Thank you to CO–U.S. Chamber of Commerce for providing the content on What Is Business Development?
Business development, also known as biz dev, encapsulates a combination of sales, marketing, and networking activities that add value to your brand.
By: Emily Heaslip, Contributor
Business development, colloquially known as biz dev, is a broad term that essentially refers to creating value for your business. Biz dev commonly involves activities such as increasing revenues, expanding your business, improving profitability through partnerships, and making strategic business decisions that benefit your bottom line.
Because business development is such a broad term, it’s often used interchangeably with sales or marketing. But understanding the ins and outs of business development can help you make better decisions and create a strategy that takes your business beyond its competition.
Key business development activities
Business development encompasses a wide range of responsibilities. Someone who works in biz dev would help the sales team by qualifying leads and pinpointing potential prospective clients. Business development representatives have deep knowledge of who your target customer is: They understand that not every potential customer is going to be the right fit for your business, and can discern which prospective customers are worth sharing with your sales team. These people work at the top of the sales funnel, bringing opportunities to the desk of your sales representative.
A business development manager would also proactively seek new brand opportunities. This includes networking, researching your competition and industry trends, and talking to current customers to learn more about your business’s unique value proposition.
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CO–by the U.S. Chamber of Commerce.
