for changing and improving the way a business works.
With rigorous trainings sessions, a manager of the business development squad can make sure that the team remains abreast of the dynamic business climate and work in the right direction. This is very much required so that at the time of adoption of new system within the corporate, adaptability and client trapping remains easy.
Vineeta Tiwari is into writing informative articles on global recruitment processes, jobs, hiring trends and employment markets. Her latest article on Business Development Managers talks about the specific job roles that the managers perform, a walk through of the Biz Dev team. The write-up also discusses some of the trainings that can be imparted to the team by the managers so that team remains in tandem with the dynamic customer needs. Reach her at [email protected]