What does it mean to be a Business Developer?

When people ask me what I do for a living during networking events, I would always say I am a “Business Developer”, and I can always notice the different confused expressions on their faces and the usual “Oh yes!” nods, trying not be embarrassed that they don’t know what it means, only those whom are courageous enough to ask what exactly it means to work as a business developer?!

You can ask a lot of people within the business development field what it means to be a business developer. Most likely you will always hear different answers. Some will say it’s sales or it’s about developing new channels of revenue for companies. Others will elaborate on how it’s about building partnerships with clients by creating win-win situations. However, up until now, there hasn’t been one exact definition of what business development means. None can actually describe the amount of work put into it or the variety of the tasks it involves.

The role of a Business Developer?

The closest definition for Business Development was by Scott Pollack, a regular contributor to Forbes Magazine. In 2012 Pollack sought to define the different variations of business development in one comprehensive framework, and finally, his definition was:

“Business development is the creation of long-term value for an organization from customers, markets, and relationships”.

(Pollack, 2012)

Pollack’s definition does describe business development in a simple way. Business Developers would always seek to build long term relationships. By creating win-win situations, he would form partnerships that have great value for all parties involved. When Pollack says value, he does not only mean money. Of course, money is the goal for any for profit company and any business developer. Business Developer’s main concern is that this value is consistent, and has a long term sustainable benefit for the business.

Therefore I like to define Business Development as “The art of building long term relationships and creating win-win situations with all stakeholders involved in order to add value for your organization”.

Are sales crucial in Business Developer’s job?

Yes, sales are part of a business developer’s job! However, Business developers do not care about creating hit-and-run transactions, or win-lose situations. That is the key difference between a normal sales rep and business developer. A good business developer would always have in mind the best interest of all parties involved. He will work constantly to create win-win situations to sustain long-term gains.

A business developer views the business deal transaction as an exchange and not a sale. By doing so he identifies the customer’s different needs and offers solutions that satisfy these needs. Keep in mind that any good business developer is a natural problem solver. He is able to persuade the customer that this is the right solution. That alone justifies why the customer would pay the amount of money in exchange.

Required skills every Business Developer needs!

In order to excel in being a business developer, you need to have high-caliber people skills and confidence. To be able to showcase your business solution you will need to develop different presentations for different stakeholders and audiences. As well, you will need to customize these presentations according to your target audience. A great business developer is also a great trainer. He adds value to his customers by educating and raising awareness about the different solutions available. This is another method which allows them to build strong relationships with large audiences through seminars, lectures, and training.

All the effort put in by a successful business developer relies on a strong network of “relationships”. Creating these relationships is a long-term process. It requires building, managing and leveraging a strong connection based on trust, respect and mutual understanding that enables value to the different parties involved.

Business development does not only focus on physical interactions. It also involves developing new channels to reach new markets and new customers. That being said a good business developer must also be an excellent Communicator.

Communicator vs Marketer

The reason behind choosing the word “Communicator” and not “Marketer” is that the term is broader. Communicator can find and develop the right communication tools needed to reach their target audience. Business developers must convey the right message and reflect the right image to be perceived positively by their audience. they can do that through online digital platforms or traditional marketing activities. A good business developer keeps up-to-date with the latest technologies and tools that make their job easier. For example the use of email tracking which can help reach customers at the right time. This allows “intercepting” rather than “interrupting” a customer during the follow-up process. A common mistake salesmen make is that they constantly follow-up with the customer until reaching the point of “hustling”. Business developers will never make such a common mistake; they are too smart to do that.

Find out how Business Developers can use the 4E’s of Marketing in setting up a Marketing Strategy.

A good business developer must also be very well-organized and good at business planning and strategic management. Achieving long-term goals requires careful planning in order not to lose sight or deviate from your original goals. These plans also serve as a monitoring and evaluation tool to assess the success of the tactics used. It also offers the opportunity to show what works and what doesn’t. As well it’s easier to track achievements and progress and plan how to improve in the future.

So, is business development actually sales? Marketing? Training? Planning and strategy? Or is it all about communication?

To be honest, it is all the above, let’s bear in mind what business development definitely isn’t. It’s not interrupting or “hustling”, it’s not about short-term gains, or hit & run sales! It is a fascinating concept that deserves more research, learning, and clarification. This will allow to master it more easily in your career and be successful.

Do you like this article? Check out this other article about the Qualities all business developers should have: ‘Top Qualities you should look for when hiring a Business Developer‘.

You can view the original article and my blog at "What does it mean to be a business developer"

References:

Pollard, S. (2012) Forbes website ‘What, Exactly, Is Business Development?’

References:

Pollard, S. (2012) 'What, Exactly, Is Business Development?' Forbes Website [Online] Available at <https://www.forbes.com/sites/scottpollack/2012/03/21/what-exactly-is-business-development/2/> Accessed on 3rd dec. 2014