What Is Business Development?

Do you have good communication skills? Interested in the business world? Like to interact with new people? Maybe business development (BD) is the right job for you. What, really, is a business development job? Come on, see the explanation below.


What is Business Development?

Some people still think that BD is a sales job. In fact, this is not the case. Reporting from Forbes, BD is a process of creating long-term value for the company through customers, markets, and business relationships. This means, BD is a person who is responsible for finding ways so that the interaction of the three channels (customers, markets, and business relations) can create opportunities for the company to continue to grow. Long-term value or what is commonly called long-term value itself is simply money, profit, image, or whatever is the main goal of a developing company. However, the person in charge of business development does not just make the most of the profit in a short amount of time. They also have to think about strategies and tactics in the long term for the development of the company. In other words, a BD must rotate money constantly so that the company is always profitable. For this reason, BD will develop the three elements mentioned earlier. How to? Let’s discuss each of the elements. 

1. Customers 

    Without customers, a company will not develop. However, a product or service might not be suitable for all people. How can you make a product or service enjoyed by as many layers of society as possible? Well, this strategy must be solved in business development. 

 2. The market 

In building a business, the target market is one that must be considered from the start. This is useful so that the company knows what products or services can be sold. However, this target market can continue to grow, not stagnant at only one point. A BD usually will think about and adjust his product so that he can target new markets. 

 3. Business relations

 The company will certainly build relationships with customers, sponsors, or clients. Without good relationships, maybe a business will not last long. Then, what is the duty of a BD? A BD works with his team to build good relationships based on mutual trust, respect, and appreciation. The goal is that the relationship runs in the long term.
Difference between Business Development and Sales