BUSINESS DEVELOPMENT STRATEGIES
In the field of Commercial ventures, an all encompassing, approach needs to be adopted, using Strategies that are akin to a given environment. The specialist area of Business Development comprises various methodologies which aim at gaining new customers and making ingress into the existing market.
Business Development
-Evaluating the market for opportunities and focusing on only those areas, which could benefit the company in the longer run
-Gathering as much data on the customer/clients, as indeed the competitors
-Determining the right sources/contacts to enter the market
-Develop a model Business design
Business development involves evaluating a business and then recognizing its full potential, using such tools as:
-Marketing
-Identify, create and gather experienced individuals in the field, having insight, experience and knowledge of the business venture being embarked upon
-Ensure customer satisfaction, before, during and after accomplishment of the task
A sound Organisation always aims to withstand pressure from the competitors and never stops business development and keeps engaged in it. It is an ongoing process, which continues to get institutionalised, with the passage of time.
Successful Business Development often requires a multi-disciplinary approach, far beyond just remaining focussed onto the customer.
It is an ongoing dynamic process, which requires focussed and targeted approach towards attaining market access and having futuristic designs to explore areas which haveeither remained dormant or have recently been marketed.
ADVISOR BUSINESS DEVELOPMENT
Adviser Business Development is a function within a Company, which is established besides the other executive functions. The title is used to define a position, alongside the Consultant and is expected to have a broad and comprehensive knowledge of all matters related to the business of the Organisation, with an eye towards identifying new/prospective areas of entering into lucrative business ventures and cultivating business growth.
Responsibilities are given here under:
-Elaborate business development plans, implement processes to support business growth through customer and market definition
-Facilitate business growth by working as a cohesive team with the senior management
-Build and maintain high level contacts with current and prospective customers, including other business and project partners
-Drive prospects through to contract awards, including identifying new customers and markets, simultaneously developing approaches to the market and identifying new prospects