What's Next in Business Development?

What's Next: Business Development

by Michael B. Perini, ABC
perini & associates

One of the services we offer is business development strategies.  In today’s instant information world telling others  — customers, stakeholders, or even a global public — about your products and services is more important than ever to grow your business.

Most experts agree that with business development comes developing strategy, plans and agreements.  Also key is creating markets and materials and providing business, political and market intelligence.

But what’s next for “BD”?

In the field of commerce it’s important to look beyond the inbox of today’s workload and create a “blue ocean” for success.  If you haven’t done so, I would recommend  you read “Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant”. Authors W. Chan Kim and Renee Mauborgne outline a detailed process for creating a “blue ocean” or a new market space vs competing in an overcrowded “red ocean” in your  existing industry.  In my view, this perspective makes sense and really is a cornerstone for what’s next in business development.  The world is really flat!

Here are some other techniques I see being more important for pentetrating markets:

Generating leads: Face-t0-face meetings will continue to drive business but the use of social media for building loyality and providing updates will continue to grow. Building “fans” for your business is important now more than ever.

Pitch and presentations:  Gone is the time when one could step up at the podium, unrehearsed, with a potential client proposal. Practice in delivery and having the right materials that showcase key elements is a must today.  It’s not only important to be good.  One must look good!

Knowledge management:  Gaining insights and experiences that improve performance, competitive advantage and innovation will be even more important as we look into the future.  The internet can be helpful in this “mining” but should not be the only source.  Seeking lessons learned, holding discussions and enhancing training still need to be at the top of the list.

Marketing: With the explosion in technology the process by which customer interest is tracked for products and services has changed significantly.  However, what has not changed: building strong customer relationships. Creating value for customers as well as for the business is more critical than ever before.  Customers today want to “join”.  They want to be part of a movement, organization and yes, your business.  It started with logo caps and shirts.  Now it’s being a fan on a company facebook website.

Yes, the world of business development is changing.  The key is to know about the change.  To embrace it with a positive attitude.

I would like for you to share your thoughts on what’s next in business development.